Cleveland-Cliffs Inc. (NYSE:CLF) Holdings Raised by Peddock Capital Advisors LLC

Peddock Capital Advisors LLC raised its position in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 7.4% in the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 20,229 shares of the mining company’s stock after purchasing an additional 1,396 shares during the quarter. Peddock Capital Advisors LLC’s holdings in Cleveland-Cliffs were worth $258,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Hodges Capital Management Inc. lifted its position in Cleveland-Cliffs by 5.0% in the 2nd quarter. Hodges Capital Management Inc. now owns 2,199,634 shares of the mining company’s stock worth $33,852,000 after buying an additional 104,197 shares in the last quarter. DekaBank Deutsche Girozentrale boosted its holdings in Cleveland-Cliffs by 2.5% during the first quarter. DekaBank Deutsche Girozentrale now owns 40,118 shares of the mining company’s stock valued at $879,000 after purchasing an additional 984 shares in the last quarter. Russell Investments Group Ltd. grew its holdings in shares of Cleveland-Cliffs by 82.2% in the 1st quarter. Russell Investments Group Ltd. now owns 392,842 shares of the mining company’s stock worth $8,932,000 after purchasing an additional 177,198 shares during the last quarter. Natixis bought a new stake in Cleveland-Cliffs during the 1st quarter worth approximately $100,000. Finally, Mediolanum International Funds Ltd acquired a new position in Cleveland-Cliffs during the 1st quarter worth about $1,687,000. Institutional investors own 67.68% of the company’s stock.

Analysts Set New Price Targets

CLF has been the subject of several recent research reports. JPMorgan Chase & Co. cut shares of Cleveland-Cliffs from an “overweight” rating to a “neutral” rating and dropped their target price for the company from $23.00 to $17.00 in a research report on Tuesday, June 11th. Morgan Stanley cut their price objective on shares of Cleveland-Cliffs from $15.00 to $13.50 and set an “equal weight” rating on the stock in a research report on Wednesday, September 18th. Citigroup dropped their price objective on Cleveland-Cliffs from $18.00 to $12.50 and set a “neutral” rating on the stock in a research note on Tuesday, September 10th. Bank of America lowered their price target on Cleveland-Cliffs from $20.00 to $18.00 and set a “neutral” rating on the stock in a research report on Wednesday, June 26th. Finally, B. Riley restated 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 issued a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $17.56.

Cleveland-Cliffs Stock Up 0.7 %

Shares of NYSE:CLF traded up $0.09 on Wednesday, hitting $12.80. 3,885,969 shares of the company traded hands, compared to its average volume of 9,832,327. Cleveland-Cliffs Inc. has a 52 week low of $10.21 and a 52 week high of $22.97. The company has a quick ratio of 0.60, a current ratio of 1.87 and a debt-to-equity ratio of 0.48. The stock has a 50 day simple moving average of $12.67 and a 200-day simple moving average of $15.82. The company has a market cap of $6.09 billion, a PE ratio of 17.19 and a beta of 1.98.

Cleveland-Cliffs (NYSE:CLF) last released its quarterly earnings results on Monday, July 22nd. The mining company reported $0.11 EPS for the quarter. The firm had revenue of $5.09 billion during the quarter, compared to analyst estimates of $5.18 billion. Cleveland-Cliffs had a net margin of 0.21% and a return on equity of 4.94%. The business’s revenue for the quarter was down 14.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.69 EPS. As a group, research analysts expect that Cleveland-Cliffs Inc. will post -0.03 earnings per share 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.