Holocene Advisors LP Has $20.09 Million Holdings in Cleveland-Cliffs Inc. (NYSE:CLF)

Holocene Advisors LP trimmed its position in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 29.1% during the third quarter, Holdings Channel.com reports. The institutional investor owned 1,573,120 shares of the mining company’s stock after selling 646,295 shares during the period. Holocene Advisors LP’s holdings in Cleveland-Cliffs were worth $20,089,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in CLF. Strengthening Families & Communities LLC raised its holdings in shares of Cleveland-Cliffs by 299.8% in the 3rd quarter. Strengthening Families & Communities LLC now owns 1,987 shares of the mining company’s stock valued at $25,000 after purchasing an additional 1,490 shares during the period. Altshuler Shaham Ltd acquired a new position in Cleveland-Cliffs during the second quarter worth approximately $26,000. Hobbs Group Advisors LLC bought a new stake in Cleveland-Cliffs in the second quarter valued at approximately $31,000. Gradient Investments LLC lifted its position in shares of Cleveland-Cliffs by 138.8% in the second quarter. Gradient Investments LLC now owns 2,149 shares of the mining company’s stock valued at $33,000 after buying an additional 1,249 shares during the last quarter. Finally, Darwin Wealth Management LLC bought a new position in shares of Cleveland-Cliffs during the 3rd quarter worth approximately $34,000. 67.68% of the stock is owned by institutional investors.

Cleveland-Cliffs Trading Up 3.1 %

Shares of CLF stock opened at $12.83 on Tuesday. The stock has a market cap of $6.34 billion, a P/E ratio of -13.23 and a beta of 1.97. Cleveland-Cliffs Inc. has a 1 year low of $10.21 and a 1 year high of $22.97. The company has a current ratio of 1.85, a quick ratio of 0.55 and a debt-to-equity ratio of 0.53. The stock has a 50 day simple moving average of $12.69 and a 200 day simple moving average of $13.87.

Cleveland-Cliffs (NYSE:CLF) last released its earnings results on Monday, November 4th. The mining company reported ($0.33) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.31) by ($0.02). Cleveland-Cliffs had a negative net margin of 2.31% and a negative return on equity of 0.59%. The company had revenue of $4.57 billion for the quarter, compared to the consensus estimate of $4.72 billion. During the same quarter in the previous year, the company posted $0.54 earnings per share. The business’s revenue was down 18.5% compared to the same quarter last year. On average, research analysts predict that Cleveland-Cliffs Inc. will post -0.45 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

CLF has been the subject of several research reports. The Goldman Sachs Group began coverage on Cleveland-Cliffs in a report on Monday. They set a “buy” rating and a $16.00 price target for the company. StockNews.com cut shares of Cleveland-Cliffs from a “hold” rating to a “sell” rating in a research note on Thursday, November 7th. Seaport Res Ptn upgraded shares of Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, August 27th. Morgan Stanley cut their price objective on shares of Cleveland-Cliffs from $15.00 to $13.50 and set an “equal weight” rating for the company in a research report on Wednesday, September 18th. Finally, Citigroup decreased their target price on Cleveland-Cliffs from $18.00 to $12.50 and set a “neutral” rating on the stock in a research report on Tuesday, September 10th. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $17.39.

Cleveland-Cliffs Company Profile

Cleveland-Cliffs is the largest flat-rolled steel company and the largest iron ore pellet producer in North America. The company is vertically integrated from mining through iron making, steelmaking, rolling, finishing and downstream with hot and cold stamping of steel parts and components. The company was formerly known as Cliffs Natural Resources Inc and changed its name to Cleveland-Cliffs Inc in August 2017.