Douglas Lane & Associates LLC Has $29.38 Million Stock Position in Cleveland-Cliffs Inc. $CLF

Douglas Lane & Associates LLC lifted its position in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 10.6% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 2,408,171 shares of the mining company’s stock after acquiring an additional 230,756 shares during the quarter. Douglas Lane & Associates LLC owned approximately 0.49% of Cleveland-Cliffs worth $29,380,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. State Street Corp raised its holdings in Cleveland-Cliffs by 20.2% during the 2nd quarter. State Street Corp now owns 27,450,442 shares of the mining company’s stock worth $208,623,000 after purchasing an additional 4,603,807 shares during the last quarter. Maple Rock Capital Partners Inc. acquired a new stake in shares of Cleveland-Cliffs during the 2nd quarter worth approximately $63,731,000. BNP Paribas Financial Markets grew its position in shares of Cleveland-Cliffs by 200.4% during the 2nd quarter. BNP Paribas Financial Markets now owns 6,329,414 shares of the mining company’s stock worth $48,104,000 after buying an additional 4,222,528 shares during the period. Norges Bank bought a new stake in shares of Cleveland-Cliffs during the second quarter worth approximately $44,120,000. Finally, Turiya Advisors Asia Ltd acquired a new position in Cleveland-Cliffs in the second quarter valued at approximately $39,357,000. Institutional investors own 67.68% of the company’s stock.

Cleveland-Cliffs Stock Up 1.9%

Shares of Cleveland-Cliffs stock opened at $13.22 on Friday. The company has a market capitalization of $6.54 billion, a P/E ratio of -3.89 and a beta of 1.97. The company has a debt-to-equity ratio of 1.41, a current ratio of 2.04 and a quick ratio of 0.61. The business has a 50-day moving average of $12.41 and a two-hundred day moving average of $10.89. Cleveland-Cliffs Inc. has a 1 year low of $5.63 and a 1 year high of $16.70.

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

Analyst Ratings Changes

A number of analysts have commented on the stock. Glj Research reaffirmed a “sell” rating and set a $5.75 target price on shares of Cleveland-Cliffs in a report on Tuesday, October 21st. JPMorgan Chase & Co. lifted their price objective on Cleveland-Cliffs from $10.00 to $13.00 and gave the stock a “neutral” rating in a research note on Monday, October 13th. KeyCorp cut their target price on Cleveland-Cliffs from $15.00 to $13.00 and set an “overweight” rating on the stock in a research note on Monday, November 10th. Bank of America boosted their target price on Cleveland-Cliffs from $12.50 to $14.50 and gave the stock a “neutral” rating in a research report on Tuesday, October 21st. Finally, The Goldman Sachs Group increased their price target on shares of Cleveland-Cliffs from $14.50 to $16.00 and gave the company a “buy” rating in a research report on Friday, October 31st. Three research analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, Cleveland-Cliffs presently has an average rating of “Hold” and an average target price of $12.78.

About Cleveland-Cliffs

Cleveland-Cliffs Inc is a leading North American producer of iron ore pellets and flat-rolled steel products. Tracing its roots to 1847, the company has evolved from an iron-ore mining concern in the Great Lakes region into a fully integrated steelmaker. Today, Cleveland-Cliffs operates iron ore mining complexes in Michigan and Minnesota as well as steelmaking and finishing facilities across the United States.

The company’s integrated platform begins with direct control of key raw materials, including iron ore and scrap, and extends through every stage of steel production.