Easterly Investment Partners LLC Invests $2.76 Million in Cleveland-Cliffs Inc. (NYSE:CLF)

Easterly Investment Partners LLC acquired a new stake in Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 216,417 shares of the mining company's stock, valued at approximately $2,764,000.

Other hedge funds also recently made changes to their positions in the company. Altshuler Shaham Ltd purchased a new stake in shares of Cleveland-Cliffs during the second quarter valued at about $26,000. Hobbs Group Advisors LLC acquired a new stake in Cleveland-Cliffs during the 2nd quarter worth $31,000. Gradient Investments LLC grew its holdings in Cleveland-Cliffs by 138.8% during the 2nd quarter. Gradient Investments LLC now owns 2,149 shares of the mining company's stock worth $33,000 after acquiring an additional 1,249 shares during the last quarter. EverSource Wealth Advisors LLC raised its stake in shares of Cleveland-Cliffs by 247.8% during the first quarter. EverSource Wealth Advisors LLC now owns 1,885 shares of the mining company's stock worth $43,000 after acquiring an additional 1,343 shares in the last quarter. Finally, LRI Investments LLC purchased a new stake in Cleveland-Cliffs in the 1st quarter worth approximately $45,000. Institutional investors and hedge funds own 67.68% of the company's stock.

Wall Street Analysts Forecast Growth

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

Cleveland-Cliffs Stock Down 3.6 %

NYSE CLF traded down $0.47 during trading hours on Friday, hitting $12.87. 15,190,309 shares of the company were exchanged, compared to its average volume of 10,209,001. Cleveland-Cliffs Inc. has a 52-week low of $10.21 and a 52-week high of $22.97. The firm has a market cap of $6.02 billion, a price-to-earnings ratio of -13.75 and a beta of 1.97. The company has a 50 day moving average of $12.63 and a two-hundred day moving average of $14.57. The company has a quick ratio of 0.60, a current ratio of 1.87 and a debt-to-equity ratio of 0.48.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last announced 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). The business had revenue of $4.57 billion for the quarter, compared to analyst estimates of $4.72 billion. Cleveland-Cliffs had a negative return on equity of 0.58% and a negative net margin of 2.31%. The business's revenue for the quarter was down 18.5% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.54 EPS. Equities research analysts anticipate that Cleveland-Cliffs Inc. will post -0.37 earnings per share 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.