Cleveland-Cliffs Inc. (NYSE:CLF) is SFE Investment Counsel’s Largest Position

SFE Investment Counsel trimmed its position in Cleveland-Cliffs Inc. (NYSE:CLF) by 21.7% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 723,143 shares of the mining company’s stock after selling 199,886 shares during the quarter. Cleveland-Cliffs comprises 4.3% of SFE Investment Counsel’s holdings, making the stock its largest position. SFE Investment Counsel owned approximately 0.14% of Cleveland-Cliffs worth $15,591,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in the company. Geode Capital Management LLC raised its stake in shares of Cleveland-Cliffs by 30.7% in the first quarter. Geode Capital Management LLC now owns 7,657,962 shares of the mining company’s stock worth $154,001,000 after purchasing an additional 1,798,232 shares during the last quarter. Northern Trust Corp raised its position in Cleveland-Cliffs by 52.4% during the first quarter. Northern Trust Corp now owns 7,241,801 shares of the mining company’s stock valued at $145,633,000 after acquiring an additional 2,489,493 shares in the last quarter. Bank of New York Mellon Corp raised its position in Cleveland-Cliffs by 8.8% during the first quarter. Bank of New York Mellon Corp now owns 4,591,727 shares of the mining company’s stock valued at $92,340,000 after acquiring an additional 371,412 shares in the last quarter. Nuveen Asset Management LLC raised its position in Cleveland-Cliffs by 7.3% during the first quarter. Nuveen Asset Management LLC now owns 1,988,693 shares of the mining company’s stock valued at $39,992,000 after acquiring an additional 135,440 shares in the last quarter. Finally, Peconic Partners LLC raised its position in Cleveland-Cliffs by 620.0% during the first quarter. Peconic Partners LLC now owns 1,800,000 shares of the mining company’s stock valued at $36,198,000 after acquiring an additional 1,550,000 shares in the last quarter. Hedge funds and other institutional investors own 69.70% of the company’s stock.

Shares of NYSE:CLF traded up $0.85 during trading on Wednesday, reaching $22.92. The stock had a trading volume of 619,927 shares, compared to its average volume of 23,666,617. The company has a debt-to-equity ratio of 1.52, a quick ratio of 0.77 and a current ratio of 2.20. The business has a fifty day moving average price of $23.34 and a 200-day moving average price of $20.43. The stock has a market cap of $11.45 billion, a PE ratio of 14.52 and a beta of 2.21. Cleveland-Cliffs Inc. has a 1-year low of $5.48 and a 1-year high of $26.51.

Cleveland-Cliffs (NYSE:CLF) last issued its quarterly earnings results on Thursday, July 22nd. The mining company reported $1.46 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.48 by ($0.02). The firm had revenue of $5.05 billion during the quarter, compared to analyst estimates of $4.95 billion. Cleveland-Cliffs had a return on equity of 48.53% and a net margin of 6.73%. The business’s revenue was up 358.6% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.31) earnings per share. Sell-side analysts expect that Cleveland-Cliffs Inc. will post 6.14 earnings per share for the current year.

CLF has been the subject of several recent research reports. Zacks Investment Research upgraded Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating and set a $25.00 price target for the company in a research report on Friday, June 25th. JPMorgan Chase & Co. initiated coverage on Cleveland-Cliffs in a research report on Wednesday, June 16th. They set an “overweight” rating and a $39.00 price target for the company. UBS Group lifted their price target on Cleveland-Cliffs from $22.09 to $28.35 and gave the company a “buy” rating in a research report on Thursday, June 10th. Argus began coverage on Cleveland-Cliffs in a research report on Thursday, July 8th. They issued a “buy” rating and a $26.00 price objective for the company. Finally, TheStreet upgraded Cleveland-Cliffs from a “c” rating to a “b-” rating in a research report on Friday, July 23rd. Four research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $25.14.

Cleveland-Cliffs 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.

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Institutional Ownership by Quarter for Cleveland-Cliffs (NYSE:CLF)

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