DekaBank Deutsche Girozentrale Sells 947 Shares of Cleveland-Cliffs Inc. (NYSE:CLF)

DekaBank Deutsche Girozentrale reduced its position in Cleveland-Cliffs Inc. (NYSE:CLF) by 2.4% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 39,171 shares of the mining company’s stock after selling 947 shares during the quarter. DekaBank Deutsche Girozentrale’s holdings in Cleveland-Cliffs were worth $585,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in CLF. Hobbs Group Advisors LLC bought a new position in shares of Cleveland-Cliffs in the second quarter worth about $31,000. Gradient Investments LLC increased its position in Cleveland-Cliffs by 138.8% during the 2nd quarter. Gradient Investments LLC now owns 2,149 shares of the mining company’s stock worth $33,000 after purchasing an additional 1,249 shares in the last quarter. Rise Advisors LLC lifted its stake in Cleveland-Cliffs by 2,858.0% in the 1st quarter. Rise Advisors LLC now owns 1,479 shares of the mining company’s stock valued at $34,000 after purchasing an additional 1,429 shares during the last quarter. Hexagon Capital Partners LLC boosted 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 valued at $39,000 after buying an additional 500 shares in the last quarter. Finally, EverSource Wealth Advisors LLC grew its stake in shares of Cleveland-Cliffs by 247.8% during 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 currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. Citigroup dropped their price target on Cleveland-Cliffs from $18.00 to $12.50 and set a “neutral” rating for the company in a research note on Tuesday, September 10th. B. Riley reiterated a “buy” rating and issued a $23.00 target price on shares of Cleveland-Cliffs in a research report on Tuesday, June 25th. Morgan Stanley reduced their price target on Cleveland-Cliffs from $15.00 to $13.50 and set an “equal weight” rating on the stock in a report on Wednesday. Seaport Res Ptn raised Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, August 27th. Finally, Bank of America reduced their target price on shares of Cleveland-Cliffs from $20.00 to $18.00 and set a “neutral” rating on the stock in a report on Wednesday, June 26th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $17.56.

Cleveland-Cliffs Stock Down 2.3 %

Shares of NYSE CLF opened at $11.75 on Friday. Cleveland-Cliffs Inc. has a 52-week low of $10.21 and a 52-week high of $22.97. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.60 and a current ratio of 1.87. The company’s 50 day moving average price is $13.42 and its 200-day moving average price is $16.60. The company has a market capitalization of $5.59 billion, a P/E ratio of 15.88, a price-to-earnings-growth ratio of 21.57 and a beta of 1.97.

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

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.