Prime Capital Investment Advisors LLC Purchases Shares of 20,598 Cleveland-Cliffs Inc. (NYSE:CLF)

Prime Capital Investment Advisors LLC purchased a new stake in Cleveland-Cliffs Inc. (NYSE:CLF) during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 20,598 shares of the mining company’s stock, valued at approximately $263,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP grew its position in Cleveland-Cliffs by 54.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 15,906,597 shares of the mining company’s stock worth $244,794,000 after purchasing an additional 5,621,797 shares in the last quarter. AQR Capital Management LLC grew its position in Cleveland-Cliffs by 49.9% during the 2nd quarter. AQR Capital Management LLC now owns 6,093,632 shares of the mining company’s stock worth $93,172,000 after purchasing an additional 2,027,757 shares in the last quarter. Bank of New York Mellon Corp grew its position in Cleveland-Cliffs by 23.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 5,597,662 shares of the mining company’s stock worth $86,148,000 after purchasing an additional 1,069,907 shares in the last quarter. Castle Hook Partners LP grew its position in Cleveland-Cliffs by 13.8% during the 1st quarter. Castle Hook Partners LP now owns 3,374,716 shares of the mining company’s stock worth $76,741,000 after purchasing an additional 410,182 shares in the last quarter. Finally, Drexel Morgan & Co. grew its holdings in shares of Cleveland-Cliffs by 3.8% during the 3rd quarter. Drexel Morgan & Co. now owns 3,200,395 shares of the mining company’s stock valued at $40,869,000 after acquiring an additional 116,400 shares in the last quarter. 67.68% of the stock is currently owned by hedge funds and other institutional investors.

Cleveland-Cliffs Stock Down 3.7 %

Shares of CLF opened at $11.04 on Monday. The company has a 50-day simple moving average of $12.60 and a 200-day simple moving average of $14.26. The firm has a market capitalization of $5.45 billion, a P/E ratio of -11.38 and a beta of 1.97. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.55 and a current ratio of 1.85. Cleveland-Cliffs Inc. has a 52 week low of $10.21 and a 52 week high of $22.97.

Cleveland-Cliffs (NYSE:CLF) last announced its quarterly earnings data on Monday, November 4th. The mining company reported ($0.33) EPS for the quarter, missing analysts’ consensus estimates of ($0.31) by ($0.02). The company had revenue of $4.57 billion for the quarter, compared to analyst estimates 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 quarterly revenue was down 18.5% on a year-over-year basis. During the same period in the prior year, the company posted $0.54 EPS. On average, equities research analysts expect that Cleveland-Cliffs Inc. will post -0.37 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the stock. 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 lowered their price target on shares of Cleveland-Cliffs from $18.00 to $12.50 and set a “neutral” rating on the stock in a report on Tuesday, September 10th. Morgan Stanley lowered 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 report on Wednesday, September 18th. Finally, StockNews.com cut shares of Cleveland-Cliffs from a “hold” rating to a “sell” rating in a report on Thursday, November 7th. Three analysts have rated the stock with a sell rating, five have issued a hold rating, two have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, 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.