State of Alaska Department of Revenue Boosts Position in Cleveland-Cliffs Inc. (NYSE:CLF)

State of Alaska Department of Revenue increased its holdings in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 5.1% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 54,370 shares of the mining company’s stock after purchasing an additional 2,660 shares during the quarter. State of Alaska Department of Revenue’s holdings in Cleveland-Cliffs were worth $694,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the business. Clear Harbor Asset Management LLC lifted its stake in Cleveland-Cliffs by 49.8% in the third quarter. Clear Harbor Asset Management LLC now owns 15,650 shares of the mining company’s stock valued at $200,000 after buying an additional 5,200 shares during the last quarter. DekaBank Deutsche Girozentrale lifted its stake in Cleveland-Cliffs by 3.2% in the third quarter. DekaBank Deutsche Girozentrale now owns 40,408 shares of the mining company’s stock valued at $515,000 after buying an additional 1,237 shares during the last quarter. PFG Investments LLC lifted its stake in Cleveland-Cliffs by 15.2% in the third quarter. PFG Investments LLC now owns 17,985 shares of the mining company’s stock valued at $230,000 after buying an additional 2,370 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its stake in Cleveland-Cliffs by 16.8% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 12,612 shares of the mining company’s stock valued at $161,000 after buying an additional 1,810 shares during the last quarter. Finally, Harbour Trust & Investment Management Co lifted its stake in Cleveland-Cliffs by 20.4% in the third quarter. Harbour Trust & Investment Management Co now owns 12,040 shares of the mining company’s stock valued at $154,000 after buying an additional 2,040 shares during the last quarter. Hedge funds and other institutional investors own 67.68% of the company’s stock.

Cleveland-Cliffs Trading Up 20.1 %

Shares of CLF stock opened at $13.94 on Thursday. The business’s fifty day moving average price is $12.63 and its 200 day moving average price is $14.58. Cleveland-Cliffs Inc. has a 1-year low of $10.21 and a 1-year high of $22.97. The firm has a market capitalization of $6.52 billion, a PE ratio of -14.37 and a beta of 1.97. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.87 and a quick ratio of 0.60.

Cleveland-Cliffs (NYSE:CLF) last announced its quarterly earnings data on Monday, November 4th. The mining company reported ($0.33) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.31) by ($0.02). The business had revenue of $4.57 billion for the quarter, compared to analyst estimates of $4.72 billion. Cleveland-Cliffs had a return on equity of 4.94% and a net margin of 0.21%. The company’s revenue was down 18.5% on a year-over-year basis. During the same period in the prior year, the company earned $0.54 EPS. As a group, sell-side analysts forecast that Cleveland-Cliffs Inc. will post -0.37 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on CLF. Morgan Stanley reduced their price objective on Cleveland-Cliffs from $15.00 to $13.50 and set an “equal weight” rating for the company in a research note on Wednesday, September 18th. Seaport Res Ptn raised Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a report on Tuesday, August 27th. Finally, Citigroup dropped their target price on Cleveland-Cliffs from $18.00 to $12.50 and set a “neutral” rating on the stock in a report on Tuesday, September 10th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Cleveland-Cliffs has an average rating of “Hold” and a consensus target price of $17.56.

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.