Pacer Advisors Inc. Boosts Holdings in Cleveland-Cliffs Inc. (NYSE:CLF)

Pacer Advisors Inc. raised its position in Cleveland-Cliffs Inc. (NYSE:CLF) by 13.7% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 25,893,879 shares of the mining company’s stock after buying an additional 3,110,651 shares during the quarter. Pacer Advisors Inc. owned approximately 0.05% of Cleveland-Cliffs worth $330,665,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP raised its holdings in shares of Cleveland-Cliffs by 54.7% in the second quarter. Dimensional Fund Advisors LP now owns 15,906,597 shares of the mining company’s stock valued at $244,794,000 after buying an additional 5,621,797 shares during the last quarter. AQR Capital Management LLC lifted its position in Cleveland-Cliffs by 49.9% during the 2nd quarter. AQR Capital Management LLC now owns 6,093,632 shares of the mining company’s stock worth $93,172,000 after acquiring an additional 2,027,757 shares during the period. International Assets Investment Management LLC grew its stake in shares of Cleveland-Cliffs by 1,893.6% in the 3rd quarter. International Assets Investment Management LLC now owns 1,227,848 shares of the mining company’s stock valued at $156,800,000 after purchasing an additional 1,166,258 shares during the last quarter. Bank of New York Mellon Corp raised its position in Cleveland-Cliffs by 23.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 5,597,662 shares of the mining company’s stock worth $86,148,000 after buying an additional 1,069,907 shares during the last quarter. Finally, WINTON GROUP Ltd increased its stake in shares of Cleveland-Cliffs by 1,650.8% during the second quarter. WINTON GROUP Ltd now owns 874,464 shares of the mining company’s stock worth $13,458,000 after acquiring an additional 824,518 shares during the period. Hedge funds and other institutional investors own 67.68% of the company’s stock.

Wall Street Analyst Weigh In

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

Cleveland-Cliffs Stock Up 2.0 %

CLF stock opened at $11.67 on Thursday. The company has a current ratio of 1.85, a quick ratio of 0.55 and a debt-to-equity ratio of 0.53. Cleveland-Cliffs Inc. has a 12 month low of $10.21 and a 12 month high of $22.97. The company’s 50 day simple moving average is $12.62 and its 200-day simple moving average is $14.15.

Cleveland-Cliffs (NYSE:CLF) last released its earnings results on Monday, November 4th. The mining company reported ($0.33) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.31) by ($0.02). The firm had revenue of $4.57 billion during 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% on a year-over-year basis. During the same quarter last year, the company posted $0.54 earnings per share. On average, sell-side analysts anticipate that Cleveland-Cliffs Inc. will post -0.4 EPS for the current year.

About Cleveland-Cliffs

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.