Whitcomb & Hess Inc. Purchases New Stake in Cleveland-Cliffs Inc. $CLF

Key Points

• Whitcomb & Hess Inc. has acquired a new stake in Cleveland-Cliffs Inc., purchasing 22,929 shares valued at approximately $174,000 during the second quarter.
• In Q2, Cleveland-Cliffs reported an EPS of ($0.50), exceeding analysts' expectations of ($0.68), with revenues of $4.93 billion.
• Recent analyst reports have led to a range of ratings on Cleveland-Cliffs, with price targets adjusted between $3.91 and $14.00.

Whitcomb & Hess Inc. purchased a new stake in Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 22,929 shares of the mining company's stock, valued at approximately $174,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of CLF. Woodline Partners LP bought a new position in Cleveland-Cliffs in the first quarter valued at about $22,696,000. Jump Financial LLC grew its position in Cleveland-Cliffs by 362.5% in the first quarter. Jump Financial LLC now owns 3,000,102 shares of the mining company's stock valued at $24,661,000 after acquiring an additional 2,351,372 shares during the last quarter. Allianz Asset Management GmbH grew its position in Cleveland-Cliffs by 168.8% in the first quarter. Allianz Asset Management GmbH now owns 3,555,383 shares of the mining company's stock valued at $29,225,000 after acquiring an additional 2,232,799 shares during the last quarter. Nuveen LLC bought a new position in Cleveland-Cliffs in the first quarter valued at about $9,416,000. Finally, Connor Clark & Lunn Investment Management Ltd. grew its position in Cleveland-Cliffs by 231.2% in the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,561,774 shares of the mining company's stock valued at $12,838,000 after acquiring an additional 1,090,237 shares during the last quarter. Institutional investors own 67.68% of the company's stock.

Cleveland-Cliffs Price Performance

Cleveland-Cliffs stock opened at $11.69 on Friday. The stock's 50 day moving average is $10.31 and its 200 day moving average is $8.80. 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 firm has a market cap of $5.78 billion, a P/E ratio of -3.43 and a beta of 1.93. Cleveland-Cliffs Inc. has a one year low of $5.63 and a one year high of $14.34.

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, topping analysts' consensus estimates of ($0.68) by $0.18. The company had revenue of $4.93 billion for the quarter, compared to analyst estimates of $4.90 billion. Cleveland-Cliffs had a negative return on equity of 17.97% and a negative net margin of 9.03%.The firm's quarterly revenue was up 7.5% on a year-over-year basis. During the same period in the previous year, the firm earned $0.11 earnings per share. As a group, research analysts expect that Cleveland-Cliffs Inc. will post -0.79 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on CLF shares. JPMorgan Chase & Co. lifted their target price on Cleveland-Cliffs from $7.50 to $10.00 and gave the company a "neutral" rating in a research report on Thursday, July 24th. Wells Fargo & Company upgraded Cleveland-Cliffs to a "hold" rating in a research report on Thursday, August 14th. Morgan Stanley lifted their target price on Cleveland-Cliffs from $8.00 to $10.50 and gave the company an "equal weight" rating in a research 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 price target on the stock. in a report on Wednesday, May 28th. Finally, KeyCorp upgraded Cleveland-Cliffs from a "sector weight" rating to an "overweight" rating and set a $14.00 price target on the stock in a report on Tuesday, July 22nd. Three investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the company 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.

Want to see what other hedge funds are holding CLF? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cleveland-Cliffs Inc. (NYSE:CLF - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.