May 30, 2023
Moors & Cabot Inc. reduced its stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 12.4% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 48,208 shares of the mining company's stock after selling 6,810 shares during the period. Moors & Cabot Inc.'s holdings in Cleveland-Cliffs were worth $884,000 as of its most recent SEC filing.
A number of other large investors have also made changes to their positions in CLF. AXS Investments LLC acquired a new position in Cleveland-Cliffs during the fourth quarter worth $31,000. Destiny Wealth Partners LLC acquired a new position in shares of Cleveland-Cliffs during the 4th quarter valued at about $32,000. Tyler Stone Wealth Management grew its holdings in shares of Cleveland-Cliffs by 85.3% in the fourth quarter. Tyler Stone Wealth Management now owns 2,173 shares of the mining company's stock valued at $35,000 after purchasing an additional 1,000 shares during the period. Ameritas Advisory Services LLC acquired a new stake in Cleveland-Cliffs during the first quarter worth about $35,000. Finally, Lazard Asset Management LLC raised its stake in Cleveland-Cliffs by 218.1% during the first quarter. Lazard Asset Management LLC now owns 1,088 shares of the mining company's stock worth $35,000 after purchasing an additional 746 shares during the period. 62.92% of the stock is currently owned by hedge funds and other institutional investors.
A number of brokerages have recently issued reports on CLF. StockNews.com upgraded shares of Cleveland-Cliffs from a "sell" rating to a "hold" rating in a report on Tuesday. JPMorgan Chase & Co. initiated coverage on Cleveland-Cliffs in a research note on Tuesday, May 23rd. They issued a "neutral" rating and a $18.00 price target on the stock. Finally, B. Riley cut their price objective on Cleveland-Cliffs from $27.00 to $26.00 and set a "buy" rating for the company in a research report on Tuesday. One research analyst has rated the stock with a sell rating, seven have given a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, Cleveland-Cliffs presently has an average rating of "Hold" and an average target price of $20.53.
Read Our Latest Analysis on CLF
Cleveland-Cliffs stock opened at $16.64 on Thursday. The firm has a market capitalization of $8.46 billion, a P/E ratio of 37.96 and a beta of 2.20. The company has a current ratio of 2.10, a quick ratio of 0.72 and a debt-to-equity ratio of 0.49. Cleveland-Cliffs Inc. has a twelve month low of $11.82 and a twelve month high of $22.83. The stock's fifty day simple moving average is $16.25 and its 200-day simple moving average is $17.61.
Cleveland-Cliffs (NYSE:CLF - Get Free Report) last issued its quarterly earnings results on Monday, July 24th. The mining company reported $0.69 earnings per share for the quarter, missing the consensus estimate of $0.70 by ($0.01). Cleveland-Cliffs had a return on equity of 3.77% and a net margin of 1.04%. The company had revenue of $5.98 billion for the quarter, compared to analysts' expectations of $5.80 billion. During the same quarter last year, the company earned $1.31 EPS. Cleveland-Cliffs's revenue for the quarter was down 5.6% compared to the same quarter last year. As a group, equities analysts expect that Cleveland-Cliffs Inc. will post 1.6 earnings per share for the current fiscal year.
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.
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