Lombard Odier Asset Management USA Corp Takes Position in Cleveland-Cliffs Inc. (NYSE:CLF)

Lombard Odier Asset Management USA Corp bought 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 institutional investor bought 152,000 shares of the mining company’s stock, valued at approximately $2,339,000.

Other large investors have also bought and sold shares of the company. Altshuler Shaham Ltd bought a new stake in Cleveland-Cliffs during the 2nd quarter worth approximately $26,000. Hobbs Group Advisors LLC bought a new stake in Cleveland-Cliffs during the 2nd quarter worth approximately $31,000. Gradient Investments LLC increased its stake in Cleveland-Cliffs by 138.8% during the 2nd quarter. Gradient Investments LLC now owns 2,149 shares of the mining company’s stock worth $33,000 after purchasing an additional 1,249 shares in the last quarter. Rise Advisors LLC grew its stake in shares of Cleveland-Cliffs by 2,858.0% during the 1st quarter. Rise Advisors LLC now owns 1,479 shares of the mining company’s stock worth $34,000 after acquiring an additional 1,429 shares in the last quarter. Finally, Hexagon Capital Partners LLC grew 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 worth $39,000 after acquiring an additional 500 shares in the last quarter. 67.68% of the stock is owned by institutional investors.

Cleveland-Cliffs Price Performance

Shares of NYSE CLF opened at $11.77 on Monday. The business’s 50 day moving average is $13.33 and its 200-day moving average is $16.49. Cleveland-Cliffs Inc. has a 1-year low of $10.21 and a 1-year high of $22.97. The company has a current ratio of 1.87, a quick ratio of 0.60 and a debt-to-equity ratio of 0.48. The firm has a market cap of $5.60 billion, a P/E ratio of 15.91, a price-to-earnings-growth ratio of 21.57 and a beta of 1.97.

Cleveland-Cliffs (NYSE:CLF) last posted its quarterly earnings data on Monday, July 22nd. The mining company reported $0.11 EPS for the quarter. Cleveland-Cliffs had a return on equity of 4.94% and a net margin of 0.21%. The firm 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 EPS. The company’s revenue was down 14.9% on a year-over-year basis. Equities research analysts predict that Cleveland-Cliffs Inc. will post 0.01 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the stock. B. Riley reaffirmed a “buy” rating and set a $23.00 price target on shares of Cleveland-Cliffs in a research note on Tuesday, June 25th. JPMorgan Chase & Co. cut Cleveland-Cliffs from an “overweight” rating to a “neutral” rating and cut their price objective for the company from $23.00 to $17.00 in a research report on Tuesday, June 11th. Citigroup cut their price objective 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. Bank of America cut their price objective on 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, 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 report on Wednesday, September 18th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Cleveland-Cliffs presently has an average rating of “Hold” and a consensus target price 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.