Cleveland-Cliffs Inc. (NYSE:CLF) Shares Bought by Commerce Bank

Commerce Bank lifted its holdings in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 342.8% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 116,870 shares of the mining company’s stock after buying an additional 90,477 shares during the period. Commerce Bank’s holdings in Cleveland-Cliffs were worth $1,492,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Altus Wealth Group LLC lifted its position in Cleveland-Cliffs by 7.2% during the 3rd quarter. Altus Wealth Group LLC now owns 11,900 shares of the mining company’s stock worth $152,000 after acquiring an additional 800 shares during the period. Benjamin F. Edwards & Company Inc. lifted its holdings in shares of Cleveland-Cliffs by 7.8% during the second quarter. Benjamin F. Edwards & Company Inc. now owns 13,066 shares of the mining company’s stock worth $201,000 after purchasing an additional 949 shares during the period. DekaBank Deutsche Girozentrale grew 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 valued at $879,000 after buying an additional 984 shares during the last quarter. Clear Creek Financial Management LLC raised its position in Cleveland-Cliffs by 6.9% during the 2nd quarter. Clear Creek Financial Management LLC now owns 15,450 shares of the mining company’s stock worth $238,000 after buying an additional 1,000 shares during the last quarter. Finally, National Bank of Canada FI raised its position in Cleveland-Cliffs by 16.2% during the 2nd quarter. National Bank of Canada FI now owns 8,428 shares of the mining company’s stock worth $129,000 after buying an additional 1,173 shares during the last quarter. Institutional investors and hedge funds own 67.68% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on CLF shares. Morgan Stanley dropped their price target on shares of Cleveland-Cliffs from $15.00 to $13.50 and set an “equal weight” rating on the stock in a research note on Wednesday, September 18th. Citigroup cut their target price 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. StockNews.com downgraded Cleveland-Cliffs from a “hold” rating to a “sell” rating in a research note on Thursday, November 7th. Finally, Seaport Res Ptn upgraded Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, August 27th. Three equities research analysts have rated the stock with a sell rating, five have issued a hold rating, two have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Cleveland-Cliffs presently has a consensus rating of “Hold” and a consensus price target of $17.56.

Cleveland-Cliffs Trading Up 4.9 %

Shares of Cleveland-Cliffs stock opened at $12.46 on Friday. The business has a 50 day moving average price of $12.64 and a 200 day moving average price of $14.08. The company has a market capitalization of $6.15 billion, a P/E ratio of -12.85 and a beta of 1.97. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.85 and a quick ratio of 0.55. Cleveland-Cliffs Inc. has a 1 year low of $10.21 and a 1 year high of $22.97.

Cleveland-Cliffs (NYSE:CLF) last issued its quarterly earnings data on Monday, November 4th. The mining company reported ($0.33) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.31) by ($0.02). The company had revenue of $4.57 billion during the quarter, compared to analysts’ expectations of $4.72 billion. Cleveland-Cliffs had a negative net margin of 2.31% and a negative return on equity of 0.59%. The firm’s revenue was down 18.5% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.54 earnings per share. Sell-side analysts anticipate that Cleveland-Cliffs Inc. will post -0.4 EPS for the current fiscal year.

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.