Sagefield Capital LP Raises Holdings in Cleveland-Cliffs Inc. (NYSE:CLF)

Sagefield Capital LP raised its position in Cleveland-Cliffs Inc. (NYSE:CLF) by 40.3% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 333,757 shares of the mining company’s stock after purchasing an additional 95,844 shares during the period. Sagefield Capital LP owned 0.07% of Cleveland-Cliffs worth $5,137,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Corient Private Wealth LLC purchased a new position in shares of Cleveland-Cliffs in the fourth quarter worth about $697,000. Quest Partners LLC purchased a new position in Cleveland-Cliffs in the 4th quarter worth approximately $71,000. Cambridge Investment Research Advisors Inc. boosted its holdings in shares of Cleveland-Cliffs by 28.5% during the 4th quarter. Cambridge Investment Research Advisors Inc. now owns 305,173 shares of the mining company’s stock worth $6,232,000 after purchasing an additional 67,747 shares during the last quarter. United Services Automobile Association grew its position in shares of Cleveland-Cliffs by 14.4% in the fourth quarter. United Services Automobile Association now owns 41,111 shares of the mining company’s stock valued at $839,000 after purchasing an additional 5,177 shares in the last quarter. Finally, Edmond DE Rothschild Holding S.A. acquired a new stake in shares of Cleveland-Cliffs in the fourth quarter valued at approximately $10,210,000. Institutional investors and hedge funds own 67.68% of the company’s stock.

Analysts Set New Price Targets

CLF has been the topic of a number of recent research reports. JPMorgan Chase & Co. lowered Cleveland-Cliffs from an “overweight” rating to a “neutral” rating and lowered their price objective for the stock from $23.00 to $17.00 in a research note on Tuesday, June 11th. 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. Morgan Stanley dropped their price objective on shares of Cleveland-Cliffs from $15.00 to $13.50 and set an “equal weight” rating for the company in a report on Wednesday, September 18th. Bank of America reduced their target price on shares of Cleveland-Cliffs from $20.00 to $18.00 and set a “neutral” rating on the stock in a research note on Wednesday, June 26th. Finally, B. Riley reissued a “buy” rating and issued a $23.00 price target on shares of Cleveland-Cliffs in a research note on Tuesday, June 25th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $17.56.

Cleveland-Cliffs Stock Performance

Shares of CLF stock opened at $11.87 on Tuesday. 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 firm has a market cap of $5.64 billion, a P/E ratio of 16.04, a P/E/G ratio of 21.57 and a beta of 1.97. The firm’s 50 day moving average price is $13.25 and its 200-day moving average price is $16.43. Cleveland-Cliffs Inc. has a one year low of $10.21 and a one year high of $22.97.

Cleveland-Cliffs (NYSE:CLF) last released its quarterly earnings results 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 company had revenue of $5.09 billion for the quarter, compared to analysts’ expectations of $5.18 billion. During the same period in the prior year, the firm earned $0.69 earnings per share. The firm’s revenue was down 14.9% compared to the same quarter last year. As a group, equities research analysts predict that Cleveland-Cliffs Inc. will post 0.01 EPS for the current 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.