Federated Hermes Inc. Acquires 14,453 Shares of Cleveland-Cliffs Inc. (NYSE:CLF)

Federated Hermes Inc. lifted its holdings in Cleveland-Cliffs Inc. (NYSE:CLF) by 16.0% during the 2nd quarter, HoldingsChannel reports. The institutional investor owned 104,709 shares of the mining company’s stock after purchasing an additional 14,453 shares during the period. Federated Hermes Inc.’s holdings in Cleveland-Cliffs were worth $1,611,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Oppenheimer & Co. Inc. increased its stake in Cleveland-Cliffs by 5.4% in the second quarter. Oppenheimer & Co. Inc. now owns 307,500 shares of the mining company’s stock worth $4,732,000 after purchasing an additional 15,773 shares during the period. American Century Companies Inc. increased its stake in Cleveland-Cliffs by 10.3% in the 2nd quarter. American Century Companies Inc. now owns 900,670 shares of the mining company’s stock worth $13,861,000 after buying an additional 84,191 shares during the period. Daiwa Securities Group Inc. lifted its holdings in Cleveland-Cliffs by 4.2% during the 2nd quarter. Daiwa Securities Group Inc. now owns 34,474 shares of the mining company’s stock valued at $531,000 after buying an additional 1,400 shares in the last quarter. Dorsey & Whitney Trust CO LLC boosted its position in Cleveland-Cliffs by 16.9% in the 2nd quarter. Dorsey & Whitney Trust CO LLC now owns 31,999 shares of the mining company’s stock valued at $492,000 after buying an additional 4,634 shares during the period. Finally, Texas Permanent School Fund Corp grew its stake in Cleveland-Cliffs by 6.9% in the 2nd quarter. Texas Permanent School Fund Corp now owns 466,011 shares of the mining company’s stock worth $7,172,000 after acquiring an additional 29,914 shares in the last quarter. 67.68% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on CLF shares. Morgan Stanley decreased their price target on shares of Cleveland-Cliffs from $15.00 to $13.50 and set an “equal weight” rating for the company in a research note on Wednesday. Citigroup decreased their target price on Cleveland-Cliffs from $18.00 to $12.50 and set a “neutral” rating for the company in a research report on Tuesday, September 10th. JPMorgan Chase & Co. downgraded Cleveland-Cliffs from an “overweight” rating to a “neutral” rating and dropped their price target for the stock from $23.00 to $17.00 in a research report on Tuesday, June 11th. Seaport Res Ptn upgraded Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, August 27th. Finally, Bank of America lowered their price objective on shares of Cleveland-Cliffs from $20.00 to $18.00 and set a “neutral” rating for the company in a research note on Wednesday, June 26th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $17.56.

Cleveland-Cliffs Price Performance

CLF opened at $11.75 on Friday. The firm has a market capitalization of $5.59 billion, a PE ratio of 15.88, a price-to-earnings-growth ratio of 21.57 and a beta of 1.97. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.87 and a quick ratio of 0.60. The business’s 50-day moving average is $13.42 and its two-hundred day moving average is $16.60. Cleveland-Cliffs Inc. has a 1 year low of $10.21 and a 1 year high of $22.97.

Cleveland-Cliffs (NYSE:CLF) last issued its quarterly earnings data on Monday, July 22nd. The mining company reported $0.11 earnings per share (EPS) for the quarter. The firm had revenue of $5.09 billion for 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 quarter in the previous year, the firm earned $0.69 EPS. Research analysts anticipate that Cleveland-Cliffs Inc. will post 0.01 earnings per share for the current fiscal year.

About Cleveland-Cliffs

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.