Short Interest in Cleveland-Cliffs Inc. (CLF) Rises By 10.5%

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.

How to Become a New Pot Stock Millionaire

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.

Several equities analysts have weighed in on CLF shares. ValuEngine upgraded shares of Cleveland-Cliffs from a “hold” rating to a “buy” rating in a research report on Wednesday, March 7th. Zacks Investment Research raised shares of Cleveland-Cliffs from a “hold” rating to a “buy” rating and set a $8.25 target price for the company in a research note on Tuesday, December 26th. Cowen reissued a “market perform” rating and set a $9.00 target price (up previously from $7.00) on shares of Cleveland-Cliffs in a research note on Friday, January 26th. Vertical Group started coverage on shares of Cleveland-Cliffs in a research note on Friday, January 19th. They set a “sell” rating for the company. Finally, B. Riley reissued a “buy” rating and set a $10.00 target price on shares of Cleveland-Cliffs in a research note on Thursday, December 21st. Three investment analysts have rated the stock with a sell rating, six have issued a hold rating and five have issued a buy rating to the company. The stock has an average rating of “Hold” and an average price target of $9.54.

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.

COPYRIGHT VIOLATION WARNING: “Short Interest in Cleveland-Cliffs Inc. (CLF) Rises By 10.5%” was first reported by Week Herald and is owned by of Week Herald. If you are accessing this story on another site, it was illegally copied and reposted in violation of United States & international copyright and trademark laws. The original version of this story can be accessed at https://weekherald.com/2018/04/15/short-interest-in-cleveland-cliffs-inc-clf-rises-by-10-5.html.

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.

Receive News & Ratings for Cleveland-Cliffs Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cleveland-Cliffs and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply