Hunter Associates Investment Management LLC Raises Stake in Cleveland-Cliffs Inc. $CLF

Key Points

• Hunter Associates Investment Management LLC increased its stake in Cleveland-Cliffs Inc. by 43.5%, now holding 70,898 shares valued at $538,000.
• Analysts have recently raised their price targets for Cleveland-Cliffs, with Goldman Sachs setting it at $16.00 and Bank of America at $14.50, indicating a bullish outlook.
• Cleveland-Cliffs reported a quarterly loss of $(0.45) EPS, slightly beating analysts' expectations, with revenue of $4.73 billion during the quarter.

Hunter Associates Investment Management LLC boosted its holdings in shares of Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 43.5% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 70,898 shares of the mining company's stock after acquiring an additional 21,498 shares during the period. Hunter Associates Investment Management LLC's holdings in Cleveland-Cliffs were worth $538,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of the business. Charles Schwab Investment Management Inc. lifted its position in Cleveland-Cliffs by 10.1% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 4,596,026 shares of the mining company's stock valued at $37,779,000 after acquiring an additional 419,832 shares during the period. Drexel Morgan & Co. lifted its position in Cleveland-Cliffs by 2.1% during the 1st quarter. Drexel Morgan & Co. now owns 4,389,075 shares of the mining company's stock valued at $36,078,000 after acquiring an additional 88,680 shares during the period. Deutsche Bank AG lifted its position in Cleveland-Cliffs by 16.1% during the 1st quarter. Deutsche Bank AG now owns 4,124,778 shares of the mining company's stock valued at $33,906,000 after acquiring an additional 572,262 shares during the period. Northern Trust Corp increased its stake in Cleveland-Cliffs by 1.4% during the 1st quarter. Northern Trust Corp now owns 4,014,436 shares of the mining company's stock valued at $32,999,000 after purchasing an additional 54,244 shares in the last quarter. Finally, Allianz Asset Management GmbH increased its stake in Cleveland-Cliffs by 168.8% during the 1st quarter. Allianz Asset Management GmbH now owns 3,555,383 shares of the mining company's stock valued at $29,225,000 after purchasing an additional 2,232,799 shares in the last quarter. 67.68% of the stock is owned by hedge funds and other institutional investors.

Cleveland-Cliffs Stock Performance

Shares of CLF stock opened at $11.89 on Tuesday. The company has a 50 day moving average price of $12.33 and a 200-day moving average price of $9.85. Cleveland-Cliffs Inc. has a 52 week low of $5.63 and a 52 week high of $16.70. The firm has a market capitalization of $5.88 billion, a PE ratio of -3.50 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 1.41.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last announced its quarterly 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 9.00% and a negative return on equity of 20.02%. The firm had revenue of $4.73 billion during the quarter, compared to analyst estimates of $4.90 billion. During the same period in the previous year, the business posted ($0.33) earnings per share. The business's revenue for the quarter was up 3.6% on a year-over-year basis. As a group, equities research analysts expect that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current year.

Analysts Set New Price Targets

A number of analysts have weighed in on CLF shares. Citigroup raised their price objective on shares of Cleveland-Cliffs from $7.50 to $11.00 and gave the company a "neutral" rating in a research note on Monday, July 21st. The Goldman Sachs Group raised their price objective on shares of Cleveland-Cliffs from $14.50 to $16.00 and gave the company a "buy" rating in a research note on Friday. Bank of America raised their price objective on shares of Cleveland-Cliffs from $12.50 to $14.50 and gave the company a "neutral" rating in a research note on Tuesday, October 21st. Morgan Stanley raised their price objective on shares of 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, JPMorgan Chase & Co. raised their price objective on shares of Cleveland-Cliffs from $10.00 to $13.00 and gave the company a "neutral" rating in a research note on Monday, October 13th. Three analysts have rated the stock with a Buy rating, four have assigned a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $12.88.

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.

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