Cleveland-Cliffs Inc. (NYSE:CLF) was the recipient of a large increase in short interest in March. As of March 29th, there was short interest totalling 46,262,752 shares, an increase of 10.5% from the March 15th total of 41,855,260 shares. Approximately 16.6% of the company’s shares are sold short. Based on an average daily volume of 12,455,180 shares, the short-interest ratio is presently 3.7 days.
Shares of NYSE:CLF opened at $6.96 on Friday. The firm has a market cap of $2,063.96, a price-to-earnings ratio of 13.92 and a beta of 1.62. Cleveland-Cliffs has a 12-month low of $5.56 and a 12-month high of $9.15. The company has a debt-to-equity ratio of -5.19, a current ratio of 3.42 and a quick ratio of 2.80.
Cleveland-Cliffs (NYSE:CLF) last released its quarterly earnings data on Thursday, January 25th. The mining company reported $0.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.15 by $0.11. Cleveland-Cliffs had a net margin of 16.09% and a negative return on equity of 35.81%. The business had revenue of $600.90 million during the quarter, compared to analyst estimates of $612.50 million. During the same quarter in the previous year, the business earned $0.42 EPS. Cleveland-Cliffs’s quarterly revenue was down 20.3% compared to the same quarter last year. equities analysts forecast that Cleveland-Cliffs will post 1.31 EPS for the current fiscal year.
In other Cleveland-Cliffs news, Director Susan Miranda Green sold 11,305 shares of Cleveland-Cliffs stock in a transaction that occurred on Tuesday, March 6th. The shares were sold at an average price of $7.62, for a total transaction of $86,144.10. Following the transaction, the director now directly owns 60,367 shares in the company, valued at approximately $459,996.54. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 0.89% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the stock. Griffin Asset Management Inc. acquired a new stake in shares of Cleveland-Cliffs in the 4th quarter valued at $275,000. Luminus Management LLC lifted its stake in shares of Cleveland-Cliffs by 23.9% in the 4th quarter. Luminus Management LLC now owns 3,754,600 shares of the mining company’s stock valued at $27,071,000 after purchasing an additional 725,400 shares during the last quarter. California Public Employees Retirement System lifted its stake in shares of Cleveland-Cliffs by 10.4% in the 4th quarter. California Public Employees Retirement System now owns 1,864,984 shares of the mining company’s stock valued at $13,447,000 after purchasing an additional 175,516 shares during the last quarter. UBS Asset Management Americas Inc. lifted its stake in shares of Cleveland-Cliffs by 8.8% in the 4th quarter. UBS Asset Management Americas Inc. now owns 211,820 shares of the mining company’s stock valued at $1,527,000 after purchasing an additional 17,135 shares during the last quarter. Finally, Advisory Services Network LLC lifted its stake in shares of Cleveland-Cliffs by 44.8% in the 4th quarter. Advisory Services Network LLC now owns 34,002 shares of the mining company’s stock valued at $245,000 after purchasing an additional 10,525 shares during the last quarter. 60.68% of the stock is owned by institutional investors and hedge funds.
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Cleveland-Cliffs Company Profile
Cleveland-Cliffs Inc operates as an iron ore mining company in the United States. The company operates four iron ore mines in Michigan and Minnesota; and Koolyanobbing iron ore mining complex located in Western Australia. It sells its products to integrated steel companies and steel producers in the United States and the Asia Pacific.
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