Hobbs Group Advisors LLC Acquires New Holdings in Cleveland-Cliffs Inc. (NYSE:CLF)

Hobbs Group Advisors LLC acquired a new stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF) in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 2,030 shares of the mining company’s stock, valued at approximately $31,000.

A number of other institutional investors have also recently bought and sold shares of the company. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of Cleveland-Cliffs by 81.7% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 158,096 shares of the mining company’s stock valued at $3,228,000 after buying an additional 71,105 shares during the period. Daiwa Securities Group Inc. boosted its holdings in shares of Cleveland-Cliffs by 5.3% in the fourth quarter. Daiwa Securities Group Inc. now owns 40,150 shares of the mining company’s stock valued at $820,000 after buying an additional 2,012 shares during the period. Federated Hermes Inc. boosted its holdings in shares of Cleveland-Cliffs by 13.3% in the fourth quarter. Federated Hermes Inc. now owns 94,724 shares of the mining company’s stock valued at $1,934,000 after buying an additional 11,119 shares during the period. Xponance Inc. boosted its holdings in shares of Cleveland-Cliffs by 2.4% in the fourth quarter. Xponance Inc. now owns 67,373 shares of the mining company’s stock valued at $1,376,000 after buying an additional 1,596 shares during the period. Finally, Lindbrook Capital LLC boosted its holdings in shares of Cleveland-Cliffs by 83.7% in the fourth quarter. Lindbrook Capital LLC now owns 1,571 shares of the mining company’s stock valued at $32,000 after buying an additional 716 shares during the period. Institutional investors and hedge funds own 67.68% of the company’s stock.

Insiders Place Their Bets

In related news, Director Ben Oren acquired 6,700 shares of the stock in a transaction dated Wednesday, June 12th. The stock was bought at an average price of $14.99 per share, for a total transaction of $100,433.00. Following the purchase, the director now directly owns 14,167 shares of the company’s stock, valued at approximately $212,363.33. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, Director Ben Oren acquired 6,700 shares of the stock in a transaction dated Wednesday, June 12th. The stock was bought at an average price of $14.99 per share, for a total transaction of $100,433.00. Following the purchase, the director now directly owns 14,167 shares of the company’s stock, valued at approximately $212,363.33. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Celso L. Goncalves, Jr. purchased 7,250 shares of Cleveland-Cliffs stock in a transaction that occurred on Wednesday, June 12th. The stock was acquired at an average cost of $14.98 per share, with a total value of $108,605.00. Following the transaction, the chief financial officer now owns 314,362 shares in the company, valued at approximately $4,709,142.76. The disclosure for this purchase can be found here. Company insiders own 1.76% of the company’s stock.

Cleveland-Cliffs Trading Up 1.5 %

Cleveland-Cliffs stock traded up $0.19 during mid-day trading on Wednesday, hitting $12.59. 2,970,123 shares of the stock were exchanged, compared to its average volume of 8,903,348. The company has a quick ratio of 0.60, a current ratio of 1.87 and a debt-to-equity ratio of 0.48. Cleveland-Cliffs Inc. has a 12 month low of $12.39 and a 12 month high of $22.97. The firm’s fifty day simple moving average is $14.68 and its two-hundred day simple moving average is $17.74. The stock has a market capitalization of $5.99 billion, a price-to-earnings ratio of 17.04, a PEG ratio of 1.94 and a beta of 2.03.

Cleveland-Cliffs (NYSE:CLF) last released its quarterly earnings results on Monday, July 22nd. The mining company reported $0.11 earnings per share (EPS) for the quarter. Cleveland-Cliffs had a net margin of 0.21% and a return on equity of 4.94%. The firm had revenue of $5.09 billion during the quarter, compared to analyst estimates of $5.18 billion. During the same quarter last year, the business earned $0.69 EPS. The company’s revenue was down 14.9% compared to the same quarter last year. Analysts forecast that Cleveland-Cliffs Inc. will post 0.17 EPS for the current year.

Wall Street Analysts Forecast Growth

CLF has been the subject of several research analyst reports. B. Riley reiterated a “buy” rating and issued a $23.00 price target on shares of Cleveland-Cliffs in a report on Tuesday, June 25th. Seaport Res Ptn upgraded shares of Cleveland-Cliffs to a “hold” rating in a report on Tuesday, June 11th. Bank of America reduced their price target on shares of Cleveland-Cliffs from $20.00 to $18.00 and set a “neutral” rating for the company in a report on Wednesday, June 26th. StockNews.com lowered shares of Cleveland-Cliffs from a “buy” rating to a “hold” rating in a research report on Friday, April 26th. Finally, Jefferies Financial Group assumed coverage on shares of Cleveland-Cliffs in a research report on Monday, May 20th. They set a “buy” rating and a $22.00 price target on the stock. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $18.94.

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.