Cleveland-Cliffs Inc. (NYSE:CLF) Shares Bought by Sonora Investment Management Group LLC

Sonora Investment Management Group LLC boosted its stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 16.8% in the fourth quarter, Holdings Channel reports. The fund owned 707,220 shares of the mining company’s stock after purchasing an additional 101,964 shares during the period. Sonora Investment Management Group LLC’s holdings in Cleveland-Cliffs were worth $6,648,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently added to or reduced their stakes in the company. Pacer Advisors Inc. lifted its holdings in shares of Cleveland-Cliffs by 13.7% during the third quarter. Pacer Advisors Inc. now owns 25,893,879 shares of the mining company’s stock worth $330,665,000 after purchasing an additional 3,110,651 shares during the period. Charles Schwab Investment Management Inc. lifted its position in Cleveland-Cliffs by 3.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 3,751,153 shares of the mining company’s stock valued at $47,902,000 after purchasing an additional 121,389 shares during the period. Drexel Morgan & Co. boosted its holdings in Cleveland-Cliffs by 3.8% in the 3rd quarter. Drexel Morgan & Co. now owns 3,200,395 shares of the mining company’s stock valued at $40,869,000 after purchasing an additional 116,400 shares in the last quarter. Barclays PLC increased its position in Cleveland-Cliffs by 232.4% during the 3rd quarter. Barclays PLC now owns 3,113,337 shares of the mining company’s stock worth $39,757,000 after purchasing an additional 2,176,837 shares during the period. Finally, Hodges Capital Management Inc. increased its position in Cleveland-Cliffs by 33.0% during the 3rd quarter. Hodges Capital Management Inc. now owns 2,925,677 shares of the mining company’s stock worth $37,361,000 after purchasing an additional 726,043 shares during the period. 67.68% of the stock is owned by institutional investors and hedge funds.

Cleveland-Cliffs Stock Up 2.4 %

Shares of CLF stock opened at $10.50 on Friday. The firm has a fifty day moving average of $10.54 and a two-hundred day moving average of $12.19. 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 Inc. has a 1-year low of $8.99 and a 1-year high of $22.97.

Cleveland-Cliffs (NYSE:CLF) last announced its quarterly earnings data on Monday, November 4th. The mining company reported ($0.33) earnings per share for the quarter, missing the consensus estimate of ($0.31) by ($0.02). Cleveland-Cliffs had a negative net margin of 2.31% and a negative return on equity of 0.59%. The firm had revenue of $4.57 billion during the quarter, compared to the consensus estimate of $4.72 billion. During the same period in the prior year, the firm earned $0.54 earnings per share. The firm’s quarterly revenue was down 18.5% compared to the same quarter last year. On average, sell-side analysts anticipate that Cleveland-Cliffs Inc. will post -0.69 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

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

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.