Cleveland-Cliffs Inc. (NYSE:CLF) Shares Purchased by Moors & Cabot Inc.

Moors & Cabot Inc. raised its holdings in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 6.3% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 33,818 shares of the mining company’s stock after buying an additional 2,012 shares during the period. Moors & Cabot Inc.’s holdings in Cleveland-Cliffs were worth $432,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of CLF. UniSuper Management Pty Ltd boosted its position in Cleveland-Cliffs by 97.2% during the 1st quarter. UniSuper Management Pty Ltd now owns 7,100 shares of the mining company’s stock worth $161,000 after purchasing an additional 3,500 shares during the period. Natixis acquired a new stake in shares of Cleveland-Cliffs in the first quarter valued at about $100,000. LRI Investments LLC purchased a new stake in shares of Cleveland-Cliffs during the 1st quarter valued at about $45,000. Price T Rowe Associates Inc. MD lifted its position in Cleveland-Cliffs by 10.6% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,884,249 shares of the mining company’s stock worth $65,589,000 after acquiring an additional 275,265 shares in the last quarter. Finally, Bayesian Capital Management LP purchased a new position in Cleveland-Cliffs in the 1st quarter worth approximately $839,000. 67.68% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms have recently issued reports on CLF. Morgan Stanley dropped their price objective 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. StockNews.com lowered Cleveland-Cliffs from a “hold” rating to a “sell” rating in a research report on Thursday, November 7th. Seaport Res Ptn upgraded Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a report on Tuesday, August 27th. Finally, Citigroup reduced 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. Three equities research analysts have rated the stock with a sell rating, five have given a hold rating, two have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $17.56.

Cleveland-Cliffs Stock Performance

Shares of CLF opened at $12.46 on Friday. The stock has a market capitalization of $6.15 billion, a PE ratio of -12.85 and a beta of 1.97. Cleveland-Cliffs Inc. has a 12-month low of $10.21 and a 12-month high of $22.97. The business’s fifty day moving average price is $12.64 and its 200 day moving average price is $14.08. 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 announced its quarterly earnings data on Monday, November 4th. The mining company reported ($0.33) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.31) by ($0.02). The business had revenue of $4.57 billion for the quarter, compared to the consensus estimate of $4.72 billion. Cleveland-Cliffs had a negative net margin of 2.31% and a negative return on equity of 0.59%. During the same period in the prior year, the company earned $0.54 EPS. Cleveland-Cliffs’s quarterly revenue was down 18.5% on a year-over-year basis. Equities research analysts forecast that Cleveland-Cliffs Inc. will post -0.4 EPS 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.