Van ECK Associates Corp Grows Stock Position in Cleveland-Cliffs Inc. (NYSE:CLF)

Van ECK Associates Corp grew its stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 11.9% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 351,212 shares of the mining company’s stock after buying an additional 37,343 shares during the period. Van ECK Associates Corp owned 0.07% of Cleveland-Cliffs worth $3,301,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Strengthening Families & Communities LLC boosted its holdings in shares of Cleveland-Cliffs by 299.8% during the 3rd quarter. Strengthening Families & Communities LLC now owns 1,987 shares of the mining company’s stock valued at $25,000 after purchasing an additional 1,490 shares during the last quarter. Darwin Wealth Management LLC purchased a new stake in shares of Cleveland-Cliffs in the third quarter worth approximately $34,000. Truvestments Capital LLC purchased a new stake in shares of Cleveland-Cliffs during the third quarter valued at $34,000. Byrne Asset Management LLC grew its stake in Cleveland-Cliffs by 130.0% in the 4th quarter. Byrne Asset Management LLC now owns 4,600 shares of the mining company’s stock worth $43,000 after acquiring an additional 2,600 shares in the last quarter. Finally, Stonebridge Financial Group LLC bought a new stake in shares of Cleveland-Cliffs in the fourth quarter valued at about $44,000. Hedge funds and other institutional investors own 67.68% of the company’s stock.

Cleveland-Cliffs Trading Down 1.1 %

Shares of Cleveland-Cliffs stock opened at $11.89 on Thursday. Cleveland-Cliffs Inc. has a 1-year low of $8.99 and a 1-year high of $22.97. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.85 and a quick ratio of 0.55. The stock has a market cap of $5.87 billion, a P/E ratio of -12.25 and a beta of 1.96. The stock’s 50 day simple moving average is $10.17 and its 200-day simple moving average is $11.74.

Wall Street Analysts Forecast Growth

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

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.