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AlphaQuest LLC boosted its stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF – Free Report) by 408,600.0% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 8,174 shares of the mining company’s stock after buying an additional 8,172 shares during the quarter. AlphaQuest LLC’s holdings in Cleveland-Cliffs were worth $67,000 as of its most recent SEC filing.
Other institutional investors also recently added to or reduced their stakes in the company. Migdal Insurance & Financial Holdings Ltd. bought a new position in Cleveland-Cliffs during the first quarter valued at about $36,000. Fifth Third Bancorp grew its position in Cleveland-Cliffs by 36.6% during the first quarter. Fifth Third Bancorp now owns 6,216 shares of the mining company’s stock valued at $51,000 after buying an additional 1,664 shares during the period. Byrne Asset Management LLC grew its position in Cleveland-Cliffs by 38.1% during the first quarter. Byrne Asset Management LLC now owns 6,353 shares of the mining company’s stock valued at $52,000 after buying an additional 1,753 shares during the period. UMB Bank n.a. grew its position in Cleveland-Cliffs by 243.2% during the first quarter. UMB Bank n.a. now owns 7,873 shares of the mining company’s stock valued at $65,000 after buying an additional 5,579 shares during the period. Finally, GAMMA Investing LLC grew its position in Cleveland-Cliffs by 61.6% during the first quarter. GAMMA Investing LLC now owns 8,615 shares of the mining company’s stock valued at $71,000 after buying an additional 3,285 shares during the period. Institutional investors own 67.68% of the company’s stock.
Cleveland-Cliffs Price Performance
CLF stock opened at $10.46 on Thursday. The firm has a 50 day moving average of $9.88 and a 200-day moving average of $8.83. The company has a current ratio of 2.04, a quick ratio of 0.61 and a debt-to-equity ratio of 1.28. Cleveland-Cliffs Inc. has a 12 month low of $5.63 and a 12 month high of $14.34. The firm has a market capitalization of $5.17 billion, a P/E ratio of -3.07 and a beta of 1.93.
Cleveland-Cliffs (NYSE:CLF – Get Free Report) last released its quarterly earnings data on Monday, July 21st. The mining company reported ($0.50) EPS for the quarter, beating analysts’ consensus estimates of ($0.68) by $0.18. Cleveland-Cliffs had a negative net margin of 9.03% and a negative return on equity of 17.97%. The company had revenue of $4.93 billion during the quarter, compared to analyst estimates of $4.90 billion. During the same period last year, the business earned $0.11 earnings per share. Cleveland-Cliffs’s revenue was up 7.5% compared to the same quarter last year. As a group, sell-side analysts predict that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current fiscal year.
Analysts Set New Price Targets
Several research firms recently weighed in on CLF. JPMorgan Chase & Co. increased their price target on shares of Cleveland-Cliffs from $7.50 to $10.00 and gave the company a “neutral” rating in a research report on Thursday, July 24th. Glj Research lowered shares of Cleveland-Cliffs from a “strong-buy” rating to a “strong sell” rating and set a $3.91 price target for the company. in a research report on Wednesday, May 28th. The Goldman Sachs Group cut their target price on shares of Cleveland-Cliffs from $13.00 to $11.25 and set a “buy” rating for the company in a research report on Monday, May 12th. Citigroup lifted their target price on shares of Cleveland-Cliffs from $7.50 to $11.00 and gave the stock a “neutral” rating in a research note on Monday, July 21st. Finally, Morgan Stanley lifted their target price on shares of Cleveland-Cliffs from $8.00 to $10.50 and gave the stock an “equal weight” rating in a research note on Tuesday, July 22nd. Three investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Cleveland-Cliffs presently has an average rating of “Hold” and a consensus price target of $10.96.
Check Out Our Latest Analysis on CLF
About Cleveland-Cliffs
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.
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