Birmingham Capital Management Co. Inc. AL Sells 6,000 Shares of Cleveland-Cliffs Inc. $CLF

Birmingham Capital Management Co. Inc. AL cut its holdings in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 28.7% during the 1st quarter, HoldingsChannel.com reports. The fund owned 14,875 shares of the mining company’s stock after selling 6,000 shares during the period. Birmingham Capital Management Co. Inc. AL’s holdings in Cleveland-Cliffs were worth $122,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Focus Partners Wealth bought a new position in Cleveland-Cliffs during the first quarter worth about $339,000. Woodline Partners LP bought a new position in Cleveland-Cliffs during the 1st quarter worth about $22,696,000. First Dallas Securities Inc. increased its holdings in Cleveland-Cliffs by 21.7% during the 1st quarter. First Dallas Securities Inc. now owns 245,240 shares of the mining company’s stock worth $2,016,000 after purchasing an additional 43,740 shares in the last quarter. Scientech Research LLC bought a new position in Cleveland-Cliffs during the 1st quarter worth about $794,000. Finally, NewEdge Advisors LLC increased its holdings in Cleveland-Cliffs by 3.6% during the 1st quarter. NewEdge Advisors LLC now owns 520,716 shares of the mining company’s stock worth $4,280,000 after purchasing an additional 17,993 shares in the last quarter. 67.68% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the company. KeyCorp upgraded Cleveland-Cliffs from a “sector weight” rating to an “overweight” rating and set a $14.00 target price for the company in a report on Tuesday, July 22nd. Morgan Stanley increased their price target on Cleveland-Cliffs from $8.00 to $10.50 and gave the company an “equal weight” rating in a research report on Tuesday, July 22nd. Glj Research cut Cleveland-Cliffs from a “strong-buy” rating to a “strong sell” rating and set a $3.91 price target for the company. in a research report on Wednesday, May 28th. Wells Fargo & Company raised Cleveland-Cliffs to a “hold” rating in a research report on Thursday, August 14th. Finally, Citigroup boosted their price objective on shares of Cleveland-Cliffs from $7.50 to $11.00 and gave the stock a “neutral” rating in a research note on Monday, July 21st. Three equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $10.96.

Cleveland-Cliffs Price Performance

Shares of NYSE CLF opened at $11.37 on Thursday. The company has a current ratio of 2.04, a quick ratio of 0.61 and a debt-to-equity ratio of 1.28. The business’s 50 day moving average is $10.19 and its 200-day moving average is $8.80. Cleveland-Cliffs Inc. has a 1-year low of $5.63 and a 1-year high of $14.34. The firm has a market cap of $5.63 billion, a P/E ratio of -3.34 and a beta of 1.93.

Cleveland-Cliffs (NYSE:CLF) last released its quarterly earnings results on Monday, July 21st. The mining company reported ($0.50) EPS for the quarter, beating the consensus estimate of ($0.68) by $0.18. Cleveland-Cliffs had a negative net margin of 9.03% and a negative return on equity of 17.97%. The business had revenue of $4.93 billion for the quarter, compared to the consensus estimate of $4.90 billion. During the same period in the prior year, the company posted $0.11 earnings per share. Cleveland-Cliffs’s revenue was up 7.5% compared to the same quarter last year. Equities research analysts predict that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current year.

About Cleveland-Cliffs

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.