Gradient Investments LLC Has $33,000 Stock Holdings in Cleveland-Cliffs Inc. (NYSE:CLF)

Gradient Investments LLC lifted its holdings in Cleveland-Cliffs Inc. (NYSE:CLFGet Rating) by 55.6% in the 2nd quarter, Holdings Channel.com reports. The firm owned 2,179 shares of the mining company’s stock after buying an additional 779 shares during the quarter. Gradient Investments LLC’s holdings in Cleveland-Cliffs were worth $33,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Joseph P. Lucia & Associates LLC acquired a new position in shares of Cleveland-Cliffs in the 1st quarter valued at approximately $26,000. Allworth Financial LP boosted its position in Cleveland-Cliffs by 199.7% during the 1st quarter. Allworth Financial LP now owns 917 shares of the mining company’s stock worth $30,000 after acquiring an additional 611 shares during the last quarter. First Eagle Investment Management LLC acquired a new position in Cleveland-Cliffs during the 1st quarter worth approximately $30,000. Montag A & Associates Inc. acquired a new position in Cleveland-Cliffs during the 1st quarter worth approximately $32,000. Finally, Lazard Asset Management LLC boosted its position in Cleveland-Cliffs by 218.1% during the 1st quarter. Lazard Asset Management LLC now owns 1,088 shares of the mining company’s stock worth $35,000 after acquiring an additional 746 shares during the last quarter. 61.21% of the stock is currently owned by institutional investors and hedge funds.

Cleveland-Cliffs Trading Down 1.9 %

Shares of Cleveland-Cliffs stock opened at $14.28 on Thursday. Cleveland-Cliffs Inc. has a 12-month low of $14.26 and a 12-month high of $34.04. The business’s 50 day moving average is $17.27 and its 200-day moving average is $21.69. The company has a quick ratio of 0.75, a current ratio of 2.20 and a debt-to-equity ratio of 0.67. The stock has a market cap of $7.39 billion, a P/E ratio of 2.15 and a beta of 2.23.

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

Insider Activity at Cleveland-Cliffs

In other Cleveland-Cliffs news, CFO Celso L. Goncalves, Jr. purchased 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 16th. The shares were acquired at an average price of $19.36 per share, for a total transaction of $96,800.00. Following the purchase, the chief financial officer now owns 148,285 shares in the company, valued at $2,870,797.60. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 1.43% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the company. The Goldman Sachs Group reduced their price target on Cleveland-Cliffs from $26.00 to $24.00 in a research report on Tuesday, July 12th. Credit Suisse Group reduced their price target on Cleveland-Cliffs from $30.00 to $25.00 and set an “outperform” rating for the company in a research report on Wednesday. Citigroup upped their price target on Cleveland-Cliffs to $20.00 in a research report on Tuesday, September 13th. B. Riley reduced their price target on Cleveland-Cliffs from $47.00 to $39.00 and set a “buy” rating for the company in a research report on Wednesday, July 6th. Finally, JPMorgan Chase & Co. dropped their price objective on 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. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $26.07.

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.

Further Reading

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

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