Truvestments Capital LLC Takes $34,000 Position in Cleveland-Cliffs Inc. (NYSE:CLF)

Truvestments Capital LLC purchased a new stake in Cleveland-Cliffs Inc. (NYSE:CLF) during the third quarter, according to its most recent filing with the SEC. The firm purchased 2,697 shares of the mining company’s stock, valued at approximately $34,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Strengthening Families & Communities LLC raised its holdings in Cleveland-Cliffs by 299.8% in the third quarter. Strengthening Families & Communities LLC now owns 1,987 shares of the mining company’s stock worth $25,000 after purchasing an additional 1,490 shares during the period. Altshuler Shaham Ltd acquired a new stake in Cleveland-Cliffs during the 2nd quarter worth $26,000. Hobbs Group Advisors LLC bought a new position in Cleveland-Cliffs during the second quarter worth about $31,000. Gradient Investments LLC grew its stake in Cleveland-Cliffs by 138.8% in the second quarter. Gradient Investments LLC now owns 2,149 shares of the mining company’s stock valued at $33,000 after acquiring an additional 1,249 shares during the period. Finally, Darwin Wealth Management LLC bought a new stake in shares of Cleveland-Cliffs in the third quarter worth about $34,000. Institutional investors own 67.68% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the company. Seaport Res Ptn upgraded Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, August 27th. Citigroup lowered their price objective on shares of Cleveland-Cliffs from $18.00 to $12.50 and set a “neutral” rating for the company in a research report on Tuesday, September 10th. Morgan Stanley cut 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 report on Wednesday, September 18th. Finally, StockNews.com downgraded Cleveland-Cliffs from a “hold” rating to a “sell” rating in a research note on Thursday, November 7th. 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 given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $17.56.

Cleveland-Cliffs Price Performance

Shares of NYSE CLF opened at $12.15 on Thursday. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.85 and a quick ratio of 0.55. The business has a 50-day moving average of $12.66 and a 200-day moving average of $13.99. The stock has a market capitalization of $6.00 billion, a price-to-earnings ratio of -12.52 and a beta of 1.97. Cleveland-Cliffs Inc. has a fifty-two week low of $10.21 and a fifty-two week high of $22.97.

Cleveland-Cliffs (NYSE:CLF) last posted its quarterly earnings results 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). Cleveland-Cliffs had a negative net margin of 2.31% and a negative return on equity of 0.59%. The company had revenue of $4.57 billion during the quarter, compared to the consensus estimate of $4.72 billion. During the same quarter in the prior year, the business earned $0.54 earnings per share. The firm’s revenue for the quarter was down 18.5% compared to the same quarter last year. As a group, sell-side analysts predict that Cleveland-Cliffs Inc. will post -0.4 earnings per share for the current fiscal year.

Cleveland-Cliffs Profile

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.