Algert Global LLC Takes $442,000 Position in Cleveland-Cliffs Inc. $CLF

Key Points

• Algert Global LLC purchased 53,720 shares of Cleveland-Cliffs Inc. for approximately $442,000 during Q1.
• After recent activity, institutional investors now own 67.68% of Cleveland-Cliffs stock, including significant increases in holdings by firms like Hsbc Holdings PLC and First Trust Advisors LP.
• Analysts have mixed ratings on Cleveland-Cliffs, with a consensus rating of "Hold" and a target price of $10.96, reflecting uncertainty about the company's future performance.

Algert Global LLC acquired a new stake in Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) in the 1st quarter, according to the company in its most recent filing with the SEC. The fund acquired 53,720 shares of the mining company's stock, valued at approximately $442,000.

Several other institutional investors have also recently bought and sold shares of the business. Louisiana State Employees Retirement System raised its position in Cleveland-Cliffs by 0.9% in the 1st quarter. Louisiana State Employees Retirement System now owns 135,600 shares of the mining company's stock valued at $1,115,000 after purchasing an additional 1,200 shares during the last quarter. Pinnacle Holdings LLC increased its stake in shares of Cleveland-Cliffs by 1.3% in the 1st quarter. Pinnacle Holdings LLC now owns 105,791 shares of the mining company's stock valued at $870,000 after buying an additional 1,371 shares during the period. Ancora Advisors LLC increased its stake in shares of Cleveland-Cliffs by 5.4% in the 4th quarter. Ancora Advisors LLC now owns 28,357 shares of the mining company's stock valued at $267,000 after buying an additional 1,450 shares during the period. State of Alaska Department of Revenue increased its stake in shares of Cleveland-Cliffs by 2.7% in the 1st quarter. State of Alaska Department of Revenue now owns 56,665 shares of the mining company's stock valued at $465,000 after buying an additional 1,475 shares during the period. Finally, Hunter Associates Investment Management LLC increased its stake in shares of Cleveland-Cliffs by 3.1% in the 1st quarter. Hunter Associates Investment Management LLC now owns 49,400 shares of the mining company's stock valued at $406,000 after buying an additional 1,500 shares during the period. Institutional investors own 67.68% of the company's stock.

Cleveland-Cliffs Trading Down 1.4%

NYSE:CLF traded down $0.16 on Friday, reaching $10.72. The company's stock had a trading volume of 13,800,643 shares, compared to its average volume of 17,143,980. Cleveland-Cliffs Inc. has a 1-year low of $5.63 and a 1-year 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 firm has a market cap of $5.30 billion, a PE ratio of -3.14 and a beta of 1.99. The business's 50-day moving average price is $9.67 and its two-hundred day moving average price is $8.83.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last posted its earnings results 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 firm had revenue of $4.93 billion during the quarter, compared to analysts' expectations of $4.90 billion. During the same period in the previous year, the firm earned $0.11 earnings per share. The company's revenue was up 7.5% on a year-over-year basis. Equities research analysts anticipate that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on CLF shares. Glj Research cut Cleveland-Cliffs from a "strong-buy" rating to a "strong sell" rating and set a $3.91 target price for the company. in a research note on Wednesday, May 28th. Citigroup lifted their target price on Cleveland-Cliffs from $7.50 to $11.00 and gave the company a "neutral" rating in a research note on Monday, July 21st. JPMorgan Chase & Co. lifted their target price on Cleveland-Cliffs from $7.50 to $10.00 and gave the company a "neutral" rating in a research note on Thursday, July 24th. Morgan Stanley lifted their target price on Cleveland-Cliffs from $8.00 to $10.50 and gave the company an "equal weight" rating in a research note on Tuesday, July 22nd. Finally, Wells Fargo & Company raised Cleveland-Cliffs to a "hold" rating in a research note on Thursday, August 14th. Three equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Cleveland-Cliffs currently has an average rating of "Hold" and a consensus price target of $10.96.

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.