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

Federated Hermes Inc. grew its position in Cleveland-Cliffs Inc. (NYSE:CLF) by 16.0% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 104,709 shares of the mining company’s stock after purchasing an additional 14,453 shares during the quarter. Federated Hermes Inc.’s holdings in Cleveland-Cliffs were worth $1,611,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Hodges Capital Management Inc. boosted its holdings in Cleveland-Cliffs by 5.0% in the 2nd quarter. Hodges Capital Management Inc. now owns 2,199,634 shares of the mining company’s stock worth $33,852,000 after buying an additional 104,197 shares during the period. Quest Partners LLC purchased a new stake in shares of Cleveland-Cliffs during the fourth quarter worth about $71,000. DekaBank Deutsche Girozentrale raised its stake in Cleveland-Cliffs by 2.5% during the 1st quarter. DekaBank Deutsche Girozentrale now owns 40,118 shares of the mining company’s stock valued at $879,000 after purchasing an additional 984 shares during the period. Russell Investments Group Ltd. lifted its holdings in Cleveland-Cliffs by 82.2% in the 1st quarter. Russell Investments Group Ltd. now owns 392,842 shares of the mining company’s stock worth $8,932,000 after purchasing an additional 177,198 shares in the last quarter. Finally, Natixis bought a new position in Cleveland-Cliffs in the 1st quarter worth approximately $100,000. 67.68% of the stock is owned by hedge funds and other institutional investors.

Cleveland-Cliffs Trading Down 2.3 %

Shares of CLF stock opened at $11.75 on Friday. The company has a market cap 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. Cleveland-Cliffs Inc. has a 1 year low of $10.21 and a 1 year high of $22.97. The stock’s 50 day simple moving average is $13.42 and its two-hundred day simple moving average is $16.60. 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 released its quarterly earnings results on Monday, July 22nd. The mining company reported $0.11 earnings per share for the quarter. The company had revenue of $5.09 billion for 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%. Cleveland-Cliffs’s quarterly revenue was down 14.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.69 EPS. Research analysts predict that Cleveland-Cliffs Inc. will post 0.01 earnings per share for the current year.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the stock. Bank of America reduced their price objective on shares of Cleveland-Cliffs from $20.00 to $18.00 and set a “neutral” rating on the stock in a research report on Wednesday, June 26th. JPMorgan Chase & Co. cut shares of Cleveland-Cliffs from an “overweight” rating to a “neutral” rating and decreased their price target for the stock from $23.00 to $17.00 in a research note on Tuesday, June 11th. B. Riley restated a “buy” rating and set a $23.00 price objective on shares of Cleveland-Cliffs in a research report on Tuesday, June 25th. Citigroup reduced their target price on Cleveland-Cliffs from $18.00 to $12.50 and set a “neutral” rating on the stock in a report on Tuesday, September 10th. Finally, Morgan Stanley dropped their price target on Cleveland-Cliffs from $15.00 to $13.50 and set an “equal weight” rating for the company in a research note on Wednesday. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating, two have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Cleveland-Cliffs presently has an average rating of “Hold” and an average price target of $17.56.

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.