Concurrent Investment Advisors LLC Makes New Investment in Cleveland-Cliffs Inc. $CLF

Key Points

• Concurrent Investment Advisors LLC has acquired 29,266 shares of Cleveland-Cliffs Inc. valued at approximately $222,000 in the second quarter.
• Cleveland-Cliffs reported a quarterly earnings per share (EPS) of ($0.45), surpassing analyst estimates of ($0.48), while the company had a revenue of $4.73 billion.
• Wall Street analysts are optimistic, with several raising their target price for CLF shares, indicating a consensus average target price of $11.93.

Concurrent Investment Advisors LLC acquired a new position in Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 29,266 shares of the mining company's stock, valued at approximately $222,000.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Louisiana State Employees Retirement System lifted its holdings in shares of Cleveland-Cliffs by 0.9% during the first 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. Clear Creek Financial Management LLC lifted its holdings in shares of Cleveland-Cliffs by 5.1% during the second quarter. Clear Creek Financial Management LLC now owns 26,480 shares of the mining company's stock valued at $201,000 after purchasing an additional 1,280 shares during the last quarter. Pinnacle Holdings LLC lifted its holdings in shares of Cleveland-Cliffs by 1.3% during the first quarter. Pinnacle Holdings LLC now owns 105,791 shares of the mining company's stock valued at $870,000 after purchasing an additional 1,371 shares during the last quarter. State of Alaska Department of Revenue lifted its holdings in shares of Cleveland-Cliffs by 2.7% during the first quarter. State of Alaska Department of Revenue now owns 56,665 shares of the mining company's stock valued at $465,000 after purchasing an additional 1,475 shares during the last quarter. Finally, Hunter Associates Investment Management LLC lifted its holdings in shares of Cleveland-Cliffs by 3.1% during the first quarter. Hunter Associates Investment Management LLC now owns 49,400 shares of the mining company's stock valued at $406,000 after purchasing an additional 1,500 shares during the last quarter. 67.68% of the stock is currently owned by hedge funds and other institutional investors.

Cleveland-Cliffs Price Performance

Shares of CLF opened at $16.20 on Tuesday. The company has a market capitalization of $8.01 billion, a P/E ratio of -4.75 and a beta of 1.96. 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 50 day moving average of $11.78 and a 200 day moving average of $9.42. Cleveland-Cliffs Inc. has a twelve month low of $5.63 and a twelve month high of $16.70.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last posted its earnings results on Monday, October 20th. The mining company reported ($0.45) EPS for the quarter, topping analysts' consensus estimates of ($0.48) by $0.03. Cleveland-Cliffs had a negative net margin of 9.03% and a negative return on equity of 17.97%. The business had revenue of $4.73 billion during the quarter, compared to the consensus estimate of $4.90 billion. During the same quarter in the previous year, the firm posted ($0.33) EPS. The firm's revenue was up 3.6% on a year-over-year basis. As a group, 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 analysts have recently issued reports on CLF shares. Morgan Stanley lifted their target price 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 target price for the company in a report on Tuesday, July 22nd. Weiss Ratings reiterated a "sell (d)" rating on shares of Cleveland-Cliffs in a report on Wednesday, October 8th. The Goldman Sachs Group lifted their target price on shares of Cleveland-Cliffs from $12.85 to $14.50 and gave the company a "buy" rating in a report on Thursday, October 9th. Finally, Wells Fargo & Company raised their price target on shares of Cleveland-Cliffs from $10.00 to $11.00 and gave the company an "equal weight" rating in a research report on Monday, September 15th. Three investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $11.93.

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.

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