Scientech Research LLC Invests $794,000 in Cleveland-Cliffs Inc. $CLF

Key Points

• Scientech Research LLC has acquired a new stake in Cleveland-Cliffs Inc. amounting to 96,636 shares valued at approximately $794,000 during Q1 2023.
• Several institutional investors, including UMB Bank n.a. and AlphaQuest LLC, significantly increased their holdings in Cleveland-Cliffs, indicating growing institutional interest in the company.
• Cleveland-Cliffs recently reported an earnings loss of ($0.50) per share, surpassing analysts' consensus estimate, while its quarterly revenue reached $4.93 billion, up 7.5% from the previous year.

Scientech Research LLC acquired a new stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 96,636 shares of the mining company's stock, valued at approximately $794,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of CLF. Schonfeld Strategic Advisors LLC increased its position in Cleveland-Cliffs by 77.1% during the fourth quarter. Schonfeld Strategic Advisors LLC now owns 29,964 shares of the mining company's stock worth $282,000 after purchasing an additional 13,048 shares during the last quarter. Captrust Financial Advisors increased its position in Cleveland-Cliffs by 20.1% during the fourth quarter. Captrust Financial Advisors now owns 11,988 shares of the mining company's stock worth $113,000 after purchasing an additional 2,010 shares during the last quarter. Cresset Asset Management LLC acquired a new position in Cleveland-Cliffs during the fourth quarter worth approximately $95,000. Deutsche Bank AG increased its position in Cleveland-Cliffs by 69.5% during the fourth quarter. Deutsche Bank AG now owns 3,552,516 shares of the mining company's stock worth $33,394,000 after purchasing an additional 1,456,236 shares during the last quarter. Finally, Jefferies Financial Group Inc. increased its position in Cleveland-Cliffs by 1,151.4% during the fourth quarter. Jefferies Financial Group Inc. now owns 150,037 shares of the mining company's stock worth $1,410,000 after purchasing an additional 138,047 shares during the last quarter. Institutional investors and hedge funds own 67.68% of the company's stock.

Cleveland-Cliffs Stock Down 0.8%

NYSE CLF traded down $0.10 during trading hours on Friday, reaching $11.69. 19,979,275 shares of the company traded hands, compared to its average volume of 15,782,934. Cleveland-Cliffs Inc. has a 12 month low of $5.63 and a 12 month high of $14.34. 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 $5.78 billion, a PE ratio of -3.43 and a beta of 1.93. The company has a 50 day moving average of $10.31 and a two-hundred day moving average of $8.79.

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

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the stock. KeyCorp raised shares of Cleveland-Cliffs from a "sector weight" rating to an "overweight" rating and set a $14.00 target price on the stock in a research note on Tuesday, July 22nd. JPMorgan Chase & Co. raised their target price on shares of Cleveland-Cliffs from $7.50 to $10.00 and gave the company a "neutral" rating in a research note on Thursday, July 24th. Morgan Stanley raised their target price 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. Citigroup raised their target price 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. Finally, Wells Fargo & Company raised shares of Cleveland-Cliffs to a "hold" rating in a report on Thursday, August 14th. Three equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $10.96.

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.