Raymond James & Associates raised its stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 29.4% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 554,022 shares of the mining company's stock after purchasing an additional 125,884 shares during the period. Raymond James & Associates owned 0.11% of Cleveland-Cliffs worth $8,659,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Tectonic Advisors LLC lifted its position in Cleveland-Cliffs by 6.0% in the third quarter. Tectonic Advisors LLC now owns 56,347 shares of the mining company's stock worth $881,000 after purchasing an additional 3,198 shares during the period. Kessler Investment Group LLC bought a new position in Cleveland-Cliffs in the third quarter worth $4,799,000. Counterpoint Mutual Funds LLC bought a new position in Cleveland-Cliffs in the third quarter worth $106,000. Exchange Traded Concepts LLC bought a new position in Cleveland-Cliffs in the third quarter worth $29,000. Finally, Avior Wealth Management LLC lifted its position in Cleveland-Cliffs by 64.6% in the third quarter. Avior Wealth Management LLC now owns 2,469 shares of the mining company's stock worth $39,000 after purchasing an additional 969 shares during the period. Institutional investors and hedge funds own 60.97% of the company's stock.
Cleveland-Cliffs Stock Performance
Shares of NYSE CLF opened at $18.52 on Monday. The company has a debt-to-equity ratio of 0.42, a current ratio of 2.11 and a quick ratio of 0.71. The stock's fifty day moving average price is $18.33 and its two-hundred day moving average price is $16.60. Cleveland-Cliffs Inc. has a one year low of $13.61 and a one year high of $22.83. The firm has a market cap of $9.35 billion, a price-to-earnings ratio of 27.64 and a beta of 2.13.
Cleveland-Cliffs (NYSE:CLF - Get Free Report) last released its earnings results on Tuesday, October 24th. The mining company reported $0.54 earnings per share for the quarter, beating analysts' consensus estimates of $0.44 by $0.10. Cleveland-Cliffs had a return on equity of 5.16% and a net margin of 1.55%. The firm had revenue of $5.60 billion during the quarter, compared to the consensus estimate of $5.58 billion. During the same period in the prior year, the company posted $0.29 EPS. The company's revenue was down .9% compared to the same quarter last year. On average, equities analysts forecast that Cleveland-Cliffs Inc. will post 1.14 EPS for the current year.
Wall Street Analysts Forecast Growth
A number of research analysts have issued reports on the company. StockNews.com cut Cleveland-Cliffs from a "buy" rating to a "hold" rating in a report on Thursday. Morgan Stanley lifted their price objective on Cleveland-Cliffs from $19.00 to $21.50 and gave the company an "overweight" rating in a report on Tuesday, October 31st. Citigroup raised Cleveland-Cliffs from a "neutral" rating to a "buy" rating and set a $22.00 price objective for the company in a report on Monday, September 25th. TheStreet raised Cleveland-Cliffs from a "c" rating to a "b-" rating in a report on Wednesday, November 29th. Finally, B. Riley lowered their target price on Cleveland-Cliffs from $26.00 to $25.00 and set a "buy" rating for the company in a research note on Wednesday, September 27th. Four equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $21.75.
Get Our Latest Report on Cleveland-Cliffs
Cleveland-Cliffs Profile
(
Free Report)
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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