Daymark Wealth Partners LLC Boosts Stock Holdings in Cleveland-Cliffs Inc. (NYSE:CLF)

Daymark Wealth Partners LLC raised its stake in Cleveland-Cliffs Inc. (NYSE:CLF) by 19.7% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 21,435 shares of the mining company’s stock after acquiring an additional 3,535 shares during the period. Daymark Wealth Partners LLC’s holdings in Cleveland-Cliffs were worth $274,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of CLF. Altshuler Shaham Ltd purchased a new stake in shares of Cleveland-Cliffs during the 2nd quarter worth approximately $26,000. Hobbs Group Advisors LLC bought a new stake in Cleveland-Cliffs in the second quarter worth $31,000. Gradient Investments LLC raised its stake in Cleveland-Cliffs by 138.8% during the second quarter. Gradient Investments LLC now owns 2,149 shares of the mining company’s stock valued at $33,000 after purchasing an additional 1,249 shares in the last quarter. 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 valued at $34,000 after purchasing an additional 1,429 shares during the last quarter. Finally, Hexagon Capital Partners LLC grew its stake 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 in the last quarter. Hedge funds and other institutional investors own 67.68% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on CLF. Seaport Res Ptn upgraded shares of Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a report on Tuesday, August 27th. Citigroup decreased their price objective 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. 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 report on Wednesday, September 18th. B. Riley reissued a “buy” rating and set a $23.00 target price on shares of Cleveland-Cliffs in a research report on Tuesday, June 25th. Finally, Bank of America lowered their price target on Cleveland-Cliffs from $20.00 to $18.00 and set a “neutral” rating for the company in a research report on Wednesday, June 26th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating, two have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $17.56.

Cleveland-Cliffs Trading Up 3.4 %

Shares of CLF opened at $13.13 on Friday. The firm has a market capitalization of $6.15 billion, a price-to-earnings ratio of 187.60 and a beta of 1.98. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.87 and a quick ratio of 0.60. Cleveland-Cliffs Inc. has a 1-year low of $10.21 and a 1-year high of $22.97. The company has a 50-day moving average of $12.57 and a 200 day moving average of $15.72.

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. The firm 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%. The company’s revenue was down 14.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.69 earnings per share. On average, research analysts expect that Cleveland-Cliffs Inc. will post -0.23 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.