D.A. Davidson & CO. Boosts Holdings in Cleveland-Cliffs Inc. (NYSE:CLF)

D.A. Davidson & CO. raised its stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 19.3% in the third quarter, HoldingsChannel reports. The institutional investor owned 96,349 shares of the mining company’s stock after acquiring an additional 15,580 shares during the period. D.A. Davidson & CO.’s holdings in Cleveland-Cliffs were worth $1,230,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Twelve Points Wealth Management LLC grew its stake in 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 acquiring an additional 49,359 shares in the last quarter. Commerce Bank grew its position in shares of Cleveland-Cliffs by 342.8% during the third quarter. Commerce Bank now owns 116,870 shares of the mining company’s stock valued at $1,492,000 after purchasing an additional 90,477 shares in the last quarter. Hodges Capital Management Inc. increased its holdings in shares of Cleveland-Cliffs by 5.0% in the second quarter. Hodges Capital Management Inc. now owns 2,199,634 shares of the mining company’s stock worth $33,852,000 after purchasing an additional 104,197 shares during the last quarter. DekaBank Deutsche Girozentrale lifted its position in shares of Cleveland-Cliffs by 2.5% in the first quarter. DekaBank Deutsche Girozentrale now owns 40,118 shares of the mining company’s stock worth $879,000 after buying an additional 984 shares in the last quarter. Finally, GSA Capital Partners LLP boosted its stake in Cleveland-Cliffs by 295.9% during the third quarter. GSA Capital Partners LLP now owns 205,461 shares of the mining company’s stock valued at $2,624,000 after buying an additional 153,560 shares during the last quarter. Institutional investors own 67.68% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on CLF. StockNews.com cut Cleveland-Cliffs from a “hold” rating to a “sell” rating in a report on Thursday, November 7th. Citigroup decreased their price target on shares of Cleveland-Cliffs from $18.00 to $12.50 and set a “neutral” rating on the stock in a research note on Tuesday, September 10th. Morgan Stanley dropped their price objective on shares of Cleveland-Cliffs from $15.00 to $13.50 and set an “equal weight” rating for the company in a research note on Wednesday, September 18th. Finally, Seaport Res Ptn upgraded shares of 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 given a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $17.56.

Cleveland-Cliffs Stock Up 2.6 %

Shares of NYSE CLF opened at $12.45 on Monday. Cleveland-Cliffs Inc. has a 1 year low of $10.21 and a 1 year high of $22.97. The firm has a 50-day simple moving average of $12.69 and a two-hundred day simple moving average of $13.90. The company has a market cap of $6.15 billion, a P/E ratio of -12.84 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 (NYSE:CLF) last issued its quarterly earnings results on Monday, November 4th. The mining company reported ($0.33) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 business had revenue of $4.57 billion for the quarter, compared to the consensus estimate of $4.72 billion. During the same period in the prior year, the business posted $0.54 earnings per share. Cleveland-Cliffs’s revenue was down 18.5% on a year-over-year basis. Research analysts anticipate that Cleveland-Cliffs Inc. will post -0.45 earnings per share 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.