Cleveland-Cliffs Inc. (NYSE:CLF) is SFE Investment Counsel’s Largest Position

SFE Investment Counsel trimmed its holdings in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 21.7% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 723,143 shares of the mining company’s stock after selling 199,886 shares during the period. Cleveland-Cliffs accounts for about 4.3% of SFE Investment Counsel’s investment portfolio, making the stock its biggest holding. SFE Investment Counsel’s holdings in Cleveland-Cliffs were worth $15,591,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the company. Northern Trust Corp increased its stake in Cleveland-Cliffs by 52.4% in the 1st quarter. Northern Trust Corp now owns 7,241,801 shares of the mining company’s stock valued at $145,633,000 after purchasing an additional 2,489,493 shares in the last quarter. Geode Capital Management LLC increased its stake in Cleveland-Cliffs by 30.7% in the 1st quarter. Geode Capital Management LLC now owns 7,657,962 shares of the mining company’s stock valued at $154,001,000 after purchasing an additional 1,798,232 shares in the last quarter. Peconic Partners LLC increased its stake in Cleveland-Cliffs by 620.0% in the 1st quarter. Peconic Partners LLC now owns 1,800,000 shares of the mining company’s stock valued at $36,198,000 after purchasing an additional 1,550,000 shares in the last quarter. Laurion Capital Management LP purchased a new position in Cleveland-Cliffs in the 1st quarter valued at approximately $30,165,000. Finally, Virtu Financial LLC purchased a new position in Cleveland-Cliffs in the 1st quarter valued at approximately $24,244,000. 69.70% of the stock is owned by institutional investors and hedge funds.

Shares of CLF stock traded up $0.85 during mid-day trading on Wednesday, hitting $22.92. 619,927 shares of the company’s stock were exchanged, compared to its average volume of 23,666,617. Cleveland-Cliffs Inc. has a fifty-two week low of $5.48 and a fifty-two week high of $26.51. The stock has a 50-day simple moving average of $23.34 and a two-hundred day simple moving average of $20.43. The company has a quick ratio of 0.77, a current ratio of 2.20 and a debt-to-equity ratio of 1.52. The stock has a market cap of $11.45 billion, a price-to-earnings ratio of 14.52 and a beta of 2.21.

Cleveland-Cliffs (NYSE:CLF) last posted its quarterly earnings data on Thursday, July 22nd. The mining company reported $1.46 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.48 by ($0.02). Cleveland-Cliffs had a return on equity of 48.53% and a net margin of 6.73%. The business had revenue of $5.05 billion for the quarter, compared to analyst estimates of $4.95 billion. During the same quarter last year, the business earned ($0.31) EPS. Cleveland-Cliffs’s revenue for the quarter was up 358.6% compared to the same quarter last year. As a group, analysts anticipate that Cleveland-Cliffs Inc. will post 6.14 earnings per share for the current fiscal year.

CLF has been the subject of several research analyst reports. Argus initiated coverage on Cleveland-Cliffs in a research note on Thursday, July 8th. They issued a “buy” rating and a $26.00 price objective for the company. Zacks Investment Research raised Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating and set a $25.00 price objective for the company in a research note on Friday, June 25th. Morgan Stanley initiated coverage on Cleveland-Cliffs in a report on Wednesday, August 11th. They set an “equal weight” rating and a $26.00 target price on the stock. TheStreet upgraded Cleveland-Cliffs from a “c” rating to a “b-” rating in a report on Friday, July 23rd. Finally, UBS Group increased their target price on Cleveland-Cliffs from $22.09 to $28.35 and gave the company a “buy” rating in a report on Thursday, June 10th. Four equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $25.14.

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.

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Institutional Ownership by Quarter for Cleveland-Cliffs (NYSE:CLF)

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