Sequoia Financial Advisors LLC Buys New Shares in Cleveland-Cliffs Inc. (NYSE:CLF)

Sequoia Financial Advisors LLC bought a new stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund bought 25,622 shares of the mining company’s stock, valued at approximately $327,000.

A number of other large investors also recently modified their holdings of CLF. Dimensional Fund Advisors LP lifted its stake in shares of Cleveland-Cliffs by 54.7% during 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 buying an additional 5,621,797 shares in the last quarter. AQR Capital Management LLC lifted its stake in shares of Cleveland-Cliffs by 49.9% during 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 buying an additional 2,027,757 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in 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 acquiring an additional 1,069,907 shares during the last quarter. WINTON GROUP Ltd increased its holdings in 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 acquiring an additional 824,518 shares during the last quarter. Finally, Marshall Wace LLP increased its holdings in 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 acquiring an additional 733,902 shares during the last quarter. Hedge funds and other institutional investors own 67.68% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the stock. Morgan Stanley reduced their price target on shares of Cleveland-Cliffs from $15.00 to $13.50 and set an “equal weight” rating on the stock in a report on Wednesday, September 18th. Citigroup reduced their price target on shares of Cleveland-Cliffs from $18.00 to $12.50 and set a “neutral” rating on the stock in a report on Tuesday, September 10th. Finally, Seaport Res Ptn upgraded shares of Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a report on Tuesday, August 27th. Two research analysts have rated the stock with a sell rating, six have given a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $17.56.

Cleveland-Cliffs Stock Performance

Shares of NYSE:CLF opened at $13.67 on Tuesday. The company has a market capitalization of $6.50 billion, a price-to-earnings ratio of 18.47 and a beta of 1.98. The firm’s 50-day moving average is $12.65 and its 200 day moving average is $14.93. Cleveland-Cliffs Inc. has a 12 month low of $10.21 and a 12 month high of $22.97. The company has a current ratio of 1.87, a quick ratio of 0.60 and a debt-to-equity ratio of 0.48.

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.