Summit Securities Group LLC Takes Position in Cleveland-Cliffs Inc. $CLF

Key Points

• Summit Securities Group LLC acquired a new position in Cleveland-Cliffs Inc. by purchasing 47,000 shares in the first quarter, valued at approximately $386,000.
• Several hedge funds, including Slate Path Capital and UBS AM, have significantly increased their stakes in Cleveland-Cliffs, indicating heightened institutional interest in the company.
• Analysts have issued various ratings on Cleveland-Cliffs, with price targets ranging from $3.91 to $17.00, reflecting a range of investor sentiment regarding the stock's future performance.

Summit Securities Group LLC bought a new position in shares of Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) during the first quarter, according to the company in its most recent disclosure with the SEC. The firm bought 47,000 shares of the mining company's stock, valued at approximately $386,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Migdal Insurance & Financial Holdings Ltd. acquired a new stake in shares of Cleveland-Cliffs during the 1st quarter worth approximately $36,000. Fifth Third Bancorp boosted its stake in Cleveland-Cliffs by 36.6% during the 1st 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 in the last quarter. Byrne Asset Management LLC boosted its stake in Cleveland-Cliffs by 38.1% during the 1st quarter. Byrne Asset Management LLC now owns 6,353 shares of the mining company's stock valued at $52,000 after purchasing an additional 1,753 shares in the last quarter. TD Waterhouse Canada Inc. bought a new stake in shares of Cleveland-Cliffs during the 4th quarter worth $74,000. Finally, UMB Bank n.a. boosted its stake in shares of Cleveland-Cliffs by 243.2% during the 1st quarter. UMB Bank n.a. now owns 7,873 shares of the mining company's stock worth $65,000 after acquiring an additional 5,579 shares in the last quarter. 67.68% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the company. Morgan Stanley raised their target price on Cleveland-Cliffs from $8.00 to $10.50 and gave the stock an "equal weight" rating in a research report on Tuesday, July 22nd. Glj Research lowered Cleveland-Cliffs from a "strong-buy" rating to a "strong sell" rating and set a $3.91 price objective for the company. in a report on Wednesday, May 28th. The Goldman Sachs Group reduced their price target on Cleveland-Cliffs from $13.00 to $11.25 and set a "buy" rating for the company in a research report on Monday, May 12th. Citigroup boosted their price target on Cleveland-Cliffs from $7.50 to $11.00 and gave the stock a "neutral" rating in a research report on Monday, July 21st. Finally, 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 note on Thursday, July 24th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $10.96.

Cleveland-Cliffs Trading Up 3.4%

CLF stock traded up $0.3450 during trading on Friday, hitting $10.4150. The company had a trading volume of 12,741,633 shares, compared to its average volume of 25,066,713. The firm has a 50-day moving average price of $9.27 and a 200-day moving average price of $8.85. The stock has a market cap of $5.15 billion, a price-to-earnings ratio of -3.05 and a beta of 1.99. Cleveland-Cliffs Inc. has a 12 month low of $5.63 and a 12 month high of $14.34. The company has a quick ratio of 0.61, a current ratio of 2.04 and a debt-to-equity ratio of 1.28.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last issued its earnings results on Monday, July 21st. The mining company reported ($0.50) EPS for the quarter, beating the consensus estimate of ($0.68) by $0.18. The company had revenue of $4.93 billion during the quarter, compared to analysts' expectations 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% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.11 EPS. As a group, analysts predict that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current 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.