Birmingham Capital Management Co. Inc. AL Has $414,000 Stock Holdings in Cleveland-Cliffs Inc. (NYSE:CLF)

Birmingham Capital Management Co. Inc. AL reduced its holdings in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 27.1% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 26,875 shares of the mining company’s stock after selling 10,000 shares during the quarter. Birmingham Capital Management Co. Inc. AL’s holdings in Cleveland-Cliffs were worth $414,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in CLF. Hodges Capital Management Inc. increased its position in shares of Cleveland-Cliffs by 5.0% during the 2nd quarter. Hodges Capital Management Inc. now owns 2,199,634 shares of the mining company’s stock valued at $33,852,000 after purchasing an additional 104,197 shares during the last quarter. DekaBank Deutsche Girozentrale lifted its holdings in Cleveland-Cliffs by 2.5% during the first 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 last quarter. Russell Investments Group Ltd. boosted its position in Cleveland-Cliffs by 82.2% during the first 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 during the period. Natixis purchased a new position in shares of Cleveland-Cliffs in the first quarter worth about $100,000. Finally, TD Asset Management Inc raised its position in shares of Cleveland-Cliffs by 25.7% in the fourth quarter. TD Asset Management Inc now owns 45,612 shares of the mining company’s stock valued at $931,000 after purchasing an additional 9,312 shares during the period. Institutional investors and hedge funds own 67.68% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently commented on the stock. JPMorgan Chase & Co. downgraded shares of Cleveland-Cliffs from an “overweight” rating to a “neutral” rating and cut their price objective for the stock from $23.00 to $17.00 in a report on Tuesday, June 11th. Citigroup dropped their target price on Cleveland-Cliffs from $18.00 to $12.50 and set a “neutral” rating on the stock in a research report on Tuesday, September 10th. Morgan Stanley reduced their price target 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. Bank of America decreased their price objective on Cleveland-Cliffs from $20.00 to $18.00 and set a “neutral” rating on the stock in a research note on Wednesday, June 26th. Finally, B. Riley restated a “buy” rating and issued a $23.00 target price on shares of Cleveland-Cliffs in a research note on Tuesday, June 25th. Two 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 data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $17.56.

Cleveland-Cliffs Stock Performance

NYSE:CLF opened at $12.99 on Wednesday. The stock has a market cap of $6.18 billion, a P/E ratio of 17.55 and a beta of 1.97. The company has a quick ratio of 0.60, a current ratio of 1.87 and a debt-to-equity ratio of 0.48. The business’s 50-day moving average price is $12.96 and its two-hundred day moving average price is $16.15. Cleveland-Cliffs Inc. has a twelve month low of $10.21 and a twelve month high of $22.97.

Cleveland-Cliffs (NYSE:CLF) last announced its earnings results 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 net margin of 0.21% and a return on equity of 4.94%. Cleveland-Cliffs’s revenue for the quarter was down 14.9% on a year-over-year basis. During the same period in the previous year, the business posted $0.69 earnings per share. As a group, equities analysts predict that Cleveland-Cliffs Inc. will post -0.03 EPS for the current fiscal year.

Cleveland-Cliffs 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.