SFE Investment Counsel Acquires New Shares in Cleveland-Cliffs Inc. $CLF

Key Points

• SFE Investment Counsel acquired 911,796 Cleveland-Cliffs shares in the second quarter, valued at approximately $8.56 million and representing about 0.16% of the company. Institutional investors collectively own 67.68% of CLF.
• Analyst sentiment remains mixed but leans neutral: two analysts rate CLF a Buy, seven a Hold and two a Sell, with a consensus price target of $11.86. Glj Research upgraded the stock to Buy, while JPMorgan and Bank of America lowered their price targets.
• Cleveland-Cliffs reported a quarterly loss of $0.20 per share, slightly better than expectations, on revenue of $5.23 billion, up 5.9% year over year. Shares opened at $11.91, while an executive recently sold 214,308 shares at an average price of $13.41.

SFE Investment Counsel bought a new stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 911,796 shares of the mining company's stock, valued at approximately $8,562,000. SFE Investment Counsel owned about 0.16% of Cleveland-Cliffs at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of CLF. Los Angeles Capital Management LLC bought a new position in shares of Cleveland-Cliffs during the fourth quarter valued at $25,000. Center for Financial Planning Inc. raised its position in Cleveland-Cliffs by 119.0% in the 1st quarter. Center for Financial Planning Inc. now owns 3,322 shares of the mining company's stock worth $28,000 after buying an additional 1,805 shares during the last quarter. IFP Advisors Inc raised its position in Cleveland-Cliffs by 117.5% in the 4th quarter. IFP Advisors Inc now owns 2,221 shares of the mining company's stock worth $29,000 after buying an additional 1,200 shares during the last quarter. Caitong International Asset Management Co. Ltd lifted its stake in Cleveland-Cliffs by 94.0% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 2,505 shares of the mining company's stock valued at $33,000 after acquiring an additional 1,214 shares during the period. Finally, CIBC Private Wealth Group LLC lifted its stake in Cleveland-Cliffs by 306.1% during the 4th quarter. CIBC Private Wealth Group LLC now owns 2,461 shares of the mining company's stock valued at $33,000 after acquiring an additional 1,855 shares during the period. Institutional investors own 67.68% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on CLF. Glj Research upgraded shares of Cleveland-Cliffs from a "hold" rating to a "buy" rating and lifted their price target for the stock from $15.01 to $15.60 in a research note on Friday, July 24th. JPMorgan Chase & Co. lowered their price objective on shares of Cleveland-Cliffs from $13.00 to $10.00 and set a "neutral" rating on the stock in a research report on Wednesday, July 15th. Bank of America dropped their target price on shares of Cleveland-Cliffs from $14.00 to $11.50 and set a "neutral" rating on the stock in a report on Thursday, July 9th. Morgan Stanley reaffirmed an "equal weight" rating and issued a $12.50 target price (up from $12.00) on shares of Cleveland-Cliffs in a research report on Monday, June 22nd. Finally, The Goldman Sachs Group reissued a "neutral" rating and set a $10.00 price target on shares of Cleveland-Cliffs in a report on Friday, May 1st. Two analysts have rated the stock with a Buy rating, seven have given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, Cleveland-Cliffs currently has an average rating of "Hold" and a consensus price target of $11.86.

Cleveland-Cliffs Trading Down 2.0%

Shares of CLF opened at $11.91 on Friday. The firm has a market cap of $6.80 billion, a P/E ratio of -7.35 and a beta of 2.09. The company has a debt-to-equity ratio of 1.32, a current ratio of 1.89 and a quick ratio of 0.63. Cleveland-Cliffs Inc. has a 1 year low of $7.73 and a 1 year high of $16.70. The company has a 50 day simple moving average of $11.17 and a two-hundred day simple moving average of $10.86.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last issued its earnings results on Thursday, July 23rd. The mining company reported ($0.20) earnings per share for the quarter, topping analysts' consensus estimates of ($0.21) by $0.01. The firm had revenue of $5.23 billion during the quarter, compared to analyst estimates of $5.15 billion. Cleveland-Cliffs had a negative net margin of 4.56% and a negative return on equity of 13.37%. Cleveland-Cliffs's revenue for the quarter was up 5.9% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.50) earnings per share. On average, equities analysts expect that Cleveland-Cliffs Inc. will post -0.11 earnings per share for the current fiscal year.

Insider Buying and Selling at Cleveland-Cliffs

In other news, EVP Celso L. Goncalves, Jr. sold 214,308 shares of Cleveland-Cliffs stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $13.41, for a total value of $2,873,870.28. Following the sale, the executive vice president directly owned 184,542 shares of the company's stock, valued at approximately $2,474,708.22. The trade was a 53.73% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.95% of the stock is currently owned by insiders.

Cleveland-Cliffs Company Profile

Cleveland-Cliffs Inc is a leading North American producer of iron ore pellets and flat-rolled steel products. Tracing its roots to 1847, the company has evolved from an iron-ore mining concern in the Great Lakes region into a fully integrated steelmaker. Today, Cleveland-Cliffs operates iron ore mining complexes in Michigan and Minnesota as well as steelmaking and finishing facilities across the United States.

The company's integrated platform begins with direct control of key raw materials, including iron ore and scrap, and extends through every stage of steel production.

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