Toronto Dominion Bank increased its holdings in Cleveland-Cliffs Inc. (NYSE:CLF – Get Rating) by 423,456.9% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 216,014 shares of the mining company’s stock after acquiring an additional 215,963 shares during the quarter. Toronto Dominion Bank’s holdings in Cleveland-Cliffs were worth $3,320,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. S.A. Mason LLC bought a new stake in shares of Cleveland-Cliffs in the 2nd quarter valued at about $25,000. First Eagle Investment Management LLC purchased a new position in Cleveland-Cliffs during the first quarter valued at approximately $30,000. Gradient Investments LLC raised its stake in Cleveland-Cliffs by 55.6% in the second quarter. Gradient Investments LLC now owns 2,179 shares of the mining company’s stock worth $33,000 after buying an additional 779 shares in the last quarter. Lazard Asset Management LLC lifted its holdings in Cleveland-Cliffs by 218.1% during the first quarter. Lazard Asset Management LLC now owns 1,088 shares of the mining company’s stock worth $35,000 after buying an additional 746 shares during the period. Finally, Truvestments Capital LLC bought a new stake in Cleveland-Cliffs during the 2nd quarter valued at $42,000. 61.21% of the stock is currently owned by institutional investors.
Wall Street Analyst Weigh In
CLF has been the subject of several recent research reports. Wolfe Research lowered Cleveland-Cliffs from a “peer perform” rating to an “underperform” rating and set a $12.00 price target for the company. in a research report on Wednesday, November 2nd. Exane BNP Paribas downgraded shares of Cleveland-Cliffs from a “neutral” rating to an “underperform” rating and set a $14.30 target price for the company. in a report on Tuesday, October 18th. B. Riley cut their price objective on shares of Cleveland-Cliffs from $32.00 to $26.00 in a research report on Wednesday, October 26th. The Goldman Sachs Group reduced their price objective on shares of Cleveland-Cliffs from $23.00 to $19.00 and set a “buy” rating for the company in a research note on Thursday, October 6th. Finally, Credit Suisse Group dropped their target price on Cleveland-Cliffs from $30.00 to $25.00 and set an “outperform” rating on the stock in a research note on Wednesday, September 21st. Three analysts have rated the stock with a sell rating, two have assigned a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, Cleveland-Cliffs has an average rating of “Hold” and an average price target of $20.42.
Cleveland-Cliffs Price Performance
Cleveland-Cliffs (NYSE:CLF – Get Rating) last issued its quarterly earnings results on Tuesday, October 25th. The mining company reported $0.29 EPS for the quarter, missing analysts’ consensus estimates of $0.68 by ($0.39). The firm had revenue of $5.65 billion for the quarter, compared to analyst estimates of $5.79 billion. Cleveland-Cliffs had a return on equity of 40.41% and a net margin of 10.48%. The business’s revenue was down 5.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.33 EPS. On average, equities research analysts predict that Cleveland-Cliffs Inc. will post 3.04 EPS for the current year.
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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