Cleveland-Cliffs Inc. $CLF Shares Acquired by Advisors Asset Management Inc.

Advisors Asset Management Inc. lifted its stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 6.2% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 37,066 shares of the mining company’s stock after buying an additional 2,160 shares during the quarter. Advisors Asset Management Inc.’s holdings in Cleveland-Cliffs were worth $305,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Migdal Insurance & Financial Holdings Ltd. acquired a new position in shares of Cleveland-Cliffs during the first quarter worth about $36,000. Fifth Third Bancorp grew its position in shares of Cleveland-Cliffs by 36.6% during the first quarter. Fifth Third Bancorp now owns 6,216 shares of the mining company’s stock worth $51,000 after buying an additional 1,664 shares in the last quarter. Byrne Asset Management LLC boosted its holdings in Cleveland-Cliffs by 38.1% in the first quarter. Byrne Asset Management LLC now owns 6,353 shares of the mining company’s stock valued at $52,000 after purchasing an additional 1,753 shares in the last quarter. UMB Bank n.a. boosted its holdings in Cleveland-Cliffs by 243.2% in the first quarter. UMB Bank n.a. now owns 7,873 shares of the mining company’s stock valued at $65,000 after purchasing an additional 5,579 shares in the last quarter. Finally, AlphaQuest LLC boosted its holdings in Cleveland-Cliffs by 408,600.0% in the first quarter. AlphaQuest LLC now owns 8,174 shares of the mining company’s stock valued at $67,000 after purchasing an additional 8,172 shares in the last quarter. 67.68% of the stock is owned by institutional investors and hedge funds.

Cleveland-Cliffs Price Performance

Shares of NYSE CLF opened at $11.82 on Friday. 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 stock has a fifty day moving average price of $10.26 and a 200 day moving average price of $8.81. Cleveland-Cliffs Inc. has a 1-year low of $5.63 and a 1-year high of $14.34. The company has a market cap of $5.85 billion, a PE ratio of -3.47 and a beta of 1.93.

Cleveland-Cliffs (NYSE:CLF) last announced its quarterly earnings data on Monday, July 21st. The mining company reported ($0.50) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.68) by $0.18. Cleveland-Cliffs had a negative return on equity of 17.97% and a negative net margin of 9.03%.The company had revenue of $4.93 billion for the quarter, compared to analyst estimates of $4.90 billion. During the same quarter in the previous year, the company earned $0.11 EPS. The firm’s revenue for the quarter was up 7.5% compared to the same quarter last year. Sell-side analysts forecast that Cleveland-Cliffs Inc. will post -0.79 EPS for the current year.

Analyst Ratings Changes

A number of analysts have recently commented on the company. Glj Research cut Cleveland-Cliffs from a “strong-buy” rating to a “strong sell” rating and set a $3.91 target price on the stock. in a research report on Wednesday, May 28th. Wells Fargo & Company upgraded Cleveland-Cliffs to a “hold” rating in a research report on Thursday, August 14th. Citigroup lifted their target price on Cleveland-Cliffs from $7.50 to $11.00 and gave the stock a “neutral” rating in a research report on Monday, July 21st. JPMorgan Chase & Co. lifted their target price on Cleveland-Cliffs from $7.50 to $10.00 and gave the stock a “neutral” rating in a research report on Thursday, July 24th. Finally, KeyCorp raised Cleveland-Cliffs from a “sector weight” rating to an “overweight” rating and set a $14.00 price objective for the company in a report on Tuesday, July 22nd. Three research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $10.96.

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.