Cleveland-Cliffs Inc. (NYSE:CLF) Holdings Increased by Drexel Morgan & Co.

Drexel Morgan & Co. grew its position in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 3.3% in the second quarter, Holdings Channel reports. The firm owned 3,083,995 shares of the mining company’s stock after purchasing an additional 97,450 shares during the period. Cleveland-Cliffs comprises approximately 10.2% of Drexel Morgan & Co.’s holdings, making the stock its 2nd biggest position. Drexel Morgan & Co.’s holdings in Cleveland-Cliffs were worth $47,463,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the company. Rise Advisors LLC raised its stake in Cleveland-Cliffs by 2,858.0% in the first quarter. Rise Advisors LLC now owns 1,479 shares of the mining company’s stock valued at $34,000 after purchasing an additional 1,429 shares in the last quarter. Hexagon Capital Partners LLC increased its holdings in shares of Cleveland-Cliffs by 41.7% in the 1st quarter. Hexagon Capital Partners LLC now owns 1,700 shares of the mining company’s stock worth $39,000 after buying an additional 500 shares during the last quarter. EverSource Wealth Advisors LLC raised its position 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 valued at $43,000 after buying an additional 1,343 shares in the last quarter. LRI Investments LLC bought a new stake in shares of Cleveland-Cliffs during the 1st quarter worth $45,000. Finally, Hobbs Group Advisors LLC purchased a new position in Cleveland-Cliffs in the second quarter worth $31,000. Institutional investors own 67.68% of the company’s stock.

Cleveland-Cliffs Trading Up 4.3 %

NYSE:CLF opened at $12.04 on Friday. The firm has a market capitalization of $5.72 billion, a P/E ratio of 16.27, a P/E/G ratio of 21.57 and a beta of 1.97. The company has a quick ratio of 0.60, a current ratio of 1.87 and a debt-to-equity ratio of 0.48. The company has a fifty day moving average of $13.50 and a 200 day moving average of $16.63. Cleveland-Cliffs Inc. has a 52 week low of $10.21 and a 52 week high of $22.97.

Cleveland-Cliffs (NYSE:CLF) last issued its quarterly earnings data on Monday, July 22nd. The mining company reported $0.11 EPS for the quarter. The firm had revenue of $5.09 billion during the quarter, compared to the consensus estimate of $5.18 billion. Cleveland-Cliffs had a net margin of 0.21% and a return on equity of 4.94%. The company’s quarterly revenue was down 14.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.69 earnings per share. On average, research analysts predict that Cleveland-Cliffs Inc. will post 0.01 earnings per share for the current year.

Analyst Ratings Changes

A number of equities research analysts have weighed in on CLF shares. JPMorgan Chase & Co. downgraded Cleveland-Cliffs from an “overweight” rating to a “neutral” rating and lowered their price target for the company from $23.00 to $17.00 in a research report on Tuesday, June 11th. Seaport Res Ptn raised Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a report on Tuesday, August 27th. B. Riley reaffirmed a “buy” rating and issued a $23.00 target price on shares of Cleveland-Cliffs in a research note on Tuesday, June 25th. Bank of America decreased their price target on shares of Cleveland-Cliffs from $20.00 to $18.00 and set a “neutral” rating on the stock in a research note on Wednesday, June 26th. Finally, Citigroup cut 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 note on Tuesday, September 10th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $17.56.

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.