Empirical Asset Management LLC Takes $96,000 Position in Cleveland-Cliffs Inc. (NYSE:CLF)

Empirical Asset Management LLC bought a new position in Cleveland-Cliffs Inc. (NYSE:CLF) in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 10,191 shares of the mining company’s stock, valued at approximately $96,000.

A number of other hedge funds also recently bought and sold shares of the company. Altshuler Shaham Ltd bought a new position in Cleveland-Cliffs during the second quarter valued at approximately $26,000. Strengthening Families & Communities LLC raised its stake in 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 during the last quarter. Darwin Wealth Management LLC bought a new position in shares of Cleveland-Cliffs during the 3rd quarter valued at $34,000. Truvestments Capital LLC bought a new stake in shares of Cleveland-Cliffs in the third quarter worth $34,000. Finally, Blue Trust Inc. increased its position in Cleveland-Cliffs by 231.9% during the third quarter. Blue Trust Inc. now owns 3,634 shares of the mining company’s stock valued at $46,000 after acquiring an additional 2,539 shares during the last quarter. Institutional investors own 67.68% of the company’s stock.

Cleveland-Cliffs Stock Down 1.4 %

CLF opened at $10.28 on Monday. Cleveland-Cliffs Inc. has a fifty-two week low of $8.99 and a fifty-two week high of $22.97. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.55 and a current ratio of 1.85. The stock has a market cap of $5.08 billion, a price-to-earnings ratio of -10.59 and a beta of 1.97. The firm’s fifty day moving average is $10.83 and its 200 day moving average is $12.49.

Cleveland-Cliffs (NYSE:CLF) last announced its quarterly earnings data 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 analysts’ expectations of $4.72 billion. During the same quarter in the previous year, the firm earned $0.54 earnings per share. Cleveland-Cliffs’s revenue was down 18.5% on a year-over-year basis. On average, sell-side analysts forecast that Cleveland-Cliffs Inc. will post -0.67 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

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

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.