Pallas Capital Advisors LLC Invests $137,000 in Cleveland-Cliffs Inc. (NYSE:CLF)

Pallas Capital Advisors LLC bought a new stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF) during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 14,557 shares of the mining company’s stock, valued at approximately $137,000.

Several other institutional investors have also bought and sold shares of CLF. Franklin Resources Inc. boosted its holdings in Cleveland-Cliffs by 105.6% during the 3rd quarter. Franklin Resources Inc. now owns 262,771 shares of the mining company’s stock worth $3,429,000 after acquiring an additional 134,939 shares during the last quarter. Twelve Points Wealth Management LLC lifted its position in shares of Cleveland-Cliffs by 58.5% during the third quarter. Twelve Points Wealth Management LLC now owns 133,717 shares of the mining company’s stock valued at $1,708,000 after purchasing an additional 49,359 shares in the last quarter. Janus Henderson Group PLC boosted its holdings in Cleveland-Cliffs by 987.0% during the third quarter. Janus Henderson Group PLC now owns 207,000 shares of the mining company’s stock worth $2,644,000 after purchasing an additional 187,957 shares during the last quarter. Rockefeller Capital Management L.P. bought a new stake in Cleveland-Cliffs in the 3rd quarter worth about $22,122,000. Finally, First Dallas Securities Inc. increased its stake in Cleveland-Cliffs by 27.9% in the 3rd quarter. First Dallas Securities Inc. now owns 206,750 shares of the mining company’s stock valued at $2,640,000 after buying an additional 45,150 shares during the last quarter. Institutional investors own 67.68% of the company’s stock.

Cleveland-Cliffs Trading Up 0.3 %

NYSE:CLF opened at $10.25 on Thursday. The company has a market cap of $5.06 billion, a P/E ratio of -10.57 and a beta of 1.97. Cleveland-Cliffs Inc. has a 1 year low of $8.99 and a 1 year high of $22.97. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.85 and a quick ratio of 0.55. The stock’s fifty day moving average price is $11.01 and its two-hundred day moving average price is $12.60.

Cleveland-Cliffs (NYSE:CLF) last issued its earnings results on Monday, November 4th. The mining company reported ($0.33) EPS for the quarter, missing the consensus estimate of ($0.31) by ($0.02). Cleveland-Cliffs had a negative return on equity of 0.59% and a negative net margin of 2.31%. The company had revenue of $4.57 billion during the quarter, compared to the consensus estimate of $4.72 billion. During the same quarter in the prior year, the business earned $0.54 EPS. The firm’s revenue for the quarter was down 18.5% compared to the same quarter last year. As a group, analysts expect that Cleveland-Cliffs Inc. will post -0.45 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on CLF shares. Citigroup cut their target price on Cleveland-Cliffs from $12.50 to $11.00 and set a “neutral” rating on the stock in a research note on Thursday, December 19th. Glj Research upgraded Cleveland-Cliffs from a “sell” rating to a “buy” rating and set a $14.27 price objective for the company in a research note on Tuesday, January 7th. Morgan Stanley lowered their target price on 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. StockNews.com lowered shares of Cleveland-Cliffs from a “hold” rating to a “sell” rating in a research report on Thursday, November 7th. Finally, The Goldman Sachs Group began coverage on shares of Cleveland-Cliffs in a research report on Monday, December 2nd. They issued a “buy” rating and a $16.00 price objective on the stock. Three equities research analysts have rated the stock with a sell rating, five have assigned a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $16.93.

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.