Sterneck Capital Management LLC Purchases 1,378 Shares of Cleveland-Cliffs Inc. (NYSE:CLF)

Sterneck Capital Management LLC raised its holdings in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 7.6% during the third quarter, Holdings Channel.com reports. The fund owned 19,512 shares of the mining company’s stock after buying an additional 1,378 shares during the period. Sterneck Capital Management LLC’s holdings in Cleveland-Cliffs were worth $249,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in the business. Centaurus Financial Inc. grew its position in shares of Cleveland-Cliffs by 8.7% during the second quarter. Centaurus Financial Inc. now owns 23,815 shares of the mining company’s stock worth $367,000 after purchasing an additional 1,915 shares in the last quarter. Sanctuary Advisors LLC purchased a new stake in Cleveland-Cliffs during the 2nd quarter valued at approximately $1,010,000. Truist Financial Corp raised its position in shares of Cleveland-Cliffs by 1.1% during the second quarter. Truist Financial Corp now owns 355,171 shares of the mining company’s stock valued at $5,466,000 after buying an additional 3,939 shares during the last quarter. Creative Planning lifted its holdings in shares of Cleveland-Cliffs by 39.2% in the second quarter. Creative Planning now owns 118,761 shares of the mining company’s stock worth $1,828,000 after buying an additional 33,415 shares in the last quarter. Finally, MidWestOne Financial Group Inc. boosted its position in shares of Cleveland-Cliffs by 13.8% during the second quarter. MidWestOne Financial Group Inc. now owns 106,504 shares of the mining company’s stock worth $1,639,000 after acquiring an additional 12,908 shares during the last quarter. 67.68% of the stock is currently owned by hedge funds and other institutional investors.

Cleveland-Cliffs Stock Down 1.3 %

Shares of CLF opened at $12.79 on Friday. 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 business has a fifty day moving average of $12.86 and a 200 day moving average of $16.08. The company has a market cap of $6.08 billion, a PE ratio of 17.41 and a beta of 1.97. Cleveland-Cliffs Inc. has a 52-week low of $10.21 and a 52-week high of $22.97.

Cleveland-Cliffs (NYSE:CLF) last released its earnings results on Monday, July 22nd. The mining company reported $0.11 earnings per share (EPS) for the quarter. The firm had revenue of $5.09 billion during the quarter, compared to analyst estimates of $5.18 billion. Cleveland-Cliffs had a net margin of 0.21% and a return on equity of 4.94%. The business’s revenue was down 14.9% on a year-over-year basis. During the same quarter last year, the business earned $0.69 EPS. On average, sell-side analysts expect that Cleveland-Cliffs Inc. will post -0.03 EPS for the current year.

Analyst Ratings Changes

A number of brokerages have issued reports on CLF. Bank of America reduced their price target 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. 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. lowered Cleveland-Cliffs from an “overweight” rating to a “neutral” rating and dropped their price target for the company from $23.00 to $17.00 in a research note on Tuesday, June 11th. B. Riley reaffirmed a “buy” rating and issued a $23.00 price objective on shares of Cleveland-Cliffs in a research note on Tuesday, June 25th. Finally, Morgan Stanley lowered 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. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Cleveland-Cliffs presently has an average rating of “Hold” and an average target price of $17.56.

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.