Cladis Investment Advisory LLC Raises Position in Cleveland-Cliffs Inc. (NYSE:CLF)

Cladis Investment Advisory LLC increased its position in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 16.4% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 71,200 shares of the mining company’s stock after purchasing an additional 10,050 shares during the period. Cladis Investment Advisory LLC’s holdings in Cleveland-Cliffs were worth $909,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP boosted its position in shares of Cleveland-Cliffs by 54.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 15,906,597 shares of the mining company’s stock worth $244,794,000 after purchasing an additional 5,621,797 shares in the last quarter. Pacer Advisors Inc. lifted its stake in shares of Cleveland-Cliffs by 13.7% in the third quarter. Pacer Advisors Inc. now owns 25,893,879 shares of the mining company’s stock valued at $330,665,000 after purchasing an additional 3,110,651 shares during the period. AQR Capital Management LLC boosted its holdings in Cleveland-Cliffs by 49.9% during the second quarter. AQR Capital Management LLC now owns 6,093,632 shares of the mining company’s stock worth $93,172,000 after buying an additional 2,027,757 shares in the last quarter. Rockefeller Capital Management L.P. acquired a new position in Cleveland-Cliffs during the third quarter worth about $22,122,000. Finally, International Assets Investment Management LLC increased its holdings in Cleveland-Cliffs by 1,893.6% in the third quarter. International Assets Investment Management LLC now owns 1,227,848 shares of the mining company’s stock valued at $156,800,000 after buying an additional 1,166,258 shares in the last quarter. Institutional investors and hedge funds own 67.68% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently commented on CLF shares. The Goldman Sachs Group began coverage on Cleveland-Cliffs in a research note on Monday. They set a “buy” rating and a $16.00 price target on the stock. Seaport Res Ptn raised Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a report on Tuesday, August 27th. Morgan Stanley dropped their price target on Cleveland-Cliffs from $15.00 to $13.50 and set an “equal weight” rating for the company in a research report on Wednesday, September 18th. Citigroup decreased their price objective on shares of Cleveland-Cliffs from $18.00 to $12.50 and set a “neutral” rating on the stock in a research report on Tuesday, September 10th. Finally, StockNews.com downgraded shares of Cleveland-Cliffs from a “hold” rating to a “sell” rating in a report on Thursday, November 7th. Three investment analysts have rated the stock with a sell rating, five have given a hold rating, three have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $17.39.

Cleveland-Cliffs Stock Performance

Shares of NYSE CLF opened at $12.45 on Monday. The company has a 50-day simple moving average of $12.69 and a 200-day simple moving average of $13.90. 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 company has a market cap of $6.15 billion, a PE ratio of -12.84 and a beta of 1.97. Cleveland-Cliffs Inc. has a 12 month low of $10.21 and a 12 month high of $22.97.

Cleveland-Cliffs (NYSE:CLF) last released its earnings results on Monday, November 4th. The mining company reported ($0.33) EPS for the quarter, missing the consensus estimate of ($0.31) by ($0.02). Cleveland-Cliffs had a negative return on equity of 0.59% and a negative net margin of 2.31%. The firm had revenue of $4.57 billion during the quarter, compared to analysts’ expectations of $4.72 billion. During the same period in the previous year, the firm posted $0.54 earnings per share. The firm’s revenue was down 18.5% on a year-over-year basis. On average, equities analysts anticipate that Cleveland-Cliffs Inc. will post -0.45 earnings per share for the current year.

Cleveland-Cliffs Company Profile

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.