PFG Investments LLC Sells 2,275 Shares of Cleveland-Cliffs Inc. (NYSE:CLF)

PFG Investments LLC lessened its stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 12.7% in the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 15,615 shares of the mining company’s stock after selling 2,275 shares during the period. PFG Investments LLC’s holdings in Cleveland-Cliffs were worth $240,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Quest Partners LLC boosted its stake in shares of Cleveland-Cliffs by 49,318.8% in the second quarter. Quest Partners LLC now owns 23,721 shares of the mining company’s stock worth $365,000 after acquiring an additional 23,673 shares during the period. Acadian Asset Management LLC purchased a new stake in shares of Cleveland-Cliffs during the second quarter worth about $208,000. SFE Investment Counsel grew its position in shares of Cleveland-Cliffs by 4.0% during the second quarter. SFE Investment Counsel now owns 760,734 shares of the mining company’s stock worth $11,708,000 after purchasing an additional 28,951 shares in the last quarter. Victory Capital Management Inc. grew its position in shares of Cleveland-Cliffs by 21.4% during the second quarter. Victory Capital Management Inc. now owns 2,429,738 shares of the mining company’s stock worth $37,394,000 after purchasing an additional 428,239 shares in the last quarter. Finally, Altus Wealth Group LLC grew its position in shares of Cleveland-Cliffs by 16.8% during the second quarter. Altus Wealth Group LLC now owns 11,100 shares of the mining company’s stock worth $171,000 after purchasing an additional 1,600 shares in the last quarter. Institutional investors own 67.68% of the company’s stock.

Cleveland-Cliffs Price Performance

NYSE:CLF opened at $11.92 on Friday. The firm has a market capitalization of $5.58 billion, a price-to-earnings ratio of 16.11, a PEG ratio of 21.57 and a beta of 1.97. Cleveland-Cliffs Inc. has a 1 year low of $10.21 and a 1 year high of $22.97. The business has a 50 day simple moving average of $13.72 and a 200-day simple moving average of $16.85. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.87 and a quick ratio of 0.60.

Cleveland-Cliffs (NYSE:CLF) last posted its quarterly earnings data on Monday, July 22nd. The mining company reported $0.11 earnings per share (EPS) for the quarter. The business had revenue of $5.09 billion during the quarter, compared to analyst estimates of $5.18 billion. Cleveland-Cliffs had a return on equity of 4.94% and a net margin of 0.21%. The company’s revenue for the quarter was down 14.9% on a year-over-year basis. During the same period last year, the company earned $0.69 EPS. Equities analysts forecast that Cleveland-Cliffs Inc. will post 0.01 EPS for the current year.

Analysts Set New Price Targets

CLF has been the subject of several research analyst reports. Seaport Res Ptn upgraded Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, August 27th. JPMorgan Chase & Co. cut Cleveland-Cliffs from an “overweight” rating to a “neutral” rating and cut their target price for the stock from $23.00 to $17.00 in a research report on Tuesday, June 11th. Citigroup dropped their price target on Cleveland-Cliffs from $18.00 to $12.50 and set a “neutral” rating for the company in a research note on Tuesday. B. Riley reissued a “buy” rating and set a $23.00 price target on shares of Cleveland-Cliffs in a research note on Tuesday, June 25th. Finally, Jefferies Financial Group assumed coverage on Cleveland-Cliffs in a research note on Monday, May 20th. They set a “buy” rating and a $22.00 price target for the company. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Cleveland-Cliffs currently has a consensus rating of “Hold” and a consensus price target of $17.75.

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.