Commerce Bank Purchases 90,477 Shares of Cleveland-Cliffs Inc. (NYSE:CLF)

Commerce Bank raised its stake in Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 342.8% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 116,870 shares of the mining company's stock after acquiring an additional 90,477 shares during the period. Commerce Bank's holdings in Cleveland-Cliffs were worth $1,492,000 as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in the stock. Strengthening Families & Communities LLC raised its holdings in shares of Cleveland-Cliffs by 299.8% during the third quarter. Strengthening Families & Communities LLC now owns 1,987 shares of the mining company's stock valued at $25,000 after buying an additional 1,490 shares during the last quarter. Altshuler Shaham Ltd bought a new position in shares of Cleveland-Cliffs in the second quarter worth $26,000. Hobbs Group Advisors LLC bought a new stake in shares of Cleveland-Cliffs during the second quarter valued at about $31,000. Gradient Investments LLC lifted its holdings in Cleveland-Cliffs by 138.8% in the second quarter. Gradient Investments LLC now owns 2,149 shares of the mining company's stock worth $33,000 after purchasing an additional 1,249 shares during the period. Finally, EverSource Wealth Advisors LLC grew its position in Cleveland-Cliffs by 247.8% in the 1st quarter. EverSource Wealth Advisors LLC now owns 1,885 shares of the mining company's stock valued at $43,000 after buying an additional 1,343 shares in the last quarter. 67.68% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

CLF has been the subject of several recent analyst reports. Morgan Stanley decreased their price objective on shares of Cleveland-Cliffs from $15.00 to $13.50 and set an "equal weight" rating for the company in a report on Wednesday, September 18th. Citigroup decreased their price target on Cleveland-Cliffs from $18.00 to $12.50 and set a "neutral" rating for the company in a research note on Tuesday, September 10th. StockNews.com downgraded Cleveland-Cliffs from a "hold" rating to a "sell" rating in a research note on Thursday, November 7th. Finally, Seaport Res Ptn raised Cleveland-Cliffs from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, August 27th. Three equities research analysts have rated the stock with a sell rating, five have assigned a hold rating, two have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $17.56.

Cleveland-Cliffs Stock Up 4.9 %

Shares of CLF traded up $0.58 during midday trading on Friday, reaching $12.46. 12,362,060 shares of the stock were exchanged, compared to its average volume of 15,354,531. The company has a market cap of $6.15 billion, a price-to-earnings ratio of -12.85 and a beta of 1.97. The firm has a 50 day simple moving average of $12.64 and a 200-day simple moving average of $14.06. Cleveland-Cliffs Inc. has a 12-month low of $10.21 and a 12-month high of $22.97. The company has a quick ratio of 0.55, a current ratio of 1.85 and a debt-to-equity ratio of 0.53.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last posted its earnings results on Monday, November 4th. The mining company reported ($0.33) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.31) by ($0.02). Cleveland-Cliffs had a negative net margin of 2.31% and a negative return on equity of 0.59%. The business had revenue of $4.57 billion during the quarter, compared to analyst estimates of $4.72 billion. During the same quarter last year, the firm earned $0.54 earnings per share. Cleveland-Cliffs's revenue was down 18.5% compared to the same quarter last year. Research analysts forecast that Cleveland-Cliffs Inc. will post -0.4 EPS for the current year.

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.