MidWestOne Financial Group Inc. Has $1.64 Million Stock Position in Cleveland-Cliffs Inc. (NYSE:CLF)

MidWestOne Financial Group Inc. raised its holdings in Cleveland-Cliffs Inc. (NYSE:CLF) by 13.8% during the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 106,504 shares of the mining company’s stock after purchasing an additional 12,908 shares during the quarter. MidWestOne Financial Group Inc.’s holdings in Cleveland-Cliffs were worth $1,639,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of CLF. Altshuler Shaham Ltd bought a new stake in shares of Cleveland-Cliffs during the 2nd quarter worth $26,000. Hobbs Group Advisors LLC bought a new position in shares of Cleveland-Cliffs in the second quarter worth about $31,000. Gradient Investments LLC boosted its stake in shares of Cleveland-Cliffs by 138.8% in the 2nd quarter. Gradient Investments LLC now owns 2,149 shares of the mining company’s stock valued at $33,000 after purchasing an additional 1,249 shares in the last quarter. Rise Advisors LLC grew its holdings in shares of Cleveland-Cliffs by 2,858.0% during the 1st 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 during the last quarter. Finally, Hexagon Capital Partners LLC increased its position in Cleveland-Cliffs by 41.7% during the 1st quarter. Hexagon Capital Partners LLC now owns 1,700 shares of the mining company’s stock worth $39,000 after purchasing an additional 500 shares in the last quarter. Institutional investors own 67.68% of the company’s stock.

Cleveland-Cliffs Stock Performance

NYSE:CLF opened at $12.77 on Friday. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.60 and a current ratio of 1.87. Cleveland-Cliffs Inc. has a fifty-two week low of $10.21 and a fifty-two week high of $22.97. The company has a 50 day simple moving average of $13.01 and a two-hundred day simple moving average of $16.26. The company has a market capitalization of $6.07 billion, a PE ratio of 17.26 and a beta of 1.97.

Cleveland-Cliffs (NYSE:CLF) last posted its quarterly earnings data on Monday, July 22nd. The mining company reported $0.11 earnings per share for the quarter. The company had revenue of $5.09 billion during the quarter, compared to analysts’ expectations of $5.18 billion. Cleveland-Cliffs had a net margin of 0.21% and a return on equity of 4.94%. Cleveland-Cliffs’s revenue for the quarter was down 14.9% compared to the same quarter last year. During the same period in the prior year, the company posted $0.69 earnings per share. Research analysts anticipate that Cleveland-Cliffs Inc. will post -0.03 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the stock. Citigroup cut their target price on shares of Cleveland-Cliffs from $18.00 to $12.50 and set a “neutral” rating on the stock in a research report on Tuesday, September 10th. Bank of America reduced their price objective on Cleveland-Cliffs from $20.00 to $18.00 and set a “neutral” rating on the stock in a research report on Wednesday, June 26th. Morgan Stanley dropped their target price on Cleveland-Cliffs from $15.00 to $13.50 and set an “equal weight” rating for the company in a research report on Wednesday, September 18th. Seaport Res Ptn raised Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, August 27th. Finally, B. Riley reaffirmed a “buy” rating and issued a $23.00 price objective on shares of Cleveland-Cliffs in a research note on Tuesday, June 25th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Cleveland-Cliffs currently has a consensus rating of “Hold” and an average target price 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.