Xponance Inc. Raises Stock Holdings in Cleveland-Cliffs Inc. (NYSE:CLF)

Xponance Inc. boosted its holdings in Cleveland-Cliffs Inc. (NYSE:CLF) by 7.3% in the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 96,588 shares of the mining company’s stock after buying an additional 6,554 shares during the quarter. Xponance Inc.’s holdings in Cleveland-Cliffs were worth $1,486,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Hodges Capital Management Inc. raised its position in Cleveland-Cliffs by 5.0% in the 2nd quarter. Hodges Capital Management Inc. now owns 2,199,634 shares of the mining company’s stock worth $33,852,000 after buying an additional 104,197 shares during the last quarter. DekaBank Deutsche Girozentrale raised its position in Cleveland-Cliffs by 2.5% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 40,118 shares of the mining company’s stock worth $879,000 after buying an additional 984 shares during the last quarter. Russell Investments Group Ltd. raised its position in Cleveland-Cliffs by 82.2% in the 1st quarter. Russell Investments Group Ltd. now owns 392,842 shares of the mining company’s stock worth $8,932,000 after buying an additional 177,198 shares during the last quarter. Natixis purchased a new position in Cleveland-Cliffs in the 1st quarter worth about $100,000. Finally, TD Asset Management Inc increased its position in shares of Cleveland-Cliffs by 25.7% during the 4th quarter. TD Asset Management Inc now owns 45,612 shares of the mining company’s stock valued at $931,000 after purchasing an additional 9,312 shares during the last quarter. Hedge funds and other institutional investors own 67.68% of the company’s stock.

Cleveland-Cliffs Trading Up 0.5 %

CLF stock opened at $12.77 on Friday. Cleveland-Cliffs Inc. has a 1-year low of $10.21 and a 1-year high of $22.97. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.87 and a quick ratio of 0.60. The company has a market capitalization of $6.07 billion, a price-to-earnings ratio of 17.26 and a beta of 1.97. The business has a 50 day simple moving average of $13.01 and a two-hundred day simple moving average of $16.26.

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 business had revenue of $5.09 billion during the quarter, compared to the consensus estimate of $5.18 billion. During the same period in the prior year, the company posted $0.69 EPS. The firm’s revenue for the quarter was down 14.9% compared to the same quarter last year. Research analysts anticipate that Cleveland-Cliffs Inc. will post -0.03 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the stock. Seaport Res Ptn raised shares of Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, August 27th. Bank of America reduced their price target on shares of Cleveland-Cliffs from $20.00 to $18.00 and set a “neutral” rating for the company in a research report on Wednesday, June 26th. JPMorgan Chase & Co. lowered 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. Citigroup reduced their price target on shares of Cleveland-Cliffs from $18.00 to $12.50 and set a “neutral” rating for the company in a research report on Tuesday, September 10th. Finally, Morgan Stanley reduced their price target on shares of 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. Two 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 given a strong buy rating to the company. Based on data from MarketBeat, Cleveland-Cliffs currently has a consensus rating of “Hold” and an average price target 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.