Daiwa Securities Group Inc. Acquires 1,400 Shares of Cleveland-Cliffs Inc. (NYSE:CLF)

Daiwa Securities Group Inc. increased its holdings in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 4.2% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 34,474 shares of the mining company’s stock after acquiring an additional 1,400 shares during the period. Daiwa Securities Group Inc.’s holdings in Cleveland-Cliffs were worth $531,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. Hobbs Group Advisors LLC bought a new position in Cleveland-Cliffs in the second quarter valued at approximately $31,000. Gradient Investments LLC increased its stake in Cleveland-Cliffs by 138.8% during the 2nd quarter. Gradient Investments LLC now owns 2,149 shares of the mining company’s stock worth $33,000 after purchasing an additional 1,249 shares in the last quarter. Rise Advisors LLC increased its stake in Cleveland-Cliffs by 2,858.0% during the 1st 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 in the last quarter. Hexagon Capital Partners LLC increased its stake in Cleveland-Cliffs by 41.7% during the 1st quarter. Hexagon Capital Partners LLC now owns 1,700 shares of the mining company’s stock worth $39,000 after purchasing an additional 500 shares in the last quarter. Finally, EverSource Wealth Advisors LLC raised its holdings in shares of Cleveland-Cliffs by 247.8% in the first quarter. EverSource Wealth Advisors LLC now owns 1,885 shares of the mining company’s stock valued at $43,000 after purchasing an additional 1,343 shares during the last quarter. 67.68% of the stock is currently owned by institutional investors.

Cleveland-Cliffs Stock Down 1.4 %

Shares of NYSE:CLF opened at $11.74 on Tuesday. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.60 and a current ratio of 1.87. The firm has a market capitalization of $5.58 billion, a PE ratio of 15.86, a price-to-earnings-growth ratio of 21.57 and a beta of 1.97. The firm has a fifty day moving average of $13.72 and a 200 day moving average of $16.80. 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 EPS for the quarter. Cleveland-Cliffs had a net margin of 0.21% and a return on equity of 4.94%. The company had revenue of $5.09 billion for the quarter, compared to analyst estimates of $5.18 billion. During the same quarter last year, the firm earned $0.69 EPS. The firm’s quarterly revenue was down 14.9% compared to the same quarter last year. As a group, research analysts anticipate that Cleveland-Cliffs Inc. will post 0.01 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on CLF shares. Bank of America cut their price target on shares of Cleveland-Cliffs from $20.00 to $18.00 and set a “neutral” rating on the stock in a research report on Wednesday, June 26th. Seaport Res Ptn raised Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a report on Tuesday, August 27th. Jefferies Financial Group initiated coverage on Cleveland-Cliffs in a research note on Monday, May 20th. They issued a “buy” rating and a $22.00 price target for the company. Citigroup dropped 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, Morgan Stanley lowered their target price on Cleveland-Cliffs from $17.50 to $15.00 and set an “equal weight” rating for the company in a research report on Thursday, August 15th. Two analysts have rated the stock with a sell rating, six have issued a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Cleveland-Cliffs currently has a consensus rating of “Hold” and an average target price of $17.75.

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.