Cleveland-Cliffs Inc. (NYSE:CLF) Short Interest Update

by · The Markets Daily

Cleveland-Cliffs Inc. (NYSE:CLF – Get Free Report) was the target of a significant growth in short interest in September. As of September 30th, there was short interest totalling 48,120,000 shares, a growth of 6.1% from the September 15th total of 45,350,000 shares. Approximately 10.5% of the shares of the stock are sold short. Based on an average daily trading volume, of 11,910,000 shares, the days-to-cover ratio is presently 4.0 days.

Institutional Investors Weigh In On Cleveland-Cliffs

A number of institutional investors have recently modified their holdings of CLF. Rise Advisors LLC boosted its position in shares of Cleveland-Cliffs by 2,858.0% during the 1st quarter. Rise Advisors LLC now owns 1,479 shares of the mining company’s stock valued at $34,000 after purchasing an additional 1,429 shares in the last quarter. Altshuler Shaham Ltd bought a new position in shares of Cleveland-Cliffs during the 2nd quarter worth approximately $26,000. Hexagon Capital Partners LLC grew its position in shares of Cleveland-Cliffs by 41.7% during the 1st quarter. Hexagon Capital Partners LLC now owns 1,700 shares of the mining company’s stock worth $39,000 after buying an additional 500 shares during the period. EverSource Wealth Advisors LLC increased its stake in shares of Cleveland-Cliffs by 247.8% in the 1st quarter. EverSource Wealth Advisors LLC now owns 1,885 shares of the mining company’s stock valued at $43,000 after acquiring an additional 1,343 shares in the last quarter. Finally, LRI Investments LLC acquired a new position in shares of Cleveland-Cliffs during the 1st quarter valued at $45,000. 67.68% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on CLF shares. Morgan Stanley decreased their price target on shares of Cleveland-Cliffs from $15.00 to $13.50 and set an “equal weight” rating on the stock in a report on Wednesday, September 18th. Bank of America lowered their price target on shares of Cleveland-Cliffs from $20.00 to $18.00 and set a “neutral” rating for the company in a report on Wednesday, June 26th. B. Riley reissued a “buy” rating and set a $23.00 price objective on shares of Cleveland-Cliffs in a report on Tuesday, June 25th. Citigroup lowered their target price on Cleveland-Cliffs from $18.00 to $12.50 and set a “neutral” rating for the company in a report on Tuesday, September 10th. Finally, Seaport Res Ptn raised Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, August 27th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating, two have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $17.56.

Get Our Latest Research Report on Cleveland-Cliffs

Cleveland-Cliffs Trading Up 4.7 %

CLF traded up $0.61 during midday trading on Thursday, hitting $13.67. 11,980,375 shares of the company were exchanged, compared to its average volume of 9,850,225. The firm has a market capitalization of $6.50 billion, a P/E ratio of 18.47 and a beta of 1.98. The firm’s 50 day moving average price is $12.55 and its 200-day moving average price is $15.47. The company has a quick ratio of 0.60, a current ratio of 1.87 and a debt-to-equity ratio of 0.48. Cleveland-Cliffs has a 1-year low of $10.21 and a 1-year high of $22.97.

Cleveland-Cliffs (NYSE:CLF – Get Free Report) last posted its quarterly earnings data on Monday, July 22nd. The mining company reported $0.11 EPS for the quarter. The company had revenue of $5.09 billion for the quarter, compared to analyst estimates of $5.18 billion. Cleveland-Cliffs had a return on equity of 4.94% and a net margin of 0.21%. The firm’s quarterly revenue was down 14.9% on a year-over-year basis. During the same period in the previous year, the firm earned $0.69 earnings per share. As a group, equities analysts forecast that Cleveland-Cliffs will post -0.23 EPS for the current fiscal year.

About Cleveland-Cliffs

(Get Free Report)

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.

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