Beech Hill Advisors Inc. Increases Stake in Cleveland-Cliffs Inc. (NYSE:CLF)

Beech Hill Advisors Inc. boosted its stake in Cleveland-Cliffs Inc. (NYSE:CLF) by 19.5% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 35,500 shares of the mining company’s stock after purchasing an additional 5,800 shares during the quarter. Beech Hill Advisors Inc.’s holdings in Cleveland-Cliffs were worth $595,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also added to or reduced their stakes in the stock. Zullo Investment Group Inc. boosted its stake in Cleveland-Cliffs by 11.1% in the 4th quarter. Zullo Investment Group Inc. now owns 5,000 shares of the mining company’s stock worth $81,000 after purchasing an additional 500 shares during the period. Quadrant Capital Group LLC boosted its position in shares of Cleveland-Cliffs by 17.5% during the 4th quarter. Quadrant Capital Group LLC now owns 3,612 shares of the mining company’s stock valued at $58,000 after acquiring an additional 537 shares during the last quarter. Stonebridge Capital Advisors LLC lifted its position in Cleveland-Cliffs by 20.0% in the 4th quarter. Stonebridge Capital Advisors LLC now owns 3,600 shares of the mining company’s stock worth $58,000 after buying an additional 600 shares during the last quarter. Cibc World Market Inc. lifted its position in Cleveland-Cliffs by 1.1% in the 1st quarter. Cibc World Market Inc. now owns 58,149 shares of the mining company’s stock worth $1,873,000 after buying an additional 623 shares during the last quarter. Finally, Fifth Third Bancorp lifted its position in Cleveland-Cliffs by 20.6% in the 1st quarter. Fifth Third Bancorp now owns 3,899 shares of the mining company’s stock worth $71,000 after buying an additional 667 shares during the last quarter. Institutional investors own 60.97% of the company’s stock.

Cleveland-Cliffs Price Performance

Shares of Cleveland-Cliffs stock opened at $14.29 on Friday. The company has a debt-to-equity ratio of 0.49, a current ratio of 2.10 and a quick ratio of 0.72. The business’s 50 day simple moving average is $15.75 and its two-hundred day simple moving average is $16.37. The stock has a market capitalization of $7.27 billion, a P/E ratio of 32.48 and a beta of 2.23. Cleveland-Cliffs Inc. has a one year low of $11.82 and a one year high of $22.83.

Cleveland-Cliffs (NYSE:CLF) last posted its earnings results on Monday, July 24th. The mining company reported $0.69 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.70 by ($0.01). Cleveland-Cliffs had a net margin of 1.04% and a return on equity of 3.77%. The business had revenue of $5.98 billion for the quarter, compared to analysts’ expectations of $5.80 billion. During the same period last year, the firm posted $1.31 earnings per share. Cleveland-Cliffs’s quarterly revenue was down 5.6% on a year-over-year basis. Analysts forecast that Cleveland-Cliffs Inc. will post 1.4 EPS for the current year.

Analysts Set New Price Targets

A number of research firms recently weighed in on CLF. B. Riley dropped their target price on Cleveland-Cliffs from $27.00 to $26.00 and set a “buy” rating for the company in a research report on Tuesday, August 1st. JPMorgan Chase & Co. began coverage on Cleveland-Cliffs in a research report on Tuesday, May 23rd. They issued a “neutral” rating and a $18.00 target price for the company. Finally, StockNews.com began coverage on Cleveland-Cliffs in a research report on Thursday, August 17th. They issued a “hold” rating for the company. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $20.53.

Cleveland-Cliffs Company 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.