JB Capital LLC Has $1.20 Million Stock Holdings in Cleveland-Cliffs Inc. $CLF

Key Points

• JB Capital LLC increased its stake in Cleveland-Cliffs Inc. by 14.6%, holding approximately $1.20 million worth of shares after purchasing 20,092 additional shares in the second quarter.
• The stock has seen interest from other institutional investors, such as Deutsche Bank AG, which raised its stake by 16.1%, now owning over 4 million shares.
• Cleveland-Cliffs reported better-than-expected quarterly earnings, with revenues rising 7.5% year-over-year, despite a negative earnings per share of ($0.50).

JB Capital LLC raised its holdings in Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 14.6% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 157,389 shares of the mining company's stock after buying an additional 20,092 shares during the period. JB Capital LLC's holdings in Cleveland-Cliffs were worth $1,196,000 at the end of the most recent quarter.

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

Cleveland-Cliffs Trading Up 2.2%

NYSE CLF opened at $14.20 on Friday. The company has a quick ratio of 0.61, a current ratio of 2.04 and a debt-to-equity ratio of 1.28. Cleveland-Cliffs Inc. has a twelve month low of $5.63 and a twelve month high of $14.51. The company has a market cap of $7.02 billion, a price-to-earnings ratio of -4.16 and a beta of 1.96. The business's fifty day moving average is $11.17 and its 200 day moving average is $9.14.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last released its quarterly earnings data on Monday, July 21st. The mining company reported ($0.50) earnings per share for the quarter, beating the consensus estimate of ($0.68) by $0.18. Cleveland-Cliffs had a negative return on equity of 17.97% and a negative net margin of 9.03%.The company had revenue of $4.93 billion for the quarter, compared to the consensus estimate of $4.90 billion. During the same quarter last year, the business posted $0.11 EPS. Cleveland-Cliffs's revenue for the quarter was up 7.5% on a year-over-year basis. As a group, sell-side analysts expect that Cleveland-Cliffs Inc. will post -0.79 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on CLF. Wells Fargo & Company increased their target price on Cleveland-Cliffs from $10.00 to $11.00 and gave the stock an "equal weight" rating in a research note on Monday, September 15th. JPMorgan Chase & Co. increased their target price on Cleveland-Cliffs from $7.50 to $10.00 and gave the stock a "neutral" rating in a research note on Thursday, July 24th. Citigroup raised their price objective on Cleveland-Cliffs from $7.50 to $11.00 and gave the stock a "neutral" rating in a research note on Monday, July 21st. KeyCorp upgraded Cleveland-Cliffs from a "sector weight" rating to an "overweight" rating and set a $14.00 target price for the company in a research report on Tuesday, July 22nd. Finally, Weiss Ratings restated a "sell (d)" rating on shares of Cleveland-Cliffs in a research report on Wednesday. Three equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $11.60.

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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