Blue Trust Inc. Buys 2,539 Shares of Cleveland-Cliffs Inc. (NYSE:CLF)

Blue Trust Inc. increased its stake in Cleveland-Cliffs Inc. (NYSE:CLF) by 231.9% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 3,634 shares of the mining company’s stock after purchasing an additional 2,539 shares during the period. Blue Trust Inc.’s holdings in Cleveland-Cliffs were worth $46,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Altshuler Shaham Ltd bought a new position in shares of Cleveland-Cliffs in the second quarter worth approximately $26,000. Hobbs Group Advisors LLC purchased a new stake in Cleveland-Cliffs in the second quarter worth $31,000. Gradient Investments LLC lifted its position in Cleveland-Cliffs by 138.8% during the second quarter. Gradient Investments LLC now owns 2,149 shares of the mining company’s stock valued at $33,000 after buying an additional 1,249 shares during the period. EverSource Wealth Advisors LLC lifted its position in Cleveland-Cliffs by 247.8% during the first quarter. EverSource Wealth Advisors LLC now owns 1,885 shares of the mining company’s stock valued at $43,000 after buying an additional 1,343 shares during the period. Finally, LRI Investments LLC purchased a new position in Cleveland-Cliffs during the first quarter valued at $45,000. 67.68% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on CLF shares. Citigroup lowered their price target on Cleveland-Cliffs from $18.00 to $12.50 and set a “neutral” rating for the company in a research report on Tuesday, September 10th. 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. Finally, Seaport Res Ptn upgraded Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, August 27th. Two research analysts have rated the stock with a sell rating, six have given a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $17.56.

Cleveland-Cliffs Stock Up 2.2 %

Shares of CLF opened at $13.26 on Friday. The stock has a market capitalization of $6.21 billion, a price-to-earnings ratio of 189.60 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. The business’s 50 day simple moving average is $12.68 and its 200-day simple moving average is $14.85. 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 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.