SFE Investment Counsel Lowers Stock Holdings in Cleveland-Cliffs Inc. (NYSE:CLF)

SFE Investment Counsel lowered its stake in Cleveland-Cliffs Inc. (NYSE:CLF) by 3.7% during the fourth quarter, HoldingsChannel reports. The firm owned 836,254 shares of the mining company’s stock after selling 32,416 shares during the quarter. Cleveland-Cliffs comprises approximately 1.7% of SFE Investment Counsel’s portfolio, making the stock its 19th biggest holding. SFE Investment Counsel’s holdings in Cleveland-Cliffs were worth $7,861,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of the stock. Strengthening Families & Communities LLC raised its position 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 worth $25,000 after buying an additional 1,490 shares during the last quarter. Darwin Wealth Management LLC acquired a new position in shares of Cleveland-Cliffs during the third quarter worth about $34,000. Truvestments Capital LLC acquired a new position in shares of Cleveland-Cliffs during the third quarter worth about $34,000. Blue Trust Inc. raised its holdings in Cleveland-Cliffs by 231.9% during the third quarter. Blue Trust Inc. now owns 3,634 shares of the mining company’s stock worth $46,000 after purchasing an additional 2,539 shares in the last quarter. Finally, Byrne Asset Management LLC lifted its position in Cleveland-Cliffs by 130.0% in the fourth quarter. Byrne Asset Management LLC now owns 4,600 shares of the mining company’s stock valued at $43,000 after purchasing an additional 2,600 shares during the period. 67.68% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have issued reports on CLF. Citigroup dropped their target price on Cleveland-Cliffs from $12.50 to $11.00 and set a “neutral” rating on the stock in a research report on Thursday, December 19th. Glj Research raised Cleveland-Cliffs from a “sell” rating to a “buy” rating and set a $14.27 price objective on the stock in a report on Tuesday, January 7th. StockNews.com downgraded Cleveland-Cliffs from a “hold” rating to a “sell” rating in a report on Thursday, November 7th. Morgan Stanley lowered their price target on shares of Cleveland-Cliffs from $13.00 to $11.00 and set an “equal weight” rating on the stock in a research note on Monday, February 3rd. Finally, The Goldman Sachs Group began coverage on shares of Cleveland-Cliffs in a research note on Monday, December 2nd. They issued a “buy” rating and a $16.00 price objective for the company. Three research analysts have rated the stock with a sell rating, four have given a hold rating, four have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $16.68.

Cleveland-Cliffs Trading Down 6.6 %

Cleveland-Cliffs stock opened at $10.55 on Thursday. The stock has a 50-day moving average price of $10.21 and a 200 day moving average price of $11.85. Cleveland-Cliffs Inc. has a 52 week low of $8.99 and a 52 week high of $22.97. 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 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.