SG Americas Securities LLC Sells 471,859 Shares of Cleveland-Cliffs Inc. $CLF

SG Americas Securities LLC decreased its holdings in Cleveland-Cliffs Inc. (NYSE:CLF) by 87.6% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 66,876 shares of the mining company’s stock after selling 471,859 shares during the period. SG Americas Securities LLC’s holdings in Cleveland-Cliffs were worth $816,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. KLP Kapitalforvaltning AS raised its position in Cleveland-Cliffs by 25.5% in the 3rd quarter. KLP Kapitalforvaltning AS now owns 139,387 shares of the mining company’s stock worth $1,711,000 after buying an additional 28,300 shares during the last quarter. Louisiana State Employees Retirement System boosted its position in Cleveland-Cliffs by 1.0% in the third quarter. Louisiana State Employees Retirement System now owns 137,700 shares of the mining company’s stock worth $1,680,000 after purchasing an additional 1,300 shares during the last quarter. Daymark Wealth Partners LLC bought a new stake in Cleveland-Cliffs during the third quarter valued at approximately $125,000. Riverbend Wealth Management LLC purchased a new stake in shares of Cleveland-Cliffs in the 3rd quarter worth $134,000. Finally, Silver Oak Securities Incorporated bought a new position in shares of Cleveland-Cliffs during the 3rd quarter valued at approximately $384,000. Hedge funds and other institutional investors own 67.68% of the company’s stock.

Wall Street Analysts Forecast Growth

CLF has been the subject of a number of recent analyst reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cleveland-Cliffs in a research note on Thursday, October 30th. The Goldman Sachs Group upped their target price on shares of Cleveland-Cliffs from $14.50 to $16.00 and gave the stock a “buy” rating in a research report on Friday, October 31st. Morgan Stanley raised shares of Cleveland-Cliffs from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $12.80 to $17.00 in a report on Friday, January 9th. KeyCorp downgraded Cleveland-Cliffs from an “overweight” rating to a “sector weight” rating in a research report on Wednesday, January 7th. Finally, UBS Group set a $15.00 price target on Cleveland-Cliffs in a report on Monday, October 27th. Three research analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $13.80.

Cleveland-Cliffs Stock Up 0.3%

Shares of CLF opened at $14.05 on Wednesday. The firm has a fifty day moving average price of $12.78 and a 200-day moving average price of $11.83. The firm has a market capitalization of $6.95 billion, a P/E ratio of -4.13 and a beta of 1.91. Cleveland-Cliffs Inc. has a 12-month low of $5.63 and a 12-month high of $16.70. The company has a current ratio of 2.04, a quick ratio of 0.61 and a debt-to-equity ratio of 1.41.

Cleveland-Cliffs (NYSE:CLF) last issued its quarterly earnings data on Monday, October 20th. The mining company reported ($0.45) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.48) by $0.03. The firm had revenue of $4.73 billion for the quarter, compared to the consensus estimate of $4.90 billion. Cleveland-Cliffs had a negative net margin of 9.00% and a negative return on equity of 20.02%. The company’s quarterly revenue was up 3.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.33) EPS. Equities research analysts expect that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current year.

Cleveland-Cliffs Company Profile

Cleveland-Cliffs Inc is a leading North American producer of iron ore pellets and flat-rolled steel products. Tracing its roots to 1847, the company has evolved from an iron-ore mining concern in the Great Lakes region into a fully integrated steelmaker. Today, Cleveland-Cliffs operates iron ore mining complexes in Michigan and Minnesota as well as steelmaking and finishing facilities across the United States.

The company’s integrated platform begins with direct control of key raw materials, including iron ore and scrap, and extends through every stage of steel production.