Ensign Peak Advisors Inc Lowers Position in Cleveland-Cliffs Inc. (NYSE:CLF)

Ensign Peak Advisors Inc trimmed its holdings in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 19.4% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 557,460 shares of the mining company’s stock after selling 134,360 shares during the quarter. Ensign Peak Advisors Inc owned about 0.12% of Cleveland-Cliffs worth $8,579,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in the business. Wealth Enhancement Advisory Services LLC increased its position in shares of Cleveland-Cliffs by 1.9% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 25,053 shares of the mining company’s stock worth $570,000 after purchasing an additional 476 shares during the last quarter. Hexagon Capital Partners LLC increased its holdings in shares of Cleveland-Cliffs by 41.7% in the 1st 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. InterOcean Capital Group LLC raised its position in shares of Cleveland-Cliffs by 4.1% during the 1st quarter. InterOcean Capital Group LLC now owns 20,334 shares of the mining company’s stock valued at $462,000 after buying an additional 805 shares in the last quarter. J.W. Cole Advisors Inc. lifted its holdings in shares of Cleveland-Cliffs by 3.6% during the 1st quarter. J.W. Cole Advisors Inc. now owns 24,575 shares of the mining company’s stock worth $559,000 after acquiring an additional 845 shares during the last quarter. Finally, Benjamin F. Edwards & Company Inc. grew its position in Cleveland-Cliffs by 7.8% in the second quarter. Benjamin F. Edwards & Company Inc. now owns 13,066 shares of the mining company’s stock worth $201,000 after acquiring an additional 949 shares in the last quarter. 67.68% of the stock is currently owned by institutional investors.

Cleveland-Cliffs Trading Up 4.7 %

NYSE:CLF opened at $12.43 on Wednesday. The stock has a market cap of $5.91 billion, a price-to-earnings ratio of 16.80, a PEG ratio of 21.57 and a beta of 1.97. The company has a quick ratio of 0.60, a current ratio of 1.87 and a debt-to-equity ratio of 0.48. The company’s 50 day moving average price is $13.18 and its 200-day moving average price is $16.37. Cleveland-Cliffs Inc. has a 52 week low of $10.21 and a 52 week high of $22.97.

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

Wall Street Analyst Weigh In

CLF has been the subject of several research analyst reports. 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. Morgan Stanley dropped their target price on Cleveland-Cliffs from $15.00 to $13.50 and set an “equal weight” rating for the company in a research report on Wednesday, September 18th. B. Riley reiterated a “buy” rating and set a $23.00 price target on shares of Cleveland-Cliffs in a research report on Tuesday, June 25th. JPMorgan Chase & Co. cut shares of Cleveland-Cliffs from an “overweight” rating to a “neutral” rating and decreased their target price for the stock from $23.00 to $17.00 in a research report on Tuesday, June 11th. Finally, Seaport Res Ptn raised Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, August 27th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating, two have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $17.56.

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.