National Bank of Canada FI Grows Stock Holdings in Cleveland-Cliffs Inc. (NYSE:CLF)

National Bank of Canada FI increased its position in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 16.2% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 8,428 shares of the mining company’s stock after purchasing an additional 1,173 shares during the period. National Bank of Canada FI’s holdings in Cleveland-Cliffs were worth $129,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of the business. Rise Advisors LLC lifted its position in shares of Cleveland-Cliffs by 2,858.0% during the 1st 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 during the last quarter. Hexagon Capital Partners LLC raised its stake in Cleveland-Cliffs by 41.7% during the 1st quarter. Hexagon Capital Partners LLC now owns 1,700 shares of the mining company’s stock worth $39,000 after acquiring an additional 500 shares in the last quarter. EverSource Wealth Advisors LLC lifted 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 valued at $43,000 after acquiring an additional 1,343 shares during the last quarter. LRI Investments LLC acquired a new position in Cleveland-Cliffs in the first quarter valued at $45,000. Finally, Hobbs Group Advisors LLC purchased a new position in shares of Cleveland-Cliffs during the second quarter worth about $31,000. Hedge funds and other institutional investors own 67.68% of the company’s stock.

Cleveland-Cliffs Stock Performance

NYSE:CLF opened at $11.91 on Friday. The firm has a market cap of $5.57 billion, a price-to-earnings ratio of 16.09, a price-to-earnings-growth ratio of 21.57 and a beta of 1.97. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.87 and a quick ratio of 0.60. Cleveland-Cliffs Inc. has a 1-year low of $10.21 and a 1-year high of $22.97. The firm’s fifty day moving average price is $13.72 and its 200 day moving average price is $16.82.

Cleveland-Cliffs (NYSE:CLF) last issued its earnings results on Monday, July 22nd. The mining company reported $0.11 earnings per share for the quarter. The business had revenue of $5.09 billion for the quarter, compared to the consensus estimate of $5.18 billion. Cleveland-Cliffs had a net margin of 0.21% and a return on equity of 4.94%. The business’s quarterly revenue was down 14.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.69 earnings per share. On average, sell-side analysts expect that Cleveland-Cliffs Inc. will post 0.01 EPS for the current year.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on CLF. Citigroup reduced their target price on Cleveland-Cliffs from $18.00 to $12.50 and set a “neutral” rating for the company in a report on Tuesday, September 10th. Morgan Stanley reduced their price objective on Cleveland-Cliffs from $17.50 to $15.00 and set an “equal weight” rating for the company in a research note on Thursday, August 15th. Seaport Res Ptn upgraded shares of Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, August 27th. JPMorgan Chase & Co. downgraded shares of Cleveland-Cliffs from an “overweight” rating to a “neutral” rating and reduced their price target for the company from $23.00 to $17.00 in a research report on Tuesday, June 11th. Finally, Jefferies Financial Group began coverage on shares of Cleveland-Cliffs in a research note on Monday, May 20th. They set a “buy” rating and a $22.00 price target for the company. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $17.75.

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.