Bailard Inc. Purchases New Shares in Cleveland-Cliffs Inc. $CLF

Bailard Inc. purchased a new position in Cleveland-Cliffs Inc. (NYSE:CLF) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 65,402 shares of the mining company’s stock, valued at approximately $798,000.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in CLF. Trust Co. of Toledo NA OH purchased a new stake in shares of Cleveland-Cliffs during the second quarter worth about $27,000. Winch Advisory Services LLC boosted its holdings in Cleveland-Cliffs by 131.3% in the 2nd quarter. Winch Advisory Services LLC now owns 4,070 shares of the mining company’s stock worth $31,000 after buying an additional 2,310 shares during the last quarter. Islay Capital Management LLC purchased a new stake in Cleveland-Cliffs during the 2nd quarter worth approximately $38,000. MTM Investment Management LLC purchased a new stake in Cleveland-Cliffs during the 2nd quarter worth approximately $40,000. Finally, N.E.W. Advisory Services LLC acquired a new position in shares of Cleveland-Cliffs during the second quarter valued at approximately $40,000. 67.68% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts have recently issued reports on the company. JPMorgan Chase & Co. lifted their price target on Cleveland-Cliffs from $10.00 to $13.00 and gave the stock a “neutral” rating in a research note on Monday, October 13th. Bank of America lifted their target price on shares of Cleveland-Cliffs from $12.50 to $14.50 and gave the stock a “neutral” rating in a research note on Tuesday, October 21st. Citigroup reduced their target price on shares of Cleveland-Cliffs from $12.00 to $11.00 and set a “neutral” rating for the company in a research report on Tuesday, November 11th. The Goldman Sachs Group raised their price target on shares of Cleveland-Cliffs from $14.50 to $16.00 and gave the stock a “buy” rating in a research note on Friday, October 31st. Finally, KeyCorp cut shares of Cleveland-Cliffs from an “overweight” rating to a “sector weight” rating in a research note on Wednesday, January 7th. Three research analysts have rated the stock with a Buy rating, five have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $13.80.

Cleveland-Cliffs Stock Down 1.9%

Shares of CLF opened at $14.35 on Friday. Cleveland-Cliffs Inc. has a 52-week low of $5.63 and a 52-week high of $16.70. The company has a market capitalization of $7.10 billion, a PE ratio of -4.22 and a beta of 1.91. The stock has a fifty day simple moving average of $12.93 and a two-hundred day simple moving average of $11.87. The company has a quick ratio of 0.61, a current ratio of 2.04 and a debt-to-equity ratio of 1.41.

Cleveland-Cliffs (NYSE:CLF) last announced its quarterly earnings results 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 net margin of 9.00% and a negative return on equity of 20.02%. The firm 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 company posted ($0.33) EPS. The company’s revenue was up 3.6% compared to the same quarter last year. As a group, equities analysts forecast that Cleveland-Cliffs Inc. will post -0.79 EPS for the current year.

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.