Pekin Hardy Strauss Inc. Acquires 6,800 Shares of Cleveland-Cliffs Inc. (NYSE:CLF)

Pekin Hardy Strauss Inc. increased its holdings in Cleveland-Cliffs Inc. (NYSE:CLF) by 41.2% in the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 23,300 shares of the mining company’s stock after purchasing an additional 6,800 shares during the period. Pekin Hardy Strauss Inc.’s holdings in Cleveland-Cliffs were worth $502,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Geode Capital Management LLC increased its holdings in Cleveland-Cliffs by 30.7% in the 1st quarter. Geode Capital Management LLC now owns 7,657,962 shares of the mining company’s stock worth $154,001,000 after buying an additional 1,798,232 shares in the last quarter. Northern Trust Corp increased its holdings in Cleveland-Cliffs by 52.4% in the 1st quarter. Northern Trust Corp now owns 7,241,801 shares of the mining company’s stock worth $145,633,000 after buying an additional 2,489,493 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in Cleveland-Cliffs by 8.8% in the 1st quarter. Bank of New York Mellon Corp now owns 4,591,727 shares of the mining company’s stock worth $92,340,000 after buying an additional 371,412 shares in the last quarter. Nuveen Asset Management LLC increased its holdings in Cleveland-Cliffs by 7.3% in the 1st quarter. Nuveen Asset Management LLC now owns 1,988,693 shares of the mining company’s stock worth $39,992,000 after buying an additional 135,440 shares in the last quarter. Finally, Peconic Partners LLC grew its stake in shares of Cleveland-Cliffs by 620.0% during the 1st quarter. Peconic Partners LLC now owns 1,800,000 shares of the mining company’s stock valued at $36,198,000 after purchasing an additional 1,550,000 shares during the period. Institutional investors own 69.70% of the company’s stock.

NYSE CLF opened at $20.50 on Friday. The stock’s 50 day moving average is $23.23 and its 200 day moving average is $20.72. The company has a current ratio of 2.20, a quick ratio of 0.77 and a debt-to-equity ratio of 1.52. Cleveland-Cliffs Inc. has a 12 month low of $5.48 and a 12 month high of $26.51. The stock has a market cap of $10.24 billion, a PE ratio of 13.49 and a beta of 2.21.

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

CLF has been the subject of a number of recent research reports. UBS Group boosted their price target on Cleveland-Cliffs from $22.09 to $28.35 and gave the company a “buy” rating in a research note on Thursday, June 10th. TheStreet upgraded Cleveland-Cliffs from a “c” rating to a “b-” rating in a research note on Friday, July 23rd. Argus initiated coverage on Cleveland-Cliffs in a research note on Thursday, July 8th. They set a “buy” rating and a $26.00 price target for the company. 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 note on Friday, June 25th. Finally, Morgan Stanley initiated coverage on Cleveland-Cliffs in a research note on Wednesday, August 11th. They set an “equal weight” rating and a $26.00 price target for the company. Four investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $25.14.

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.

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

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