Comerica Bank boosted its stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF – Get Rating) by 5.5% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 232,319 shares of the mining company’s stock after acquiring an additional 12,129 shares during the quarter. Comerica Bank’s holdings in Cleveland-Cliffs were worth $3,608,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds also recently added to or reduced their stakes in CLF. Ronald Blue Trust Inc. acquired a new stake in Cleveland-Cliffs during the 2nd quarter worth approximately $32,000. Gradient Investments LLC lifted its holdings in shares of Cleveland-Cliffs by 55.6% in the 2nd quarter. Gradient Investments LLC now owns 2,179 shares of the mining company’s stock valued at $33,000 after buying an additional 779 shares during the period. Lazard Asset Management LLC lifted its holdings in shares of Cleveland-Cliffs by 218.1% in the 1st quarter. Lazard Asset Management LLC now owns 1,088 shares of the mining company’s stock valued at $35,000 after buying an additional 746 shares during the period. Truvestments Capital LLC acquired a new stake in shares of Cleveland-Cliffs in the 2nd quarter valued at approximately $42,000. Finally, Founders Capital Management lifted its holdings in shares of Cleveland-Cliffs by 30.4% in the 2nd quarter. Founders Capital Management now owns 3,000 shares of the mining company’s stock valued at $46,000 after buying an additional 700 shares during the period. 65.25% of the stock is owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
Several analysts have recently commented on CLF shares. Credit Suisse Group reduced their price target on Cleveland-Cliffs from $30.00 to $25.00 and set an “outperform” rating for the company in a report on Wednesday, September 21st. StockNews.com began coverage on Cleveland-Cliffs in a research note on Wednesday, October 12th. They issued a “hold” rating for the company. Exane BNP Paribas downgraded Cleveland-Cliffs from a “neutral” rating to an “underperform” rating and set a $14.30 price objective for the company. in a research note on Tuesday, October 18th. Argus dropped their price objective on Cleveland-Cliffs from $33.00 to $23.00 and set a “buy” rating for the company in a research note on Wednesday, September 28th. Finally, BNP Paribas downgraded Cleveland-Cliffs from a “neutral” rating to an “underperform” rating and set a $14.30 price objective for the company. in a research note on Tuesday, October 18th. Three analysts have rated the stock with a sell rating, three have issued a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $21.13.
Cleveland-Cliffs Price Performance
Cleveland-Cliffs (NYSE:CLF – Get Rating) last posted its quarterly earnings data on Tuesday, October 25th. The mining company reported $0.29 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.45 by ($0.16). Cleveland-Cliffs had a return on equity of 40.41% and a net margin of 10.48%. The business had revenue of $5.65 billion for the quarter, compared to analyst estimates of $5.79 billion. During the same quarter last year, the business earned $2.33 EPS. Cleveland-Cliffs’s revenue for the quarter was down 5.8% compared to the same quarter last year. Equities research analysts expect 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.
- Get a free copy of the StockNews.com research report on Cleveland-Cliffs (CLF)
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