PNC Financial Services Group Inc. Sells 108,303 Shares of Cleveland-Cliffs Inc. $CLF

PNC Financial Services Group Inc. trimmed its stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 36.0% during the fourth quarter, Holdings Channel.com reports. The firm owned 192,922 shares of the mining company’s stock after selling 108,303 shares during the period. PNC Financial Services Group Inc.’s holdings in Cleveland-Cliffs were worth $2,562,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of CLF. Vanguard Group Inc. increased its holdings in shares of Cleveland-Cliffs by 13.4% in the fourth quarter. Vanguard Group Inc. now owns 54,391,397 shares of the mining company’s stock valued at $722,318,000 after purchasing an additional 6,447,462 shares in the last quarter. State Street Corp lifted its holdings in Cleveland-Cliffs by 20.2% during the 2nd quarter. State Street Corp now owns 27,450,442 shares of the mining company’s stock worth $208,623,000 after buying an additional 4,603,807 shares in the last quarter. Voloridge Investment Management LLC lifted its holdings in Cleveland-Cliffs by 960.4% during the 3rd quarter. Voloridge Investment Management LLC now owns 4,683,251 shares of the mining company’s stock worth $57,136,000 after buying an additional 4,241,582 shares in the last quarter. BNP Paribas Financial Markets boosted its position in Cleveland-Cliffs by 200.4% in the 2nd quarter. BNP Paribas Financial Markets now owns 6,329,414 shares of the mining company’s stock valued at $48,104,000 after buying an additional 4,222,528 shares during the last quarter. Finally, Duquesne Family Office LLC bought a new position in Cleveland-Cliffs in the 3rd quarter valued at $33,123,000. 67.68% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. The Goldman Sachs Group restated a “neutral” rating and set a $10.00 target price on shares of Cleveland-Cliffs in a research report on Friday, May 1st. Citigroup raised their price target on Cleveland-Cliffs from $11.00 to $13.00 and gave the company a “neutral” rating in a report on Monday, February 9th. Morgan Stanley lowered their price objective on Cleveland-Cliffs from $16.80 to $12.00 and set an “overweight” rating for the company in a research report on Tuesday, April 21st. Wells Fargo & Company dropped their price objective on Cleveland-Cliffs from $12.00 to $9.00 and set an “equal weight” rating for the company in a report on Thursday, March 19th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cleveland-Cliffs in a research note on Friday, April 24th. One investment analyst has rated the stock with a Buy rating, seven have issued a Hold rating and three have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Reduce” and a consensus target price of $11.49.

Cleveland-Cliffs Stock Up 6.1%

Shares of Cleveland-Cliffs stock opened at $11.92 on Wednesday. The business has a fifty day simple moving average of $9.59 and a 200 day simple moving average of $11.33. The stock has a market cap of $6.80 billion, a PE ratio of -5.09 and a beta of 2.00. The company has a quick ratio of 0.64, a current ratio of 2.02 and a debt-to-equity ratio of 1.29. Cleveland-Cliffs Inc. has a 12 month low of $5.63 and a 12 month high of $16.70.

Cleveland-Cliffs (NYSE:CLF) last released its earnings results on Monday, April 20th. The mining company reported ($0.40) earnings per share for the quarter, beating the consensus estimate of ($0.44) by $0.04. The firm had revenue of $4.92 billion for the quarter, compared to analyst estimates of $4.84 billion. Cleveland-Cliffs had a negative return on equity of 15.48% and a negative net margin of 6.42%.The company’s quarterly revenue was up 6.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.92) earnings per share. Research analysts predict that Cleveland-Cliffs Inc. will post -0.46 EPS for the current year.

About Cleveland-Cliffs

Cleveland-Cliffs Inc is a leading North American producer of iron ore pellets and flat-rolled steel products. Tracing its roots to 1847, the company has evolved from an iron-ore mining concern in the Great Lakes region into a fully integrated steelmaker. Today, Cleveland-Cliffs operates iron ore mining complexes in Michigan and Minnesota as well as steelmaking and finishing facilities across the United States.

The company’s integrated platform begins with direct control of key raw materials, including iron ore and scrap, and extends through every stage of steel production.