Lombard Odier Asset Management USA Corp Takes Position in Cleveland-Cliffs Inc. (NYSE:CLF)

Lombard Odier Asset Management USA Corp purchased a new stake in Cleveland-Cliffs Inc. (NYSE:CLF) during the 2nd quarter, HoldingsChannel.com reports. The institutional investor purchased 152,000 shares of the mining company’s stock, valued at approximately $2,339,000.

A number of other institutional investors also recently modified their holdings of the business. Altshuler Shaham Ltd acquired a new stake in Cleveland-Cliffs in the second quarter valued at about $26,000. Hobbs Group Advisors LLC bought a new position in Cleveland-Cliffs in the second quarter valued at about $31,000. Gradient Investments LLC grew its position in Cleveland-Cliffs by 138.8% in the second quarter. Gradient Investments LLC now owns 2,149 shares of the mining company’s stock valued at $33,000 after acquiring an additional 1,249 shares during the last quarter. Rise Advisors LLC grew its position in Cleveland-Cliffs by 2,858.0% in the first quarter. Rise Advisors LLC now owns 1,479 shares of the mining company’s stock valued at $34,000 after acquiring an additional 1,429 shares during the last quarter. Finally, 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 valued at $39,000 after acquiring an additional 500 shares during the last quarter. Institutional investors and hedge funds own 67.68% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have issued reports on the company. Citigroup decreased their target price on Cleveland-Cliffs from $18.00 to $12.50 and set a “neutral” rating on the stock in a research report on Tuesday, September 10th. JPMorgan Chase & Co. cut Cleveland-Cliffs from an “overweight” rating to a “neutral” rating and decreased their target price for the company from $23.00 to $17.00 in a research report on Tuesday, June 11th. Bank of America decreased their target price on Cleveland-Cliffs from $20.00 to $18.00 and set a “neutral” rating on the stock in a research report on Wednesday, June 26th. Seaport Res Ptn upgraded Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, August 27th. Finally, 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, September 18th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Cleveland-Cliffs has an average rating of “Hold” and an average price target of $17.56.

Cleveland-Cliffs Stock Performance

NYSE:CLF opened at $11.77 on Monday. The stock’s 50-day moving average is $13.33 and its 200-day moving average is $16.49. Cleveland-Cliffs Inc. has a 1-year low of $10.21 and a 1-year high of $22.97. The stock has a market cap of $5.60 billion, a P/E ratio of 15.91, a price-to-earnings-growth ratio of 21.57 and a beta of 1.97. The company has a current ratio of 1.87, a quick ratio of 0.60 and a debt-to-equity ratio of 0.48.

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

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.