TB Alternative Assets Ltd. Sells 306,529 Shares of Cleveland-Cliffs Inc. $CLF

TB Alternative Assets Ltd. reduced its holdings in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 91.8% in the third quarter, Holdings Channel reports. The institutional investor owned 27,358 shares of the mining company’s stock after selling 306,529 shares during the period. TB Alternative Assets Ltd.’s holdings in Cleveland-Cliffs were worth $334,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in the business. State Street Corp boosted its stake in shares of Cleveland-Cliffs by 20.2% during the 2nd quarter. State Street Corp now owns 27,450,442 shares of the mining company’s stock worth $208,623,000 after acquiring an additional 4,603,807 shares during the last quarter. Maple Rock Capital Partners Inc. purchased a new stake in shares of Cleveland-Cliffs in the 2nd quarter worth $63,731,000. BNP Paribas Financial Markets raised its holdings in Cleveland-Cliffs by 200.4% in the 2nd quarter. BNP Paribas Financial Markets now owns 6,329,414 shares of the mining company’s stock worth $48,104,000 after purchasing an additional 4,222,528 shares during the period. Norges Bank purchased a new position in Cleveland-Cliffs during the second quarter valued at $44,120,000. Finally, Turiya Advisors Asia Ltd purchased a new position in Cleveland-Cliffs during the second quarter valued at $39,357,000. 67.68% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have commented on CLF. Weiss Ratings restated a “sell (d-)” rating on shares of Cleveland-Cliffs in a research report on Thursday, October 30th. Glj Research reiterated a “sell” rating and set a $5.75 price objective on shares of Cleveland-Cliffs in a research note on Tuesday, October 21st. Citigroup reduced their target price on shares of Cleveland-Cliffs from $12.00 to $11.00 and set a “neutral” rating for the company in a report on Tuesday, November 11th. Bank of America lifted their price target on shares of Cleveland-Cliffs from $12.50 to $14.50 and gave the company a “neutral” rating in a report on Tuesday, October 21st. Finally, JPMorgan Chase & Co. upped their price target on shares of Cleveland-Cliffs from $10.00 to $13.00 and gave the stock a “neutral” rating in a research report on Monday, October 13th. Three analysts have rated the stock with a Buy rating, five have given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $12.78.

Cleveland-Cliffs Stock Performance

NYSE:CLF opened at $13.85 on Friday. The stock has a 50-day moving average price of $12.42 and a 200 day moving average price of $11.11. The stock has a market capitalization of $6.85 billion, a P/E ratio of -4.07 and a beta of 1.97. 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 posted its quarterly earnings results on Monday, October 20th. The mining company reported ($0.45) EPS for the quarter, topping analysts’ consensus estimates of ($0.48) by $0.03. Cleveland-Cliffs had a negative return on equity of 20.02% and a negative net margin of 9.00%.The company had revenue of $4.73 billion for the quarter, compared to analysts’ expectations of $4.90 billion. During the same period in the previous year, the firm earned ($0.33) EPS. The firm’s revenue was up 3.6% compared to the same quarter last year. Equities research analysts forecast that Cleveland-Cliffs Inc. will post -0.79 EPS for the current fiscal year.

Cleveland-Cliffs 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.