SFE Investment Counsel Raises Holdings in Cleveland-Cliffs Inc. (NYSE:CLF)

SFE Investment Counsel increased its holdings in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 4.0% in the second quarter, according to its most recent disclosure with the SEC. The firm owned 760,734 shares of the mining company’s stock after purchasing an additional 28,951 shares during the period. Cleveland-Cliffs accounts for approximately 2.6% of SFE Investment Counsel’s holdings, making the stock its 9th largest position. SFE Investment Counsel owned about 0.16% of Cleveland-Cliffs worth $11,708,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of the business. Hodges Capital Management Inc. grew its stake in shares of Cleveland-Cliffs by 5.0% in the second quarter. Hodges Capital Management Inc. now owns 2,199,634 shares of the mining company’s stock valued at $33,852,000 after acquiring an additional 104,197 shares in the last quarter. Quest Partners LLC bought a new position in shares of Cleveland-Cliffs during the fourth quarter worth approximately $71,000. DekaBank Deutsche Girozentrale raised its position in shares of Cleveland-Cliffs by 2.5% in the first quarter. DekaBank Deutsche Girozentrale now owns 40,118 shares of the mining company’s stock valued at $879,000 after buying an additional 984 shares in the last quarter. Russell Investments Group Ltd. lifted its position in shares of Cleveland-Cliffs by 82.2% during the 1st quarter. Russell Investments Group Ltd. now owns 392,842 shares of the mining company’s stock valued at $8,932,000 after acquiring an additional 177,198 shares during the period. Finally, Natixis bought a new position in shares of Cleveland-Cliffs in the first quarter worth $100,000. Institutional investors and hedge funds own 67.68% of the company’s stock.

Cleveland-Cliffs Stock Performance

NYSE:CLF opened at $11.40 on Friday. The company has a quick ratio of 0.60, a current ratio of 1.87 and a debt-to-equity ratio of 0.48. The firm has a market capitalization of $5.42 billion, a P/E ratio of 15.41, a P/E/G ratio of 7.70 and a beta of 2.03. The company has a fifty day moving average of $14.16 and a 200-day moving average of $17.15. Cleveland-Cliffs Inc. has a twelve month low of $11.02 and a twelve month high of $22.97.

Cleveland-Cliffs (NYSE:CLF) last posted its quarterly earnings results on Monday, July 22nd. The mining company reported $0.11 earnings per share for the quarter. The business had revenue of $5.09 billion for the quarter, compared to the consensus estimate of $5.18 billion. Cleveland-Cliffs had a return on equity of 4.94% and a net margin of 0.21%. The firm’s revenue for the quarter was down 14.9% on a year-over-year basis. During the same period in the prior year, the business earned $0.69 EPS. As a group, sell-side analysts anticipate that Cleveland-Cliffs Inc. will post 0.04 EPS for the current year.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on CLF shares. Morgan Stanley cut their price objective on shares of Cleveland-Cliffs from $17.50 to $15.00 and set an “equal weight” rating for the company in a research report on Thursday, August 15th. Jefferies Financial Group began coverage on shares of Cleveland-Cliffs in a report on Monday, May 20th. They issued a “buy” rating and a $22.00 target price for the company. JPMorgan Chase & Co. cut shares of Cleveland-Cliffs from an “overweight” rating to a “neutral” rating and decreased their target price for the stock from $23.00 to $17.00 in a research note on Tuesday, June 11th. B. Riley reissued a “buy” rating and set a $23.00 price target on shares of Cleveland-Cliffs in a research note on Tuesday, June 25th. Finally, Seaport Res Ptn raised Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, August 27th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating, two have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $18.94.

Insider Activity at Cleveland-Cliffs

In other Cleveland-Cliffs news, CFO Celso L. Goncalves, Jr. purchased 7,250 shares of the company’s stock in a transaction that occurred on Wednesday, June 12th. The shares were acquired at an average price of $14.98 per share, with a total value of $108,605.00. Following the transaction, the chief financial officer now owns 314,362 shares in the company, valued at $4,709,142.76. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other Cleveland-Cliffs news, Director Ben Oren bought 6,700 shares of the business’s stock in a transaction dated Wednesday, June 12th. The shares were purchased at an average price of $14.99 per share, for a total transaction of $100,433.00. Following the purchase, the director now directly owns 14,167 shares of the company’s stock, valued at $212,363.33. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Celso L. Goncalves, Jr. purchased 7,250 shares of the firm’s stock in a transaction that occurred on Wednesday, June 12th. The shares were acquired at an average cost of $14.98 per share, with a total value of $108,605.00. Following the completion of the transaction, the chief financial officer now directly owns 314,362 shares of the company’s stock, valued at approximately $4,709,142.76. The disclosure for this purchase can be found here. 1.76% of the stock is currently owned by insiders.

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.