Empowered Funds LLC Takes $462,000 Position in Cleveland-Cliffs Inc. (NYSE:CLF)

Empowered Funds LLC acquired a new position in shares of Cleveland-Cliffs Inc. (NYSE:CLF) in the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 49,100 shares of the mining company’s stock, valued at approximately $462,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of CLF. Pacer Advisors Inc. increased its position in shares of Cleveland-Cliffs by 13.7% during the third quarter. Pacer Advisors Inc. now owns 25,893,879 shares of the mining company’s stock valued at $330,665,000 after acquiring an additional 3,110,651 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in Cleveland-Cliffs by 3.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,751,153 shares of the mining company’s stock valued at $47,902,000 after purchasing an additional 121,389 shares during the last quarter. Hodges Capital Management Inc. lifted its stake in Cleveland-Cliffs by 13.4% during the fourth quarter. Hodges Capital Management Inc. now owns 3,316,786 shares of the mining company’s stock worth $31,178,000 after purchasing an additional 391,109 shares in the last quarter. Drexel Morgan & Co. boosted its position in shares of Cleveland-Cliffs by 3.8% during the third quarter. Drexel Morgan & Co. now owns 3,200,395 shares of the mining company’s stock worth $40,869,000 after buying an additional 116,400 shares during the period. Finally, Barclays PLC grew its stake in shares of Cleveland-Cliffs by 232.4% in the third quarter. Barclays PLC now owns 3,113,337 shares of the mining company’s stock valued at $39,757,000 after buying an additional 2,176,837 shares in the last quarter. 67.68% of the stock is currently owned by hedge funds and other institutional investors.

Cleveland-Cliffs Trading Down 1.1 %

CLF opened at $11.89 on Thursday. The business’s 50-day simple moving average is $10.17 and its 200-day simple moving average is $11.74. The company has a market cap of $5.87 billion, a P/E ratio of -12.25 and a beta of 1.96. Cleveland-Cliffs Inc. has a one year low of $8.99 and a one year high of $22.97. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.55 and a current ratio of 1.85.

Analyst Ratings Changes

Several equities analysts recently issued reports on CLF shares. Citigroup decreased their target price on Cleveland-Cliffs from $12.50 to $11.00 and set a “neutral” rating on the stock in a research note on Thursday, December 19th. Glj Research raised shares of Cleveland-Cliffs from a “sell” rating to a “buy” rating and set a $14.27 price objective for the company in a research note on Tuesday, January 7th. The Goldman Sachs Group assumed coverage on shares of Cleveland-Cliffs in a report on Monday, December 2nd. They issued a “buy” rating and a $16.00 price objective for the company. Morgan Stanley reduced their target price on shares of Cleveland-Cliffs from $13.00 to $11.00 and set an “equal weight” rating on the stock in a report on Monday, February 3rd. Finally, StockNews.com cut shares of Cleveland-Cliffs from a “hold” rating to a “sell” rating in a research report on Thursday, November 7th. Three equities research analysts have rated the stock with a sell rating, four have issued a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Cleveland-Cliffs currently has an average rating of “Hold” and an average price target of $16.68.

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.