Hexagon Capital Partners LLC Grows Stock Position in Cleveland-Cliffs Inc. (NYSE:CLF)

Hexagon Capital Partners LLC increased its position in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 594.1% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 11,800 shares of the mining company’s stock after purchasing an additional 10,100 shares during the quarter. Hexagon Capital Partners LLC’s holdings in Cleveland-Cliffs were worth $151,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently added to or reduced their stakes in CLF. Dimensional Fund Advisors LP grew its stake in 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 valued at $244,794,000 after acquiring an additional 5,621,797 shares in the last quarter. Peconic Partners LLC purchased a new stake in shares of Cleveland-Cliffs in the fourth quarter valued at approximately $42,370,000. AQR Capital Management LLC increased its holdings in shares of Cleveland-Cliffs by 49.9% in the second quarter. AQR Capital Management LLC now owns 6,093,632 shares of the mining company’s stock valued at $93,172,000 after purchasing an additional 2,027,757 shares during the last quarter. Bank of New York Mellon Corp lifted its position in Cleveland-Cliffs by 23.6% during the second quarter. Bank of New York Mellon Corp now owns 5,597,662 shares of the mining company’s stock worth $86,148,000 after buying an additional 1,069,907 shares in the last quarter. Finally, WINTON GROUP Ltd boosted its stake in Cleveland-Cliffs by 1,650.8% during the second quarter. WINTON GROUP Ltd now owns 874,464 shares of the mining company’s stock worth $13,458,000 after buying an additional 824,518 shares during the last quarter. 67.68% of the stock is owned by institutional investors and hedge funds.

Cleveland-Cliffs Stock Down 1.0 %

NYSE:CLF opened at $12.72 on Friday. Cleveland-Cliffs Inc. has a 52 week low of $10.21 and a 52 week high of $22.97. 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 stock’s fifty day moving average is $12.58 and its two-hundred day moving average is $15.78. The stock has a market capitalization of $6.05 billion, a price-to-earnings ratio of 17.19 and a beta of 1.98.

Cleveland-Cliffs (NYSE:CLF) last announced its earnings results on Monday, July 22nd. The mining company reported $0.11 EPS for the quarter. The company had revenue of $5.09 billion during the quarter, compared to analysts’ expectations of $5.18 billion. Cleveland-Cliffs had a return on equity of 4.94% and a net margin of 0.21%. Cleveland-Cliffs’s revenue for the quarter was down 14.9% on a year-over-year basis. During the same period last year, the business posted $0.69 EPS. Research analysts anticipate that Cleveland-Cliffs Inc. will post -0.03 EPS for the current year.

Analysts Set New Price Targets

A number of analysts have issued reports on CLF shares. Seaport Res Ptn raised Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, August 27th. Citigroup reduced their target price on shares of Cleveland-Cliffs from $18.00 to $12.50 and set a “neutral” rating on the stock in a research note on Tuesday, September 10th. Morgan Stanley dropped their price target on shares of Cleveland-Cliffs from $15.00 to $13.50 and set an “equal weight” rating for the company in a research note on Wednesday, September 18th. B. Riley reaffirmed a “buy” rating and set a $23.00 price target on shares of Cleveland-Cliffs in a research report on Tuesday, June 25th. Finally, Bank of America lowered their price objective on Cleveland-Cliffs from $20.00 to $18.00 and set a “neutral” rating for the company in a research report on Wednesday, June 26th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating, two have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $17.56.

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.