M Holdings Securities Inc. Makes New $215,000 Investment in Cleveland-Cliffs Inc. (NYSE:CLF)

M Holdings Securities Inc. bought a new position in Cleveland-Cliffs Inc. (NYSE:CLFGet Rating) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 6,660 shares of the mining company’s stock, valued at approximately $215,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. 180 Wealth Advisors LLC purchased a new stake in Cleveland-Cliffs in the 1st quarter worth approximately $544,000. Qube Research & Technologies Ltd bought a new position in shares of Cleveland-Cliffs during the 1st quarter valued at $10,802,000. Swiss National Bank raised its holdings in shares of Cleveland-Cliffs by 7.5% during the 1st quarter. Swiss National Bank now owns 1,123,340 shares of the mining company’s stock valued at $36,183,000 after purchasing an additional 78,800 shares in the last quarter. Benedetti & Gucer Inc. bought a new position in shares of Cleveland-Cliffs during the 1st quarter valued at $215,000. Finally, Montag A & Associates Inc. bought a new position in shares of Cleveland-Cliffs during the 1st quarter valued at $32,000. Hedge funds and other institutional investors own 61.21% of the company’s stock.

Cleveland-Cliffs Stock Performance

NYSE CLF opened at $15.00 on Monday. The company has a debt-to-equity ratio of 0.67, a current ratio of 2.20 and a quick ratio of 0.75. The firm has a market capitalization of $7.76 billion, a price-to-earnings ratio of 2.26 and a beta of 2.23. The company’s fifty day moving average is $17.31 and its two-hundred day moving average is $21.87. Cleveland-Cliffs Inc. has a 52-week low of $14.31 and a 52-week high of $34.04.

Cleveland-Cliffs (NYSE:CLFGet Rating) last posted its quarterly earnings results on Friday, July 22nd. The mining company reported $1.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.40 by ($0.27). The company had revenue of $6.34 billion during the quarter, compared to analyst estimates of $6.13 billion. Cleveland-Cliffs had a return on equity of 64.45% and a net margin of 15.07%. The business’s revenue for the quarter was up 25.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.46 earnings per share. Equities research analysts forecast that Cleveland-Cliffs Inc. will post 4.74 EPS for the current year.

Insider Activity

In other Cleveland-Cliffs news, CFO Celso L. Goncalves, Jr. bought 5,000 shares of the firm’s stock in a transaction dated Tuesday, August 16th. The shares were acquired at an average cost of $19.36 per share, for a total transaction of $96,800.00. Following the transaction, the chief financial officer now owns 148,285 shares in the company, valued at $2,870,797.60. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.43% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the stock. The Goldman Sachs Group cut their price target on shares of Cleveland-Cliffs from $26.00 to $24.00 in a report on Tuesday, July 12th. Credit Suisse Group cut their price target on shares of Cleveland-Cliffs from $37.00 to $30.00 and set an “outperform” rating on the stock in a report on Thursday, July 21st. Clarkson Capital reiterated a “buy” rating on shares of Cleveland-Cliffs in a research note on Tuesday, June 14th. Citigroup raised their target price on shares of Cleveland-Cliffs to $20.00 in a research note on Tuesday, September 13th. Finally, JPMorgan Chase & Co. lowered their target price on shares of Cleveland-Cliffs from $43.00 to $37.00 in a research note on Tuesday, June 14th. Three equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $26.79.

Cleveland-Cliffs Profile

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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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