Scientech Research LLC Acquires Shares of 96,636 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 purchased a new position in shares of Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 96,636 shares of the mining company's stock, valued at approximately $794,000.

Several other institutional investors and hedge funds also recently made changes to their positions in CLF. NewEdge Advisors LLC raised its holdings in shares of Cleveland-Cliffs by 3.6% in the 1st quarter. NewEdge Advisors LLC now owns 520,716 shares of the mining company's stock valued at $4,280,000 after acquiring an additional 17,993 shares in the last quarter. Edmond DE Rothschild Holding S.A. raised its holdings in shares of Cleveland-Cliffs by 9.8% in the 1st quarter. Edmond DE Rothschild Holding S.A. now owns 1,180,000 shares of the mining company's stock valued at $9,700,000 after acquiring an additional 105,000 shares in the last quarter. Advisors Asset Management Inc. raised its holdings in shares of Cleveland-Cliffs by 6.2% in the 1st quarter. Advisors Asset Management Inc. now owns 37,066 shares of the mining company's stock valued at $305,000 after acquiring an additional 2,160 shares in the last quarter. Ancora Advisors LLC raised its holdings in shares of Cleveland-Cliffs by 209.2% in the 1st quarter. Ancora Advisors LLC now owns 87,681 shares of the mining company's stock valued at $721,000 after acquiring an additional 59,324 shares in the last quarter. Finally, Royal Bank of Canada raised its holdings in shares of Cleveland-Cliffs by 61.2% in the 1st quarter. Royal Bank of Canada now owns 2,023,661 shares of the mining company's stock valued at $16,634,000 after acquiring an additional 767,954 shares in the last quarter. Institutional investors own 67.68% of the company's stock.

Cleveland-Cliffs Price Performance

Shares of Cleveland-Cliffs stock traded up $0.45 during trading hours on Thursday, hitting $11.82. The company's stock had a trading volume of 24,310,578 shares, compared to its average volume of 15,268,008. The business has a 50 day moving average price of $10.26 and a two-hundred day moving average price of $8.81. Cleveland-Cliffs Inc. has a 12-month low of $5.63 and a 12-month high of $14.34. The company has a market cap of $5.85 billion, a PE ratio of -3.47 and a beta of 1.93. The company has a debt-to-equity ratio of 1.28, a quick ratio of 0.61 and a current ratio of 2.04.

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

Analysts Set New Price Targets

CLF has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. lifted their price objective on Cleveland-Cliffs from $7.50 to $10.00 and gave the stock a "neutral" rating in a research report on Thursday, July 24th. KeyCorp upgraded 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 report on Tuesday, July 22nd. Morgan Stanley upped their price objective on shares of Cleveland-Cliffs from $8.00 to $10.50 and gave the stock an "equal weight" rating in a report on Tuesday, July 22nd. Glj Research cut Cleveland-Cliffs from a "strong-buy" rating to a "strong sell" rating and set a $3.91 target price on the stock. in a research note on Wednesday, May 28th. Finally, Citigroup raised their price target on Cleveland-Cliffs from $7.50 to $11.00 and gave the company a "neutral" rating in a report on Monday, July 21st. Three equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $10.96.

Cleveland-Cliffs Company 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.