Apollon Wealth Management LLC Takes $416,000 Position in Cleveland-Cliffs Inc. $CLF

Key Points

• Apollon Wealth Management LLC has acquired a new stake in Cleveland-Cliffs Inc., purchasing 54,702 shares valued at approximately $416,000 in the second quarter.
• Analysts have raised their price targets for Cleveland-Cliffs, with Bank of America increasing its target from $9.50 to $12.50 and Citigroup lifting theirs from $7.50 to $11.00.
• Despite a recent drop in trading, Cleveland-Cliffs has a market capitalization of $6.57 billion and reported a revenue increase of 7.5% year-over-year for its last quarter.

Apollon Wealth Management LLC acquired a new stake in Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund acquired 54,702 shares of the mining company's stock, valued at approximately $416,000.

Other large investors have also bought and sold shares of the company. Atwood & Palmer Inc. bought a new position in shares of Cleveland-Cliffs during the 2nd quarter worth about $27,000. Trust Co. of Toledo NA OH acquired a new position in Cleveland-Cliffs during the 2nd quarter worth approximately $27,000. Migdal Insurance & Financial Holdings Ltd. acquired a new position in Cleveland-Cliffs during the 1st quarter worth approximately $36,000. Fifth Third Bancorp raised its stake in Cleveland-Cliffs by 36.6% during the 1st quarter. Fifth Third Bancorp now owns 6,216 shares of the mining company's stock worth $51,000 after buying an additional 1,664 shares during the period. Finally, AlphaQuest LLC increased its holdings in shares of Cleveland-Cliffs by 408,600.0% during the first quarter. AlphaQuest LLC now owns 8,174 shares of the mining company's stock valued at $67,000 after acquiring an additional 8,172 shares in the last quarter. 67.68% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the stock. Citigroup lifted their price target on shares of Cleveland-Cliffs from $7.50 to $11.00 and gave the company a "neutral" rating in a research report on Monday, July 21st. Bank of America raised their price objective on shares of Cleveland-Cliffs from $9.50 to $12.50 and gave the company a "neutral" rating in a research note on Monday, September 15th. Weiss Ratings restated a "sell (d)" rating on shares of Cleveland-Cliffs in a report on Wednesday, October 8th. Wells Fargo & Company upped their target price on shares of Cleveland-Cliffs from $10.00 to $11.00 and gave the stock an "equal weight" rating in a report on Monday, September 15th. Finally, JPMorgan Chase & Co. boosted their price objective on Cleveland-Cliffs from $10.00 to $13.00 and gave the stock a "neutral" rating in a report on Monday, October 13th. Three analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have given a Sell rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $11.93.

Cleveland-Cliffs Trading Down 2.0%

NYSE:CLF opened at $13.29 on Friday. The company has a current ratio of 2.04, a quick ratio of 0.61 and a debt-to-equity ratio of 1.28. The stock has a market capitalization of $6.57 billion, a PE ratio of -3.90 and a beta of 1.96. The firm's 50 day moving average is $11.65 and its 200 day moving average is $9.34. Cleveland-Cliffs Inc. has a 12 month low of $5.63 and a 12 month high of $14.51.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last released its quarterly earnings data on Monday, July 21st. The mining company reported ($0.50) EPS for the quarter, beating the consensus estimate of ($0.68) by $0.18. Cleveland-Cliffs had a negative net margin of 9.03% and a negative return on equity of 17.97%. 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 firm earned $0.11 earnings per share. The company's revenue was up 7.5% compared to the same quarter last year. Sell-side analysts expect that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current year.

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.

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