BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Has $1.47 Million Holdings in Cleveland-Cliffs Inc. (NYSE:CLF)

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its holdings in Cleveland-Cliffs Inc. (NYSE:CLF) by 58.5% in the second quarter, HoldingsChannel reports. The fund owned 95,510 shares of the mining company’s stock after buying an additional 35,256 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in Cleveland-Cliffs were worth $1,470,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of CLF. Rise Advisors LLC lifted its position in Cleveland-Cliffs by 2,858.0% during the first quarter. Rise Advisors LLC now owns 1,479 shares of the mining company’s stock worth $34,000 after purchasing an additional 1,429 shares during the period. Altshuler Shaham Ltd acquired a new stake in Cleveland-Cliffs in the second quarter valued at $26,000. Hexagon Capital Partners LLC increased its holdings 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 purchasing an additional 500 shares during the period. EverSource Wealth Advisors LLC lifted its holdings in Cleveland-Cliffs by 247.8% during the 1st 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 period. Finally, LRI Investments LLC bought a new stake in shares of Cleveland-Cliffs in the 1st quarter valued at about $45,000. Institutional investors own 67.68% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have issued reports on CLF. Bank of America lowered their price target on shares of Cleveland-Cliffs from $20.00 to $18.00 and set a “neutral” rating for the company in a report on Wednesday, June 26th. Morgan Stanley cut their price objective on shares of Cleveland-Cliffs from $15.00 to $13.50 and set an “equal weight” rating on the stock in a research report on Wednesday, September 18th. B. Riley reissued a “buy” rating and issued a $23.00 price target on shares of Cleveland-Cliffs in a research report on Tuesday, June 25th. Citigroup cut 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. Finally, Seaport Res Ptn raised shares of Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a report on Tuesday, August 27th. Two research analysts have rated the stock with a sell rating, six have given a hold rating, two have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $17.56.

Cleveland-Cliffs Price Performance

Cleveland-Cliffs stock opened at $12.76 on Monday. The company has a market cap of $6.07 billion, a price-to-earnings ratio of 17.24 and a beta of 1.97. The business’s 50 day simple moving average is $13.01 and its 200 day simple moving average is $16.20. 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 Inc. has a 12 month low of $10.21 and a 12 month high of $22.97.

Cleveland-Cliffs (NYSE:CLF) last released its quarterly earnings data on Monday, July 22nd. The mining company reported $0.11 EPS for the quarter. The company had revenue of $5.09 billion during 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%. Cleveland-Cliffs’s revenue for the quarter was down 14.9% on a year-over-year basis. During the same period last year, the firm earned $0.69 EPS. Sell-side analysts forecast that Cleveland-Cliffs Inc. will post -0.03 EPS 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.