Drexel Morgan & Co. Buys 97,450 Shares of Cleveland-Cliffs Inc. (NYSE:CLF)

Drexel Morgan & Co. grew its stake in Cleveland-Cliffs Inc. (NYSE:CLF) by 3.3% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,083,995 shares of the mining company’s stock after buying an additional 97,450 shares during the period. Cleveland-Cliffs accounts for about 10.2% of Drexel Morgan & Co.’s holdings, making the stock its 2nd biggest holding. Drexel Morgan & Co. owned 0.65% of Cleveland-Cliffs worth $47,463,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in the stock. Norges Bank acquired a new position in Cleveland-Cliffs in the fourth quarter valued at $117,585,000. Dimensional Fund Advisors LP lifted its stake in shares of Cleveland-Cliffs by 54.7% in 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 purchasing an additional 5,621,797 shares during the period. Peconic Partners LLC bought a new stake in shares of Cleveland-Cliffs during the 4th quarter valued at about $42,370,000. Bank of Nova Scotia acquired a new stake in Cleveland-Cliffs during the fourth quarter worth approximately $22,937,000. Finally, Bank of New York Mellon Corp grew its stake in Cleveland-Cliffs by 23.6% during the second quarter. Bank of New York Mellon Corp now owns 5,597,662 shares of the mining company’s stock worth $86,148,000 after purchasing an additional 1,069,907 shares during the period. 67.68% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms have issued reports on CLF. Bank of America cut their price target on Cleveland-Cliffs from $20.00 to $18.00 and set a “neutral” rating on the stock in a report on Wednesday, June 26th. JPMorgan Chase & Co. cut shares of Cleveland-Cliffs from an “overweight” rating to a “neutral” rating and reduced their price target for the stock from $23.00 to $17.00 in a report on Tuesday, June 11th. Citigroup dropped their price objective 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. Seaport Res Ptn raised shares of Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, August 27th. Finally, Morgan Stanley dropped their price target on Cleveland-Cliffs from $15.00 to $13.50 and set an “equal weight” rating on the stock in a research note on Wednesday. Two analysts have rated the stock with a sell rating, six have issued a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Cleveland-Cliffs presently has an average rating of “Hold” and a consensus price target of $17.56.

Cleveland-Cliffs Price Performance

CLF stock opened at $12.04 on Friday. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.60 and a current ratio of 1.87. The business has a 50-day simple moving average of $13.50 and a two-hundred day simple moving average of $16.63. The company has a market capitalization of $5.72 billion, a P/E ratio of 16.27, a price-to-earnings-growth ratio of 21.57 and a beta of 1.97. Cleveland-Cliffs Inc. has a 52-week low of $10.21 and a 52-week high of $22.97.

Cleveland-Cliffs (NYSE:CLF) last posted its earnings results on Monday, July 22nd. The mining company reported $0.11 earnings per share for the quarter. Cleveland-Cliffs had a return on equity of 4.94% and a net margin of 0.21%. The company had revenue of $5.09 billion for the quarter, compared to analyst estimates of $5.18 billion. During the same quarter last year, the company earned $0.69 earnings per share. The company’s revenue for the quarter was down 14.9% on a year-over-year basis. Research analysts expect that Cleveland-Cliffs Inc. will post 0.01 EPS for the current fiscal year.

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.