Cleveland-Cliffs Inc. (CLF) saw its stock decline by 3.52% on November 26, 2024, closing at $12.05, down from the previous close of $12.49. The stock opened at $12.54 and reached a high of $12.79 before dipping to a low of $11.96, with trading volume nearing its average at 13,542,260 shares. The decline was primarily driven by news that Fisher Asset Management LLC reduced its stake in the company by 11.1% during the third quarter, selling 679,302 shares. This reduction in institutional ownership likely contributed to the downward pressure on the stock.
Additionally, investor sentiment may have been affected by ongoing legal and environmental challenges related to Cleveland-Cliffs' Northshore Mining facility in Minnesota. The company faces a lawsuit over its plans to expand a tailings storage basin without a full environmental review, raising concerns about potential environmental impacts. Furthermore, the CEO's reiterated interest in acquiring U.S. Steel could be causing uncertainty among investors.