Hourglass Capital LLC Acquires 18,400 Shares of Cleveland-Cliffs Inc. $CLF

Key Points

• Hourglass Capital LLC increased its stake in Cleveland-Cliffs Inc. by 24.5%, acquiring an additional 18,400 shares, bringing its total holdings to 93,400 shares worth approximately $710,000.
• Several institutional investors have also increased their investments in Cleveland-Cliffs, contributing to a total institutional ownership of 67.68% of the stock.
• Analysts have been optimistic about Cleveland-Cliffs, with recent price target increases from firms such as Bank of America and Wells Fargo, reflecting a general consensus rating of "Hold" and an average target price of $11.93.

Hourglass Capital LLC boosted its position in Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 24.5% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 93,400 shares of the mining company's stock after purchasing an additional 18,400 shares during the quarter. Hourglass Capital LLC's holdings in Cleveland-Cliffs were worth $710,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the company. Louisiana State Employees Retirement System boosted its position in shares of Cleveland-Cliffs by 0.9% during 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 in the last quarter. Clear Creek Financial Management LLC boosted its position in shares of Cleveland-Cliffs by 5.1% during the 2nd 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 in the last quarter. Pinnacle Holdings LLC boosted its position in shares of Cleveland-Cliffs by 1.3% during the 1st 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 in the last quarter. State of Alaska Department of Revenue boosted its position in shares of Cleveland-Cliffs by 2.7% during 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 purchasing an additional 1,475 shares in the last quarter. Finally, Hunter Associates Investment Management LLC boosted its position in shares of Cleveland-Cliffs by 3.1% during the 1st 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 in the last quarter. 67.68% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several analysts have recently commented on the company. Wells Fargo & Company raised their target price on Cleveland-Cliffs from $10.00 to $11.00 and gave the company an "equal weight" rating in a research note on Monday, September 15th. Bank of America raised their target price on Cleveland-Cliffs from $9.50 to $12.50 and gave the company a "neutral" rating in a research note on Monday, September 15th. KeyCorp raised 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 research report on Tuesday, July 22nd. Morgan Stanley raised their price target on shares of Cleveland-Cliffs from $8.00 to $10.50 and gave the company an "equal weight" rating in a research report on Tuesday, July 22nd. Finally, Citigroup raised 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. Three research analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $11.93.

Cleveland-Cliffs Trading Down 0.2%

NYSE:CLF opened at $13.94 on Thursday. 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 $6.89 billion, a PE ratio of -4.09 and a beta of 1.96. The firm's 50 day moving average is $11.49 and its 200 day moving average is $9.27. 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 posted 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. The company had revenue of $4.93 billion for the quarter, compared to analysts' expectations of $4.90 billion. Cleveland-Cliffs had a negative net margin of 9.03% and a negative return on equity of 17.97%. Cleveland-Cliffs's revenue was up 7.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.11 EPS. Sell-side analysts expect that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current year.

About Cleveland-Cliffs

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.