Whitcomb & Hess Inc. Invests $174,000 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. acquired a new position in shares of Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) in the 2nd quarter, according to its most recent filing with the SEC. The fund acquired 22,929 shares of the mining company's stock, valued at approximately $174,000.

Several other large investors have also modified their holdings of the business. Cullen Investment Group LTD. raised its stake in Cleveland-Cliffs by 33.3% in the second quarter. Cullen Investment Group LTD. now owns 60,069 shares of the mining company's stock valued at $457,000 after buying an additional 15,000 shares in the last quarter. Voya Investment Management LLC lifted its position in Cleveland-Cliffs by 123.1% in the first quarter. Voya Investment Management LLC now owns 657,499 shares of the mining company's stock valued at $5,405,000 after purchasing an additional 362,730 shares during the period. Focus Partners Wealth acquired a new stake in shares of Cleveland-Cliffs during the 1st quarter valued at approximately $339,000. Woodline Partners LP acquired a new stake in shares of Cleveland-Cliffs during the 1st quarter valued at approximately $22,696,000. Finally, First Dallas Securities Inc. raised its position in shares of Cleveland-Cliffs by 21.7% during the 1st quarter. First Dallas Securities Inc. now owns 245,240 shares of the mining company's stock worth $2,016,000 after purchasing an additional 43,740 shares during the last quarter. Institutional investors and hedge funds own 67.68% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on CLF shares. Glj Research lowered shares of Cleveland-Cliffs from a "strong-buy" rating to a "strong sell" rating and set a $3.91 price objective on the stock. in a report on Wednesday, May 28th. Citigroup upped their price target on shares of Cleveland-Cliffs from $7.50 to $11.00 and gave the company a "neutral" rating in a research report on Monday, July 21st. Morgan Stanley increased their price target on shares of Cleveland-Cliffs from $8.00 to $10.50 and gave the stock an "equal weight" rating in a research note on Tuesday, July 22nd. KeyCorp raised shares of Cleveland-Cliffs from a "sector weight" rating to an "overweight" rating and set a $14.00 price target for the company in a report on Tuesday, July 22nd. Finally, Wells Fargo & Company boosted their price objective on shares of Cleveland-Cliffs from $10.00 to $11.00 and gave the company an "equal weight" rating in a report on Monday. Three 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's stock. According to data from MarketBeat, Cleveland-Cliffs presently has a consensus rating of "Hold" and an average target price of $11.24.

Cleveland-Cliffs Price Performance

Cleveland-Cliffs stock traded up $0.09 during mid-day trading on Friday, hitting $11.52. 7,799,478 shares of the company were exchanged, compared to its average volume of 24,270,670. Cleveland-Cliffs Inc. has a 12-month low of $5.63 and a 12-month high of $14.34. The business's 50 day simple moving average is $10.52 and its two-hundred day simple moving average is $8.84. 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 has a market capitalization of $5.70 billion, a P/E ratio of -3.38 and a beta of 1.93.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last issued its quarterly earnings results on Monday, July 21st. The mining company reported ($0.50) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.68) by $0.18. The company 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 firm's revenue for the quarter was up 7.5% on a year-over-year basis. During the same period last year, the firm earned $0.11 EPS. Analysts forecast that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current fiscal year.

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.