DRW Securities LLC Invests $1.32 Million in Cleveland-Cliffs Inc. $CLF

Key Points

• DRW Securities LLC acquired 160,000 shares of Cleveland-Cliffs Inc. in Q1, valued at approximately $1.31 million, showcasing growing institutional interest in the company.
• Analysts have mixed ratings for Cleveland-Cliffs, with three giving it a Buy rating and one a Sell, while the consensus remains a "Hold" with an average target price of $10.96.
• Cleveland-Cliffs reported a loss of ($0.50) EPS for the last quarter, exceeding the consensus estimate, with revenue of $4.93 billion, representing a 7.5% year-over-year increase.

DRW Securities LLC purchased a new position in Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) during the first quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 160,000 shares of the mining company's stock, valued at approximately $1,315,000.

A number of other large investors also recently added to or reduced their stakes in CLF. Stifel Financial Corp lifted its holdings in Cleveland-Cliffs by 33.4% in the 4th quarter. Stifel Financial Corp now owns 130,107 shares of the mining company's stock worth $1,223,000 after purchasing an additional 32,576 shares in the last quarter. The Manufacturers Life Insurance Company lifted its holdings in Cleveland-Cliffs by 1.0% in the 4th quarter. The Manufacturers Life Insurance Company now owns 395,230 shares of the mining company's stock worth $3,715,000 after purchasing an additional 4,026 shares in the last quarter. Northern Trust Corp lifted its holdings in Cleveland-Cliffs by 24.5% in the 4th quarter. Northern Trust Corp now owns 3,960,192 shares of the mining company's stock worth $37,226,000 after purchasing an additional 779,099 shares in the last quarter. Schonfeld Strategic Advisors LLC lifted its holdings in Cleveland-Cliffs by 77.1% in the 4th quarter. Schonfeld Strategic Advisors LLC now owns 29,964 shares of the mining company's stock worth $282,000 after purchasing an additional 13,048 shares in the last quarter. Finally, Freestone Grove Partners LP purchased a new position in Cleveland-Cliffs in the 4th quarter worth approximately $778,000. 67.68% of the stock is owned by hedge funds and other institutional investors.

Cleveland-Cliffs Trading Up 8.3%

CLF stock traded up $0.88 during midday trading on Friday, reaching $11.40. 22,954,615 shares of the company traded hands, compared to its average volume of 15,368,923. Cleveland-Cliffs Inc. has a 52-week low of $5.63 and a 52-week high of $14.34. The company has a debt-to-equity ratio of 1.28, a quick ratio of 0.61 and a current ratio of 2.04. The business has a 50 day moving average of $10.02 and a 200-day moving average of $8.82. The firm has a market capitalization of $5.64 billion, a price-to-earnings ratio of -3.34 and a beta of 1.93.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last issued its quarterly earnings data on Monday, July 21st. The mining company reported ($0.50) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.68) by $0.18. Cleveland-Cliffs had a negative return on equity of 17.97% and a negative net margin of 9.03%.The business had revenue of $4.93 billion for the quarter, compared to the consensus estimate of $4.90 billion. During the same period in the prior year, the business posted $0.11 earnings per share. The company's quarterly revenue was up 7.5% compared to the same quarter last year. As a group, sell-side analysts expect that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on CLF. Wells Fargo & Company upgraded Cleveland-Cliffs to a "hold" rating in a report on Thursday, August 14th. Citigroup raised their price target on Cleveland-Cliffs from $7.50 to $11.00 and gave the company a "neutral" rating in a report on Monday, July 21st. KeyCorp upgraded Cleveland-Cliffs from a "sector weight" rating to an "overweight" rating and set a $14.00 price target for the company in a report on Tuesday, July 22nd. Morgan Stanley raised their price target on Cleveland-Cliffs from $8.00 to $10.50 and gave the company an "equal weight" rating in a report on Tuesday, July 22nd. Finally, Glj Research cut Cleveland-Cliffs from a "strong-buy" rating to a "strong sell" rating and set a $3.91 price target for the company. in a report on Wednesday, May 28th. Three research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Cleveland-Cliffs has an average rating of "Hold" and a consensus price target of $10.96.

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.