Brave Asset Management Inc. Purchases Shares of 22,500 Cleveland-Cliffs Inc. $CLF

Key Points

• Brave Asset Management Inc. acquired 22,500 shares of Cleveland-Cliffs Inc. for approximately $171,000 during the second quarter.
• The stock has shown significant institutional investment, with 67.68% currently owned by institutional investors.
• Cleveland-Cliffs recently reported a quarterly earnings performance that exceeded analyst expectations, with EPS of ($0.50) compared to the consensus of ($0.68).

Brave Asset Management Inc. purchased a new stake in Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) during the second quarter, according to its most recent filing with the SEC. The fund purchased 22,500 shares of the mining company's stock, valued at approximately $171,000.

A number of other institutional investors and hedge funds also recently bought and sold shares of CLF. Atwood & Palmer Inc. bought a new stake in Cleveland-Cliffs in the 2nd quarter valued at $27,000. Migdal Insurance & Financial Holdings Ltd. bought a new stake in Cleveland-Cliffs in the 1st quarter valued at $36,000. Fifth Third Bancorp increased its holdings in Cleveland-Cliffs by 36.6% in the 1st quarter. Fifth Third Bancorp now owns 6,216 shares of the mining company's stock valued at $51,000 after acquiring an additional 1,664 shares during the last quarter. Byrne Asset Management LLC increased its holdings in Cleveland-Cliffs by 38.1% in the 1st quarter. Byrne Asset Management LLC now owns 6,353 shares of the mining company's stock valued at $52,000 after acquiring an additional 1,753 shares during the last quarter. Finally, UMB Bank n.a. increased its holdings in Cleveland-Cliffs by 243.2% in the 1st quarter. UMB Bank n.a. now owns 7,873 shares of the mining company's stock valued at $65,000 after acquiring an additional 5,579 shares during the last quarter. 67.68% of the stock is currently owned by institutional investors.

Cleveland-Cliffs Stock Performance

Shares of NYSE:CLF opened at $12.07 on Friday. Cleveland-Cliffs Inc. has a 52 week low of $5.63 and a 52 week high of $14.34. The company has a quick ratio of 0.61, a current ratio of 2.04 and a debt-to-equity ratio of 1.28. The firm has a fifty day simple moving average of $10.76 and a two-hundred day simple moving average of $8.92. The stock has a market capitalization of $5.97 billion, a P/E ratio of -3.54 and a beta of 1.93.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last released its quarterly earnings results on Monday, July 21st. The mining company reported ($0.50) EPS for the quarter, topping analysts' consensus estimates 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 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 company earned $0.11 EPS. The firm's revenue for the quarter was up 7.5% compared to the same quarter last year. On average, analysts expect that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on CLF. Morgan Stanley lifted their price target on shares of Cleveland-Cliffs from $8.00 to $10.50 and gave the company an "equal weight" rating in a report on Tuesday, July 22nd. KeyCorp upgraded shares of Cleveland-Cliffs from a "sector weight" rating to an "overweight" rating and set a $14.00 price target on the stock in a report on Tuesday, July 22nd. Wells Fargo & Company lifted their price objective on shares of Cleveland-Cliffs from $10.00 to $11.00 and gave the stock an "equal weight" rating in a research note on Monday, September 15th. Citigroup lifted their price objective on shares of Cleveland-Cliffs from $7.50 to $11.00 and gave the stock a "neutral" rating in a research note on Monday, July 21st. Finally, Bank of America lifted their price objective on shares of Cleveland-Cliffs from $9.50 to $12.50 and gave the stock a "neutral" rating in a research note on Monday, September 15th. Three research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $11.24.

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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