Eastern Bank Takes Position in Cleveland-Cliffs Inc. (NYSE:CLF)

Eastern Bank purchased a new stake in Cleveland-Cliffs Inc. (NYSE:CLF) in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 5,000 shares of the mining company’s stock, valued at approximately $64,000.

Several other institutional investors and hedge funds have also recently modified their holdings of CLF. Dimensional Fund Advisors LP increased its stake in shares of Cleveland-Cliffs by 54.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 15,906,597 shares of the mining company’s stock valued at $244,794,000 after purchasing an additional 5,621,797 shares in the last quarter. AQR Capital Management LLC increased its stake in shares of Cleveland-Cliffs by 49.9% in the 2nd quarter. AQR Capital Management LLC now owns 6,093,632 shares of the mining company’s stock valued at $93,172,000 after purchasing an additional 2,027,757 shares in the last quarter. Bank of New York Mellon Corp increased its stake in shares of Cleveland-Cliffs by 23.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 5,597,662 shares of the mining company’s stock valued at $86,148,000 after purchasing an additional 1,069,907 shares in the last quarter. WINTON GROUP Ltd increased its stake in shares of Cleveland-Cliffs by 1,650.8% in the 2nd quarter. WINTON GROUP Ltd now owns 874,464 shares of the mining company’s stock valued at $13,458,000 after purchasing an additional 824,518 shares in the last quarter. Finally, Marshall Wace LLP increased its stake in shares of Cleveland-Cliffs by 169.5% in the 2nd quarter. Marshall Wace LLP now owns 1,166,968 shares of the mining company’s stock valued at $17,960,000 after purchasing an additional 733,902 shares in the last quarter. Hedge funds and other institutional investors own 67.68% of the company’s stock.

Cleveland-Cliffs Price Performance

CLF stock opened at $13.08 on Friday. 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 has a 50 day simple moving average of $12.63 and a 200-day simple moving average of $15.09. The firm has a market capitalization of $6.22 billion, a PE ratio of 17.67 and a beta of 1.98. Cleveland-Cliffs Inc. has a 1 year low of $10.21 and a 1 year high of $22.97.

Analysts Set New Price Targets

Several research firms have commented on CLF. Morgan Stanley cut their price objective on Cleveland-Cliffs from $15.00 to $13.50 and set an “equal weight” rating for the company in a research note on Wednesday, September 18th. Seaport Res Ptn upgraded Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, August 27th. Finally, 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. 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. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus 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.