International Assets Investment Management LLC Reduces Position in Cleveland-Cliffs Inc. $CLF

International Assets Investment Management LLC decreased its holdings in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 31.1% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 141,176 shares of the mining company’s stock after selling 63,758 shares during the quarter. International Assets Investment Management LLC’s holdings in Cleveland-Cliffs were worth $1,875,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of the business. Barclays PLC grew its holdings in shares of Cleveland-Cliffs by 281.9% in the third quarter. Barclays PLC now owns 2,308,271 shares of the mining company’s stock valued at $28,161,000 after purchasing an additional 1,703,791 shares during the period. Phocas Financial Corp. grew its holdings in shares of Cleveland-Cliffs by 47.0% in the fourth quarter. Phocas Financial Corp. now owns 474,862 shares of the mining company’s stock valued at $6,306,000 after purchasing an additional 151,868 shares during the period. Contrarius Group Holdings Ltd purchased a new stake in shares of Cleveland-Cliffs in the third quarter valued at about $10,932,000. Lighthouse Investment Partners LLC purchased a new stake in shares of Cleveland-Cliffs in the third quarter valued at about $9,171,000. Finally, Citigroup Inc. grew its holdings in shares of Cleveland-Cliffs by 17.5% in the third quarter. Citigroup Inc. now owns 8,010,913 shares of the mining company’s stock valued at $97,733,000 after purchasing an additional 1,195,035 shares during the period. Hedge funds and other institutional investors own 67.68% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the stock. Wells Fargo & Company dropped their price objective on shares of Cleveland-Cliffs from $12.00 to $9.00 and set an “equal weight” rating for the company in a report on Thursday, March 19th. Argus raised shares of Cleveland-Cliffs to a “hold” rating in a research report on Monday, April 6th. Morgan Stanley decreased their target price on shares of Cleveland-Cliffs from $16.80 to $12.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 21st. The Goldman Sachs Group reissued a “neutral” rating and issued a $10.00 price objective on shares of Cleveland-Cliffs in a research note on Friday, May 1st. Finally, Glj Research restated a “sell” rating and issued a $9.42 price objective on shares of Cleveland-Cliffs in a report on Monday, March 16th. One analyst has rated the stock with a Buy rating, seven have given a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Reduce” and a consensus price target of $11.77.

Insider Activity at Cleveland-Cliffs

In related news, CEO Lourenco Goncalves sold 3,000,000 shares of the firm’s stock in a transaction that occurred on Wednesday, February 11th. The shares were sold at an average price of $12.42, for a total value of $37,260,000.00. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, COO Clifford T. Smith sold 200,000 shares of the firm’s stock in a transaction that occurred on Tuesday, February 17th. The shares were sold at an average price of $10.46, for a total transaction of $2,092,000.00. Following the completion of the sale, the chief operating officer directly owned 560,529 shares in the company, valued at approximately $5,863,133.34. This trade represents a 26.30% decrease in their position. The SEC filing for this sale provides additional information. 0.95% of the stock is owned by corporate insiders.

Cleveland-Cliffs Trading Up 3.6%

CLF opened at $11.03 on Friday. The business has a fifty day moving average price of $9.40 and a 200 day moving average price of $11.52. The company has a debt-to-equity ratio of 1.29, a current ratio of 2.02 and a quick ratio of 0.64. Cleveland-Cliffs Inc. has a 12 month low of $5.63 and a 12 month high of $16.70. The stock has a market capitalization of $6.29 billion, a price-to-earnings ratio of -4.71 and a beta of 2.00.

Cleveland-Cliffs (NYSE:CLF) last posted its quarterly earnings results on Monday, April 20th. The mining company reported ($0.40) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.44) by $0.04. Cleveland-Cliffs had a negative return on equity of 15.48% and a negative net margin of 6.42%.The company had revenue of $4.92 billion for the quarter, compared to analyst estimates of $4.84 billion. During the same quarter last year, the company earned ($0.92) EPS. Cleveland-Cliffs’s revenue for the quarter was up 6.3% compared to the same quarter last year. Sell-side analysts expect that Cleveland-Cliffs Inc. will post -0.46 earnings per share for the current fiscal 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.