Secure Asset Management LLC Boosts Holdings in Cleveland-Cliffs Inc. (NYSE:CLF)

Secure Asset Management LLC grew its stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 13.1% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 31,390 shares of the mining company’s stock after buying an additional 3,625 shares during the period. Secure Asset Management LLC’s holdings in Cleveland-Cliffs were worth $295,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently modified their holdings of the company. Strengthening Families & Communities LLC grew its position in shares of Cleveland-Cliffs by 299.8% during the third quarter. Strengthening Families & Communities LLC now owns 1,987 shares of the mining company’s stock valued at $25,000 after purchasing an additional 1,490 shares in the last quarter. Darwin Wealth Management LLC purchased a new position in Cleveland-Cliffs during the 3rd quarter valued at approximately $34,000. Truvestments Capital LLC bought a new stake in Cleveland-Cliffs in the 3rd quarter worth approximately $34,000. Blue Trust Inc. raised its holdings in shares of Cleveland-Cliffs by 231.9% during the 3rd quarter. Blue Trust Inc. now owns 3,634 shares of the mining company’s stock worth $46,000 after acquiring an additional 2,539 shares in the last quarter. Finally, GAMMA Investing LLC increased its holdings in shares of Cleveland-Cliffs by 1,190.6% in the 4th quarter. GAMMA Investing LLC now owns 5,330 shares of the mining company’s stock worth $50,000 after buying an additional 4,917 shares during the last quarter. Hedge funds and other institutional investors own 67.68% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on CLF. StockNews.com lowered Cleveland-Cliffs from a “hold” rating to a “sell” rating in a research note on Thursday, November 7th. The Goldman Sachs Group began coverage on shares of Cleveland-Cliffs in a research note on Monday, December 2nd. They issued a “buy” rating and a $16.00 target price on the stock. Glj Research raised shares of Cleveland-Cliffs from a “sell” rating to a “buy” rating and set a $14.27 target price for the company in a research note on Tuesday, January 7th. Finally, Citigroup cut their price target on Cleveland-Cliffs from $12.50 to $11.00 and set a “neutral” rating on the stock in a research note on Thursday, December 19th. Three analysts have rated the stock with a sell rating, five have issued a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $16.93.

Cleveland-Cliffs Price Performance

Shares of NYSE:CLF opened at $10.01 on Friday. The firm has a market capitalization of $4.94 billion, a P/E ratio of -10.31 and a beta of 1.97. Cleveland-Cliffs Inc. has a 12 month low of $8.99 and a 12 month high of $22.97. The company’s fifty day moving average price is $10.65 and its 200 day moving average price is $12.32. 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 posted its quarterly earnings results on Monday, November 4th. The mining company reported ($0.33) EPS for the quarter, missing the consensus estimate 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 business had revenue of $4.57 billion during the quarter, compared to analyst estimates of $4.72 billion. During the same period in the prior year, the business earned $0.54 earnings per share. The firm’s quarterly revenue was down 18.5% compared to the same quarter last year. As a group, sell-side analysts predict that Cleveland-Cliffs Inc. will post -0.71 earnings per share for the current fiscal year.

Cleveland-Cliffs Company 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.