KMG Fiduciary Partners LLC Boosts Stake in Cleveland-Cliffs Inc. (NYSE:CLF)

KMG Fiduciary Partners LLC raised its position in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 58.5% in the fourth quarter, Holdings Channel.com reports. The fund owned 237,031 shares of the mining company’s stock after buying an additional 87,454 shares during the quarter. KMG Fiduciary Partners LLC’s holdings in Cleveland-Cliffs were worth $2,228,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Strengthening Families & Communities LLC grew its position in Cleveland-Cliffs by 299.8% during the third quarter. Strengthening Families & Communities LLC now owns 1,987 shares of the mining company’s stock valued at $25,000 after acquiring an additional 1,490 shares during the period. Altshuler Shaham Ltd purchased a new stake in shares of Cleveland-Cliffs in the second quarter worth about $26,000. Darwin Wealth Management LLC purchased a new stake in shares of Cleveland-Cliffs in the third quarter worth about $34,000. Truvestments Capital LLC purchased a new stake in shares of Cleveland-Cliffs in the third quarter worth about $34,000. Finally, Blue Trust Inc. lifted its stake in shares of Cleveland-Cliffs by 231.9% in the third quarter. Blue Trust Inc. now owns 3,634 shares of the mining company’s stock worth $46,000 after acquiring an additional 2,539 shares in the last quarter. Hedge funds and other institutional investors own 67.68% of the company’s stock.

Analyst Upgrades and Downgrades

CLF has been the topic of several recent analyst reports. Glj Research upgraded Cleveland-Cliffs from a “sell” rating to a “buy” rating and set a $14.27 price target on the stock in a research note on Tuesday, January 7th. The Goldman Sachs Group assumed coverage on Cleveland-Cliffs in a research note on Monday, December 2nd. They set a “buy” rating and a $16.00 price objective on the stock. Citigroup cut their price objective on Cleveland-Cliffs from $12.50 to $11.00 and set a “neutral” rating on the stock in a research note on Thursday, December 19th. Finally, StockNews.com cut Cleveland-Cliffs from a “hold” rating to a “sell” rating in a research report on Thursday, November 7th. Three research analysts have rated the stock with a sell rating, five have issued a hold rating, four have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $16.93.

Cleveland-Cliffs Price Performance

Shares of CLF stock opened at $10.43 on Friday. Cleveland-Cliffs Inc. has a 12-month low of $8.99 and a 12-month high of $22.97. The business has a 50 day simple moving average of $10.88 and a 200 day simple moving average of $12.57. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.85 and a quick ratio of 0.55.

Cleveland-Cliffs (NYSE:CLF) last issued its quarterly earnings data on Monday, November 4th. The mining company reported ($0.33) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 business had revenue of $4.57 billion during the quarter, compared to the consensus estimate of $4.72 billion. During the same period last year, the company earned $0.54 earnings per share. The business’s quarterly revenue was down 18.5% compared to the same quarter last year. Sell-side analysts anticipate that Cleveland-Cliffs Inc. will post -0.67 earnings per share for the current year.

Cleveland-Cliffs 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.