Sonora Investment Management Group LLC Trims Stock Position in Cleveland-Cliffs Inc. $CLF

Key Points

• Sonora Investment Management Group LLC reduced its stake in Cleveland-Cliffs Inc. by 6.0%, now holding 655,354 shares worth approximately $4.98 million.
• Several institutional investors increased their positions, with UMB Bank n.a. boosting their stake by 243.2% during the first quarter.
• Cleveland-Cliffs reported a revenue of $4.93 billion for the recent quarter, exceeding analysts' estimates, although it posted a loss of ($0.50) EPS.

Sonora Investment Management Group LLC trimmed its holdings in Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 6.0% in the second quarter, according to its most recent disclosure with the SEC. The fund owned 655,354 shares of the mining company's stock after selling 41,499 shares during the period. Sonora Investment Management Group LLC owned 0.13% of Cleveland-Cliffs worth $4,981,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Atwood & Palmer Inc. acquired a new position in shares of Cleveland-Cliffs during the second quarter worth about $27,000. Migdal Insurance & Financial Holdings Ltd. acquired a new stake in shares of Cleveland-Cliffs in the first quarter valued at approximately $36,000. Fifth Third Bancorp grew its position in shares of Cleveland-Cliffs by 36.6% in the first quarter. Fifth Third Bancorp now owns 6,216 shares of the mining company's stock valued at $51,000 after purchasing an additional 1,664 shares during the last quarter. Byrne Asset Management LLC lifted its stake in shares of Cleveland-Cliffs by 38.1% during the first quarter. Byrne Asset Management LLC now owns 6,353 shares of the mining company's stock valued at $52,000 after buying an additional 1,753 shares during the period. Finally, UMB Bank n.a. lifted its stake in shares of Cleveland-Cliffs by 243.2% during the first quarter. UMB Bank n.a. now owns 7,873 shares of the mining company's stock valued at $65,000 after buying an additional 5,579 shares during the period. 67.68% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms have weighed in on CLF. Citigroup increased 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 raised their price target on shares of Cleveland-Cliffs from $10.00 to $11.00 and gave the company an "equal weight" rating in a report on Monday, September 15th. Morgan Stanley raised 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. KeyCorp upgraded shares of Cleveland-Cliffs from a "sector weight" rating to an "overweight" rating and set a $14.00 price target on the stock in a research report on Tuesday, July 22nd. Finally, JPMorgan Chase & Co. raised their price target on shares of Cleveland-Cliffs from $7.50 to $10.00 and gave the stock a "neutral" rating in a research report on Thursday, July 24th. Three equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $11.24.

Cleveland-Cliffs Stock Up 2.4%

NYSE CLF opened at $12.36 on Friday. The company has a debt-to-equity ratio of 1.28, a current ratio of 2.04 and a quick ratio of 0.61. The company's 50 day simple moving average is $10.81 and its 200 day simple moving average is $8.94. Cleveland-Cliffs Inc. has a 12 month low of $5.63 and a 12 month high of $14.34. The company has a market capitalization of $6.11 billion, a P/E ratio of -3.62 and a beta of 1.93.

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

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.

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