Pekin Hardy Strauss Inc. Purchases New Shares in Cleveland-Cliffs Inc. (NYSE:CLF)

Pekin Hardy Strauss Inc. acquired a new position in Cleveland-Cliffs Inc. (NYSE:CLF) in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 50,800 shares of the mining company’s stock, valued at approximately $649,000.

Several other hedge funds have also modified their holdings of the company. Altshuler Shaham Ltd acquired a new position in Cleveland-Cliffs in the 2nd quarter worth about $26,000. EverSource Wealth Advisors LLC raised its stake in shares of Cleveland-Cliffs by 247.8% during the 1st quarter. EverSource Wealth Advisors LLC now owns 1,885 shares of the mining company’s stock worth $43,000 after buying an additional 1,343 shares during the period. Strengthening Families & Communities LLC lifted its position in shares of Cleveland-Cliffs by 299.8% during the 3rd quarter. Strengthening Families & Communities LLC now owns 1,987 shares of the mining company’s stock valued at $25,000 after buying an additional 1,490 shares in the last quarter. LRI Investments LLC acquired a new stake in Cleveland-Cliffs in the 1st quarter valued at $45,000. Finally, Hobbs Group Advisors LLC purchased a new stake in Cleveland-Cliffs in the 2nd quarter worth $31,000. 67.68% of the stock is owned by hedge funds and other institutional investors.

Cleveland-Cliffs Trading Up 4.9 %

Shares of CLF stock opened at $12.46 on Monday. The company has a current ratio of 1.85, a quick ratio of 0.55 and a debt-to-equity ratio of 0.53. Cleveland-Cliffs Inc. has a twelve month low of $10.21 and a twelve month high of $22.97. The company’s 50-day moving average price is $12.64 and its 200-day moving average price is $14.06. The stock has a market cap of $6.15 billion, a price-to-earnings ratio of -12.85 and a beta of 1.97.

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 the consensus estimate of ($0.31) by ($0.02). The firm had revenue of $4.57 billion during the quarter, compared to analysts’ expectations of $4.72 billion. Cleveland-Cliffs had a negative net margin of 2.31% and a negative return on equity of 0.59%. The business’s quarterly revenue was down 18.5% on a year-over-year basis. During the same period last year, the company earned $0.54 EPS. As a group, equities analysts predict that Cleveland-Cliffs Inc. will post -0.4 earnings per share for the current year.

Analyst Ratings Changes

CLF has been the topic of several research analyst reports. Seaport Res Ptn upgraded shares of Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, August 27th. Citigroup cut their price objective on Cleveland-Cliffs from $18.00 to $12.50 and set a “neutral” rating for the company in a research note on Tuesday, September 10th. Morgan Stanley decreased their target price on 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 cut Cleveland-Cliffs from a “hold” rating to a “sell” rating in a research report on Thursday, November 7th. Three research analysts have rated the stock with a sell rating, five have given a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Cleveland-Cliffs currently has a consensus rating of “Hold” and a consensus target price of $17.56.

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.