Insigneo Advisory Services LLC Invests $150,000 in Cleveland-Cliffs Inc. $CLF

Insigneo Advisory Services LLC bought a new stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 19,759 shares of the mining company’s stock, valued at approximately $150,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of CLF. Envestnet Asset Management Inc. increased its stake in shares of Cleveland-Cliffs by 53.6% in the first quarter. Envestnet Asset Management Inc. now owns 116,545 shares of the mining company’s stock worth $958,000 after buying an additional 40,656 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in shares of Cleveland-Cliffs in the first quarter valued at about $1,074,000. Avantax Advisory Services Inc. raised its stake in shares of Cleveland-Cliffs by 36.2% during the first quarter. Avantax Advisory Services Inc. now owns 24,304 shares of the mining company’s stock valued at $200,000 after acquiring an additional 6,456 shares during the last quarter. Cetera Investment Advisers boosted its holdings in shares of Cleveland-Cliffs by 27.2% during the first quarter. Cetera Investment Advisers now owns 237,428 shares of the mining company’s stock worth $1,952,000 after purchasing an additional 50,716 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Cleveland-Cliffs by 12.6% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 146,225 shares of the mining company’s stock worth $1,202,000 after purchasing an additional 16,416 shares during the last quarter. Institutional investors own 67.68% of the company’s stock.

Cleveland-Cliffs Stock Up 2.4%

NYSE:CLF opened at $12.65 on Friday. The company has a debt-to-equity ratio of 1.41, a current ratio of 2.04 and a quick ratio of 0.61. The firm’s 50-day moving average price is $12.32 and its 200-day moving average price is $10.21. The company has a market capitalization of $6.26 billion, a PE ratio of -3.72 and a beta of 2.07. Cleveland-Cliffs Inc. has a 1-year low of $5.63 and a 1-year high of $16.70.

Cleveland-Cliffs (NYSE:CLF) last issued its quarterly earnings results on Monday, October 20th. The mining company reported ($0.45) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.48) by $0.03. The company had revenue of $4.73 billion during the quarter, compared to analysts’ expectations of $4.90 billion. Cleveland-Cliffs had a negative net margin of 9.00% and a negative return on equity of 20.02%. Cleveland-Cliffs’s revenue was up 3.6% on a year-over-year basis. During the same period last year, the company posted ($0.33) EPS. On average, equities analysts predict that Cleveland-Cliffs Inc. will post -0.79 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

CLF has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. upped their price target on Cleveland-Cliffs from $10.00 to $13.00 and gave the company a “neutral” rating in a research report on Monday, October 13th. KeyCorp dropped their price target on Cleveland-Cliffs from $15.00 to $13.00 and set an “overweight” rating for the company in a research note on Monday, November 10th. Wells Fargo & Company raised shares of Cleveland-Cliffs from an “underweight” rating to an “equal weight” rating and boosted their price objective for the company from $11.00 to $12.00 in a research report on Friday, November 14th. Glj Research reaffirmed a “sell” rating and set a $5.75 target price on shares of Cleveland-Cliffs in a research note on Tuesday, October 21st. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Cleveland-Cliffs in a research note on Thursday, October 30th. Three analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, Cleveland-Cliffs presently has an average rating of “Hold” and a consensus target price of $12.78.

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.