Navellier & Associates Inc. Purchases New Shares in Cleveland-Cliffs Inc. (NYSE:CLF)

Navellier & Associates Inc. purchased a new stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF) during the 4th quarter, HoldingsChannel reports. The firm purchased 10,313 shares of the mining company’s stock, valued at approximately $97,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in CLF. Creative Planning grew its position in Cleveland-Cliffs by 2.6% during the third quarter. Creative Planning now owns 121,908 shares of the mining company’s stock valued at $1,557,000 after buying an additional 3,147 shares during the period. Blue Trust Inc. lifted its holdings in Cleveland-Cliffs by 231.9% during the third quarter. Blue Trust Inc. now owns 3,634 shares of the mining company’s stock valued at $46,000 after purchasing an additional 2,539 shares in the last quarter. Sequoia Financial Advisors LLC purchased a new position in Cleveland-Cliffs during the third quarter valued at $327,000. Signaturefd LLC lifted its holdings in Cleveland-Cliffs by 138.8% during the third quarter. Signaturefd LLC now owns 8,682 shares of the mining company’s stock valued at $111,000 after purchasing an additional 5,047 shares in the last quarter. Finally, Private Advisor Group LLC lifted its holdings in Cleveland-Cliffs by 3.9% during the third quarter. Private Advisor Group LLC now owns 327,990 shares of the mining company’s stock valued at $4,188,000 after purchasing an additional 12,391 shares in the last quarter. Institutional investors and hedge funds own 67.68% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the stock. Glj Research raised shares of Cleveland-Cliffs from a “sell” rating to a “buy” rating and set a $14.27 price objective on the stock in a report on Tuesday, January 7th. Morgan Stanley decreased their price objective on shares of Cleveland-Cliffs from $13.00 to $11.00 and set an “equal weight” rating on the stock in a report on Monday, February 3rd. Citigroup decreased their price objective on shares of Cleveland-Cliffs from $12.50 to $11.00 and set a “neutral” rating on the stock in a report on Thursday, December 19th. The Goldman Sachs Group began coverage on shares of Cleveland-Cliffs in a report on Monday, December 2nd. They set a “buy” rating and a $16.00 price objective on the stock. Finally, StockNews.com downgraded shares of Cleveland-Cliffs from a “hold” rating to a “sell” rating in a research note on Thursday, November 7th. Three research analysts have rated the stock with a sell rating, four have given a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Cleveland-Cliffs has a consensus rating of “Hold” and an average price target of $16.68.

Cleveland-Cliffs Price Performance

Cleveland-Cliffs stock opened at $11.35 on Monday. Cleveland-Cliffs Inc. has a 12-month low of $8.99 and a 12-month high of $22.97. The stock has a market cap of $5.60 billion, a P/E ratio of -11.70 and a beta of 1.96. The company has a 50-day moving average price of $10.22 and a 200 day moving average price of $11.71. The company has a current ratio of 1.85, a quick ratio of 0.55 and a debt-to-equity ratio of 0.53.

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.