Cleveland-Cliffs Inc. (NYSE:CLF) Shares Acquired by Oppenheimer & Co. Inc.

Oppenheimer & Co. Inc. boosted its position in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 5.4% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 307,500 shares of the mining company’s stock after buying an additional 15,773 shares during the quarter. Oppenheimer & Co. Inc.’s holdings in Cleveland-Cliffs were worth $4,732,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of the company. Hobbs Group Advisors LLC bought a new position in shares of Cleveland-Cliffs during the 2nd quarter valued at about $31,000. Gradient Investments LLC lifted its stake in Cleveland-Cliffs by 138.8% during the second quarter. Gradient Investments LLC now owns 2,149 shares of the mining company’s stock valued at $33,000 after purchasing an additional 1,249 shares during the last quarter. Rise Advisors LLC boosted its holdings in Cleveland-Cliffs by 2,858.0% during the first quarter. Rise Advisors LLC now owns 1,479 shares of the mining company’s stock worth $34,000 after buying an additional 1,429 shares in the last quarter. Hexagon Capital Partners LLC grew its position in Cleveland-Cliffs by 41.7% in the first quarter. Hexagon Capital Partners LLC now owns 1,700 shares of the mining company’s stock worth $39,000 after buying an additional 500 shares during the last quarter. Finally, EverSource Wealth Advisors LLC grew its position in Cleveland-Cliffs by 247.8% in the first quarter. EverSource Wealth Advisors LLC now owns 1,885 shares of the mining company’s stock worth $43,000 after buying an additional 1,343 shares during the last quarter. 67.68% of the stock is owned by institutional investors and hedge funds.

Cleveland-Cliffs Stock Performance

CLF stock opened at $11.91 on Friday. The firm has a 50 day simple moving average of $13.72 and a 200 day simple moving average of $16.82. Cleveland-Cliffs Inc. has a 52 week low of $10.21 and a 52 week high of $22.97. The stock has a market cap of $5.57 billion, a P/E ratio of 16.09, a P/E/G ratio of 21.57 and a beta of 1.97. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.60 and a current ratio of 1.87.

Cleveland-Cliffs (NYSE:CLF) last issued its earnings results on Monday, July 22nd. The mining company reported $0.11 earnings per share (EPS) for the quarter. Cleveland-Cliffs had a net margin of 0.21% and a return on equity of 4.94%. The company had revenue of $5.09 billion during the quarter, compared to analyst estimates of $5.18 billion. During the same quarter last year, the business posted $0.69 EPS. The company’s revenue for the quarter was down 14.9% on a year-over-year basis. Research analysts anticipate that Cleveland-Cliffs Inc. will post 0.01 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research firms have recently weighed in on CLF. JPMorgan Chase & Co. lowered Cleveland-Cliffs from an “overweight” rating to a “neutral” rating and reduced their price objective for the stock from $23.00 to $17.00 in a research note on Tuesday, June 11th. Jefferies Financial Group began coverage on Cleveland-Cliffs in a research report on Monday, May 20th. They issued a “buy” rating and a $22.00 price target for the company. Citigroup cut their price objective on Cleveland-Cliffs from $18.00 to $12.50 and set a “neutral” rating on the stock in a report on Tuesday, September 10th. B. Riley reiterated a “buy” rating and issued a $23.00 target price on shares of Cleveland-Cliffs in a report on Tuesday, June 25th. Finally, Seaport Res Ptn upgraded shares of Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a report on Tuesday, August 27th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $17.75.

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.