Brookstone Capital Management Purchases 3,070 Shares of Cleveland-Cliffs Inc. $CLF

Brookstone Capital Management raised its position in Cleveland-Cliffs Inc. (NYSE:CLF) by 27.8% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 14,130 shares of the mining company’s stock after purchasing an additional 3,070 shares during the period. Brookstone Capital Management’s holdings in Cleveland-Cliffs were worth $107,000 as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of the company. Atwood & Palmer Inc. bought a new stake in shares of Cleveland-Cliffs during the second quarter worth $27,000. Trust Co. of Toledo NA OH bought a new stake in shares of Cleveland-Cliffs during the second quarter worth $27,000. Migdal Insurance & Financial Holdings Ltd. bought a new stake in shares of Cleveland-Cliffs during the first quarter worth $36,000. AlphaQuest LLC increased its position in shares of Cleveland-Cliffs by 408,600.0% during the first quarter. AlphaQuest LLC now owns 8,174 shares of the mining company’s stock worth $67,000 after acquiring an additional 8,172 shares in the last quarter. Finally, Byrne Asset Management LLC increased its position in shares of Cleveland-Cliffs by 44.2% during the second quarter. Byrne Asset Management LLC now owns 9,159 shares of the mining company’s stock worth $70,000 after acquiring an additional 2,806 shares in the last quarter. Institutional investors own 67.68% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the stock. Bank of America increased their price objective on shares of Cleveland-Cliffs from $12.50 to $14.50 and gave the stock a “neutral” rating in a research report on Tuesday, October 21st. UBS Group set a $15.00 price objective on shares of Cleveland-Cliffs in a research report on Monday. Wells Fargo & Company reissued an “underweight” rating and set a $11.00 price objective on shares of Cleveland-Cliffs in a research report on Tuesday, October 21st. Morgan Stanley increased their target price on shares of Cleveland-Cliffs from $8.00 to $10.50 and gave the stock an “equal weight” rating in a report on Tuesday, July 22nd. Finally, Citigroup increased their target price on shares of Cleveland-Cliffs from $7.50 to $11.00 and gave the stock a “neutral” rating in a report on Monday, July 21st. Three analysts have rated the stock with a Buy rating, four have issued a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $12.73.

Cleveland-Cliffs Stock Performance

Shares of CLF opened at $14.10 on Thursday. Cleveland-Cliffs Inc. has a 12 month low of $5.63 and a 12 month high of $16.70. The firm has a fifty day simple moving average of $12.21 and a 200 day simple moving average of $9.73. The stock has a market capitalization of $6.98 billion, a price-to-earnings ratio of -4.15 and a beta of 1.96. The company has a current ratio of 2.04, a quick ratio of 0.61 and a debt-to-equity ratio of 1.41.

Cleveland-Cliffs (NYSE:CLF) last announced its earnings results on Monday, October 20th. The mining company reported ($0.45) EPS for the quarter, topping the consensus estimate of ($0.48) by $0.03. The business had revenue of $4.73 billion during the quarter, compared to analysts’ expectations of $4.90 billion. Cleveland-Cliffs had a negative net margin of 9.00% and a negative return on equity of 20.02%. The firm’s revenue was up 3.6% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.33) earnings per share. Research analysts forecast that Cleveland-Cliffs Inc. will post -0.79 EPS for the current fiscal year.

Cleveland-Cliffs Company 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.