Marshall Wace LLP Has $34.75 Million Stock Holdings in Cleveland-Cliffs Inc. $CLF

Marshall Wace LLP trimmed its holdings in Cleveland-Cliffs Inc. (NYSE:CLF) by 20.5% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 4,572,662 shares of the mining company’s stock after selling 1,180,071 shares during the period. Marshall Wace LLP owned about 0.92% of Cleveland-Cliffs worth $34,752,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in the business. Norges Bank acquired a new stake in shares of Cleveland-Cliffs in the 2nd quarter worth about $44,120,000. Turiya Advisors Asia Ltd acquired a new position in Cleveland-Cliffs during the 2nd quarter valued at about $39,357,000. Charles Schwab Investment Management Inc. increased its holdings in Cleveland-Cliffs by 10.1% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 4,596,026 shares of the mining company’s stock worth $37,779,000 after purchasing an additional 419,832 shares in the last quarter. Deutsche Bank AG raised its stake in shares of Cleveland-Cliffs by 16.1% in the first quarter. Deutsche Bank AG now owns 4,124,778 shares of the mining company’s stock worth $33,906,000 after purchasing an additional 572,262 shares during the last quarter. Finally, Northern Trust Corp raised its stake in shares of Cleveland-Cliffs by 1.4% in the first quarter. Northern Trust Corp now owns 4,014,436 shares of the mining company’s stock worth $32,999,000 after purchasing an additional 54,244 shares during the last quarter. 67.68% of the stock is currently owned by institutional investors and hedge funds.

Cleveland-Cliffs Stock Down 3.8%

Shares of NYSE:CLF opened at $12.27 on Monday. Cleveland-Cliffs Inc. has a 1 year low of $5.63 and a 1 year high of $16.70. The company has a market capitalization of $6.07 billion, a PE ratio of -3.61 and a beta of 1.97. The business has a fifty day moving average price of $12.44 and a two-hundred day moving average price of $10.48. The company has a debt-to-equity ratio of 1.41, a current ratio of 2.04 and a quick ratio of 0.61.

Cleveland-Cliffs (NYSE:CLF) last released its 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. The company had revenue of $4.73 billion for the quarter, compared to analysts’ expectations of $4.90 billion. Cleveland-Cliffs had a negative return on equity of 20.02% and a negative net margin of 9.00%.The business’s revenue for the quarter was up 3.6% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.33) EPS. Analysts forecast that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on CLF shares. JPMorgan Chase & Co. lifted their target price on Cleveland-Cliffs from $10.00 to $13.00 and gave the company a “neutral” rating in a research report on Monday, October 13th. Wells Fargo & Company upgraded Cleveland-Cliffs from an “underweight” rating to an “equal weight” rating and raised their price objective for the company from $11.00 to $12.00 in a research note on Friday, November 14th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cleveland-Cliffs in a report 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 note on Friday, October 31st. Finally, Bank of America raised their price target on shares of Cleveland-Cliffs from $12.50 to $14.50 and gave the company a “neutral” rating in a research report on Tuesday, October 21st. Three analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $12.78.

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.