Northwest Bancshares Inc. Sells 22,850 Shares of Cleveland-Cliffs Inc. (NYSE:CLF)

Northwest Bancshares Inc. lessened its holdings in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 6.9% in the third quarter, HoldingsChannel.com reports. The firm owned 307,416 shares of the mining company’s stock after selling 22,850 shares during the period. Northwest Bancshares Inc.’s holdings in Cleveland-Cliffs were worth $3,926,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Strengthening Families & Communities LLC increased its stake in Cleveland-Cliffs by 299.8% during 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 in the last quarter. Archer Investment Corp grew its stake in shares of Cleveland-Cliffs by 25.8% in the 3rd quarter. Archer Investment Corp now owns 7,799 shares of the mining company’s stock worth $100,000 after acquiring an additional 1,600 shares in the last quarter. Kovack Advisors Inc. grew its stake in shares of Cleveland-Cliffs by 71.2% in the 3rd quarter. Kovack Advisors Inc. now owns 34,140 shares of the mining company’s stock worth $436,000 after acquiring an additional 14,200 shares in the last quarter. Prime Capital Investment Advisors LLC bought a new stake in shares of Cleveland-Cliffs in the 3rd quarter worth $263,000. Finally, GSA Capital Partners LLP grew its stake in shares of Cleveland-Cliffs by 295.9% in the 3rd quarter. GSA Capital Partners LLP now owns 205,461 shares of the mining company’s stock worth $2,624,000 after acquiring an additional 153,560 shares in the last quarter. Institutional investors own 67.68% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the stock. Morgan Stanley reduced their target price on shares of Cleveland-Cliffs from $15.00 to $13.50 and set an “equal weight” rating for the company in a research note on Wednesday, September 18th. Citigroup reduced their target price on shares of Cleveland-Cliffs from $18.00 to $12.50 and set a “neutral” rating for the company in a research note on Tuesday, September 10th. Seaport Res Ptn upgraded shares of Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, August 27th. Finally, StockNews.com lowered shares of Cleveland-Cliffs from a “hold” rating to a “sell” rating in a research report on Thursday, November 7th. Three analysts have rated the stock with a sell rating, five have assigned a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $17.56.

Cleveland-Cliffs Price Performance

CLF opened at $11.44 on Wednesday. The firm has a market cap of $5.65 billion, a P/E ratio of -11.79 and a beta of 1.97. Cleveland-Cliffs Inc. has a fifty-two week low of $10.21 and a fifty-two week high of $22.97. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.55 and a current ratio of 1.85. The firm has a 50-day moving average of $12.61 and a 200 day moving average of $14.17.

Cleveland-Cliffs (NYSE:CLF) last released its quarterly earnings data on Monday, November 4th. The mining company reported ($0.33) EPS for the quarter, missing the consensus estimate of ($0.31) by ($0.02). The business had revenue of $4.57 billion for the quarter, compared to analysts’ expectations of $4.72 billion. Cleveland-Cliffs had a negative net margin of 2.31% and a negative return on equity of 0.59%. Cleveland-Cliffs’s revenue for the quarter was down 18.5% compared to the same quarter last year. During the same period last year, the company earned $0.54 earnings per share. On average, research analysts expect that Cleveland-Cliffs Inc. will post -0.37 EPS for the current year.

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.