Acadian Asset Management LLC Buys New Holdings in Cleveland-Cliffs Inc. (NYSE:CLF)

Acadian Asset Management LLC purchased a new position in shares of Cleveland-Cliffs Inc. (NYSE:CLF) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 13,550 shares of the mining company’s stock, valued at approximately $208,000.

Several other institutional investors and hedge funds have also bought and sold shares of the business. Wealth Enhancement Advisory Services LLC raised its holdings in shares of Cleveland-Cliffs by 1.9% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 25,053 shares of the mining company’s stock worth $570,000 after purchasing an additional 476 shares during the last quarter. Hexagon Capital Partners LLC raised its stake in shares of Cleveland-Cliffs by 41.7% during the 1st quarter. Hexagon Capital Partners LLC now owns 1,700 shares of the mining company’s stock valued at $39,000 after buying an additional 500 shares during the last quarter. InterOcean Capital Group LLC lifted its holdings in shares of Cleveland-Cliffs by 4.1% in the 1st quarter. InterOcean Capital Group LLC now owns 20,334 shares of the mining company’s stock valued at $462,000 after buying an additional 805 shares during the period. J.W. Cole Advisors Inc. boosted its stake in shares of Cleveland-Cliffs by 3.6% in the first quarter. J.W. Cole Advisors Inc. now owns 24,575 shares of the mining company’s stock worth $559,000 after buying an additional 845 shares during the last quarter. Finally, Pinnacle Holdings LLC grew its holdings in Cleveland-Cliffs by 1.0% during the fourth quarter. Pinnacle Holdings LLC now owns 97,021 shares of the mining company’s stock worth $1,981,000 after acquiring an additional 968 shares during the period. 67.68% of the stock is currently owned by institutional investors and hedge funds.

Cleveland-Cliffs Stock Down 2.3 %

CLF stock opened at $11.75 on Friday. The stock has a market capitalization of $5.59 billion, a P/E ratio of 15.49, a P/E/G 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. The firm has a 50-day simple moving average of $13.42 and a 200-day simple moving average of $16.60. The company has a quick ratio of 0.60, a current ratio of 1.87 and a debt-to-equity ratio of 0.48.

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

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on CLF shares. Morgan Stanley decreased their price target on Cleveland-Cliffs from $15.00 to $13.50 and set an “equal weight” rating for the company in a report on Wednesday. JPMorgan Chase & Co. downgraded shares of Cleveland-Cliffs from an “overweight” rating to a “neutral” rating and lowered their price target for the stock from $23.00 to $17.00 in a report on Tuesday, June 11th. B. Riley restated a “buy” rating and set a $23.00 price target on shares of Cleveland-Cliffs in a research report on Tuesday, June 25th. Bank of America decreased their price objective on shares of Cleveland-Cliffs from $20.00 to $18.00 and set a “neutral” rating for the company in a research report on Wednesday, June 26th. Finally, Seaport Res Ptn upgraded Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, August 27th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating, two have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Cleveland-Cliffs presently has an average rating of “Hold” and an average price target of $17.56.

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.