According to the most recent 13F filing that the company submitted to the Securities and Exchange Commission, which was done during the third quarter, Barnett & Company Inc. increased its position in Cleveland-Cliffs Inc. (NYSE: CLF) by 23.6% (SEC). The fund eventually acquired 39,850 shares held by the mining company after making additional purchases of 7,600 shares throughout the period in question. According to the most recent SEC filing that was available at the time, the value of Barnett & Company Inc.’s holdings of Cleveland-Cliffs was $537,000 at the time that was in question.
Other institutional investors have been buying and selling CLF shares frequently, indicating their market activity. Over the first three months of the year, Cibc World Market Inc. managed to increase its market share in the Cleveland-Cliffs area by 1.1%. Cibc World Market Inc. now has 58,149 shares of the mining company’s stock, valued at $1,873,000, after purchasing an additional 623 shares during the period in question. During the second quarter, Securian Asset Management Inc. added 1.5% to the proportion of Cleveland-Cliffs common stock that it owned. Following the conclusion of the most recent fiscal period, Securian Asset Management Inc. increased its ownership of the mining company by 6,322 shares, bringing its total ownership to 43,532 shares, which have a value of $669,000. This increase brought the total value of the company’s ownership to $669,000. Wedbush Securities Inc. increased the amount of Cleveland-Cliffs stock owned by 4.2% during the year’s second quarter. Following purchasing 650 additional shares during the most recent quarter, Wedbush Securities Inc. is now the owner of 16,285 shares of the mining company’s stock, which have a value of $200,000. This brings the total value of the company’s stock holdings to $200,000; during the second quarter, Founders Capital Management oversaw a 30.4% increase in the value of Cleveland-Holdings’s Cliffs, which Founders Capital Management managed. Founders Capital Management has a total holding of 3,000 shares of the mining company’s stock after purchasing an additional 700 shares during the most recent quarter. The stock’s current value is $46,000, and Founders Capital Management’s holdings are currently worth $46,000. And finally, during the second quarter, Brick & Kyle Associates increased the amount of Cleveland-Cliffs stock that it held by 0.4%, bringing the total percentage of Cleveland-Cliffs stock it owned to a total of 0.8%. Brick & Kyle Associates now owns 182,130 stock held by the mining company following the acquisition of 745 additional shares during the most recent quarter. This gives the company $2,787,000 based on the stock’s current market price. 65.25 percent of the company’s stock is owned by institutional investors, who have purchased large blocks of shares.
Recent reports include the opinions of a variety of analysts concerning CLF. B. Riley increased their price target on Cleveland-Cliffs stock from $26.00 to $27.00 in a research report published on Friday, December 23. B. Riley also assigned a “buy” rating to the stock. Underperforming is the new recommendation BNP Paribas has given for Cleveland-Cliffs, which comes with a price target of $14.30 on the company’s stock. Previously, they had given the company a “neutral” rating. On October 18, the results of a study were made available to the general public. In a research note published on September 21, Credit Suisse Group lowered its “outperform” rating on Cleveland-Cliffs shares. It decreased their price objective, which was set at $30.00 but has since been reduced to $25.00. Goldman Sachs Group lowered its price objective on Cleveland-Cliffs stock from $23.00 to $19.00 and gave the stock a “buy” rating in a research report published on Thursday, October 6. The report was issued in conjunction with the company’s earnings release. The report discussed Cleveland-Stock Cliffs in some detail. Exane BNP Paribas lowered their rating on Cleveland-Cliffs stock from “neutral” to “underperform,” and they set their price objective for the company at $14.30 per share. A research note was made available to the general public on October 18, which was Tuesday. Seven research experts have suggested that the company should be purchased, while three others have rated it as an investment that should be postponed, and three others have rated it as an investment that should be sold. According to Bloomberg, the current analyst recommendation for the stock is “Hold,” and the price target has been established at $21.13.
The NYSE CLF rose by $0.12 during the lunch hour on Tuesday, reaching $21.04 due to the increase. The number of shares traded by the company was 145,650, a significantly lower volume than the daily volume of 11,616,393 shares. In the past 52 weeks, Cleveland-Cliffs Inc. has traded as low as $11.82 and as high as $34.04, with the current price sitting at $11.82. The moving average of the company’s stock price over the past 50 days is $16.21, while the moving average over the last 200 days is $16.09. The company’s stock has a market value currently sitting at $10.84 billion, a price-to-earnings ratio currently sitting at 4.56, and a beta currently sitting at 2.12. The ratio of the current ratio to the quick ratio is 0.78, and the ratio of the current ratio to the quick ratio is 2.33. The ratio of debt to equity is 0.62%.
On Tuesday, October 25, the most recent quarterly earnings report for Cleveland-Cliffs (NYSE: CLF) was made available to the public. The mining company’s quarterly earnings per share came in at $0.29, which was $0.16 lower than the $0.45 generally anticipated by market analysts and investors. As evidenced by their 10.48% net margin and 40.41% return on equity, Cleveland-Cliffs had a productive and successful performance. However, the company could only bring in $5.65 billion in revenue during the quarter, which is significantly lower than the $5.79 billion analysts predicted it would bring in during the same period. The company recorded a profit of $2.33 per share in the same period the year before. The revenue that the company made during the current quarter was 5.8% lower compared to the revenue it made during the same quarter of the previous year. Investors anticipate that Cleveland-Cliffs Inc. will generate $3.04 per share earnings this year.
In North America, Cleveland-Cliffs is the most important producer of flat-rolled steel and the most important pelletizer. They hold both of these titles simultaneously. Due to the company’s vertical integration, which enables it to handle all stages of the steel production process, the mining, rolling, finishing, and hot and cold stamping of steel parts and components are all included in the company’s scope of operations. This allows the company to provide a one-stop shop for its customers. This company was formerly known as Cliffs Natural Resources Inc. before deciding in August 2017 to change its name to its current moniker. Since then, the company has conducted its business under its current name, Cleveland-Cliffs Inc.