Legacy Financial Advisors Inc. Purchases Shares of 30,365 Cleveland-Cliffs Inc. $CLF

Key Points

• Legacy Financial Advisors Inc. recently acquired 30,365 shares of Cleveland-Cliffs Inc. valued at approximately $250,000, indicating institutional interest in the mining company's stock.
• Several analysts have varying ratings on Cleveland-Cliffs, with a consensus target price of $10.96, while one analyst rates the stock as a Strong Buy.
• Cleveland-Cliffs recently reported earnings of ($0.50) per share, beating expectations and reflecting a 7.5% increase in revenue compared to the same quarter last year.

Legacy Financial Advisors Inc. bought a new position in shares of Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 30,365 shares of the mining company's stock, valued at approximately $250,000.

Several other hedge funds have also modified their holdings of CLF. Migdal Insurance & Financial Holdings Ltd. purchased a new stake in shares of Cleveland-Cliffs during the 1st quarter worth about $36,000. Fifth Third Bancorp lifted its stake 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 buying an additional 1,664 shares in the last quarter. Byrne Asset Management LLC lifted its stake 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 worth $52,000 after purchasing an additional 1,753 shares in the last quarter. UMB Bank n.a. lifted its stake 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 worth $65,000 after purchasing an additional 5,579 shares in the last quarter. Finally, GAMMA Investing LLC lifted its stake in Cleveland-Cliffs by 61.6% in the 1st quarter. GAMMA Investing LLC now owns 8,615 shares of the mining company's stock worth $71,000 after purchasing an additional 3,285 shares in the last quarter. 67.68% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms have recently commented 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 research report on Tuesday, July 22nd. Glj Research downgraded shares of Cleveland-Cliffs from a "strong-buy" rating to a "strong sell" rating and set a $3.91 price target for the company. in a research note on Wednesday, May 28th. Citigroup boosted their price target 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. Wells Fargo & Company upgraded shares of Cleveland-Cliffs to a "hold" rating in a research note on Thursday, August 14th. Finally, The Goldman Sachs Group lowered their target price on shares of Cleveland-Cliffs from $13.00 to $11.25 and set a "buy" rating for the company in a research note on Monday, May 12th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $10.96.

Cleveland-Cliffs Price Performance

Shares of CLF traded up $0.3650 during mid-day trading on Friday, reaching $10.4350. 19,336,824 shares of the company's stock were exchanged, compared to its average volume of 19,518,602. 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 company has a 50-day simple moving average of $9.33 and a two-hundred day simple moving average of $8.84. Cleveland-Cliffs Inc. has a 52-week low of $5.63 and a 52-week high of $14.34. The company has a market cap of $5.16 billion, a price-to-earnings ratio of -3.06 and a beta of 1.99.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last announced its quarterly earnings results on Monday, July 21st. The mining company reported ($0.50) earnings per share for the quarter, beating analysts' consensus estimates of ($0.68) by $0.18. The company had revenue of $4.93 billion for the quarter, compared to analyst estimates 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 for the quarter was up 7.5% on a year-over-year basis. During the same quarter last year, the business earned $0.11 EPS. On average, sell-side analysts predict that Cleveland-Cliffs Inc. will post -0.79 EPS for the current fiscal year.

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.