Xponance Inc. Boosts Stock Position in Cleveland-Cliffs Inc. (NYSE:CLF)

Xponance Inc. boosted its holdings in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 7.3% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 96,588 shares of the mining company’s stock after purchasing an additional 6,554 shares during the period. Xponance Inc.’s holdings in Cleveland-Cliffs were worth $1,486,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Altshuler Shaham Ltd purchased a new position in shares of Cleveland-Cliffs during the second quarter valued at approximately $26,000. Hobbs Group Advisors LLC bought a new stake in Cleveland-Cliffs in the second quarter valued at $31,000. Gradient Investments LLC boosted its holdings in Cleveland-Cliffs by 138.8% in the second quarter. Gradient Investments LLC now owns 2,149 shares of the mining company’s stock valued at $33,000 after acquiring an additional 1,249 shares in the last quarter. Rise Advisors LLC boosted its holdings in Cleveland-Cliffs by 2,858.0% in the first quarter. Rise Advisors LLC now owns 1,479 shares of the mining company’s stock valued at $34,000 after acquiring an additional 1,429 shares in the last quarter. Finally, Hexagon Capital Partners LLC boosted its holdings in Cleveland-Cliffs by 41.7% in the first quarter. Hexagon Capital Partners LLC now owns 1,700 shares of the mining company’s stock valued at $39,000 after acquiring an additional 500 shares in the last quarter. Institutional investors own 67.68% of the company’s stock.

Analyst Ratings Changes

Several analysts recently weighed in on CLF shares. JPMorgan Chase & Co. cut shares of Cleveland-Cliffs from an “overweight” rating to a “neutral” rating and cut their price target for the company from $23.00 to $17.00 in a report on Tuesday, June 11th. Seaport Res Ptn upgraded shares of Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a report on Tuesday, August 27th. B. Riley reiterated a “buy” rating and issued a $23.00 price target on shares of Cleveland-Cliffs in a report on Tuesday, June 25th. Citigroup cut their price target on shares of Cleveland-Cliffs from $18.00 to $12.50 and set a “neutral” rating on the stock in a report on Tuesday, September 10th. Finally, Morgan Stanley dropped their target price on shares of Cleveland-Cliffs from $15.00 to $13.50 and set an “equal weight” rating on the stock in a report on Wednesday, September 18th. Two analysts have rated the stock with a sell rating, six have issued a hold rating, two have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $17.56.

Cleveland-Cliffs Stock Performance

Shares of Cleveland-Cliffs stock opened at $12.77 on Friday. The stock has a market cap of $6.07 billion, a price-to-earnings ratio of 17.26 and a beta of 1.97. The firm’s 50-day moving average is $13.01 and its 200 day moving average is $16.26. Cleveland-Cliffs Inc. has a 1 year low of $10.21 and a 1 year high of $22.97. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.87 and a quick ratio of 0.60.

Cleveland-Cliffs (NYSE:CLF) last announced its quarterly earnings results on Monday, July 22nd. The mining company reported $0.11 earnings per share (EPS) for the quarter. The company had revenue of $5.09 billion for the quarter, compared to analysts’ expectations of $5.18 billion. Cleveland-Cliffs had a net margin of 0.21% and a return on equity of 4.94%. Cleveland-Cliffs’s revenue was down 14.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.69 EPS. Sell-side analysts anticipate that Cleveland-Cliffs Inc. will post -0.03 EPS for the current fiscal year.

Cleveland-Cliffs Profile

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.