Cleveland-Cliffs Inc. (NYSE:CLF) Short Interest Down 8.2% in January

Cleveland-Cliffs Inc. (NYSE:CLF) saw a large drop in short interest during the month of January. As of January 31st, there was short interest totalling 42,180,000 shares, a drop of 8.2% from the January 15th total of 45,940,000 shares. Currently, 8.7% of the shares of the company are sold short. Based on an average daily trading volume, of 15,720,000 shares, the days-to-cover ratio is currently 2.7 days.

Cleveland-Cliffs Stock Performance

Shares of CLF traded up $0.55 during trading hours on Tuesday, reaching $12.03. 18,044,428 shares of the company’s stock traded hands, compared to its average volume of 16,351,791. Cleveland-Cliffs has a twelve month low of $8.99 and a twelve month high of $22.97. The business’s fifty day simple moving average is $10.17 and its two-hundred day simple moving average is $11.74. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.85 and a quick ratio of 0.55. The firm has a market capitalization of $5.94 billion, a price-to-earnings ratio of -12.40 and a beta of 1.96.

Hedge Funds Weigh In On Cleveland-Cliffs

Several large investors have recently bought and sold shares of CLF. Strengthening Families & Communities LLC lifted its stake in shares of Cleveland-Cliffs by 299.8% in the 3rd quarter. Strengthening Families & Communities LLC now owns 1,987 shares of the mining company’s stock worth $25,000 after acquiring an additional 1,490 shares during the period. Pinpoint Asset Management Ltd acquired a new stake in Cleveland-Cliffs in the fourth quarter worth approximately $25,000. Darwin Wealth Management LLC bought a new position in Cleveland-Cliffs during the 3rd quarter valued at $34,000. Truvestments Capital LLC acquired a new position in shares of Cleveland-Cliffs during the 3rd quarter valued at $34,000. Finally, Blue Trust Inc. raised its stake in shares of Cleveland-Cliffs by 231.9% in the 3rd quarter. Blue Trust Inc. now owns 3,634 shares of the mining company’s stock worth $46,000 after buying an additional 2,539 shares in the last quarter. Institutional investors and hedge funds own 67.68% of the company’s stock.

Wall Street Analyst Weigh In

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

About Cleveland-Cliffs

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.