Hourglass Capital LLC Invests $564,000 in Cleveland-Cliffs Inc. (NYSE:CLF)

Hourglass Capital LLC acquired a new position in Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 60,000 shares of the mining company's stock, valued at approximately $564,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Strategic Financial Concepts LLC bought a new stake in shares of Cleveland-Cliffs in the 4th quarter worth approximately $442,000. Rhumbline Advisers boosted its position in shares of Cleveland-Cliffs by 3.4% in the 4th quarter. Rhumbline Advisers now owns 1,366,077 shares of the mining company's stock worth $12,841,000 after purchasing an additional 45,522 shares in the last quarter. Vontobel Holding Ltd. boosted its position in shares of Cleveland-Cliffs by 109.0% in the 4th quarter. Vontobel Holding Ltd. now owns 52,019 shares of the mining company's stock worth $489,000 after purchasing an additional 27,127 shares in the last quarter. Van ECK Associates Corp boosted its position in shares of Cleveland-Cliffs by 11.9% in the 4th quarter. Van ECK Associates Corp now owns 351,212 shares of the mining company's stock worth $3,301,000 after purchasing an additional 37,343 shares in the last quarter. Finally, Louisiana State Employees Retirement System boosted its position in shares of Cleveland-Cliffs by 3.6% in the 4th quarter. Louisiana State Employees Retirement System now owns 134,400 shares of the mining company's stock worth $1,263,000 after purchasing an additional 4,700 shares in the last quarter. 67.68% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on CLF. Citigroup dropped their price target on Cleveland-Cliffs from $12.50 to $11.00 and set a "neutral" rating on the stock in a research report on Thursday, December 19th. Glj Research upgraded shares of Cleveland-Cliffs from a "sell" rating to a "buy" rating and set a $14.27 price objective for the company in a report on Tuesday, January 7th. StockNews.com lowered shares of Cleveland-Cliffs from a "hold" rating to a "sell" rating in a report on Thursday, November 7th. Morgan Stanley decreased their price objective on shares of Cleveland-Cliffs from $13.00 to $11.00 and set an "equal weight" rating for the company in a report on Monday, February 3rd. Finally, The Goldman Sachs Group began coverage on shares of Cleveland-Cliffs in a report on Monday, December 2nd. They issued a "buy" rating and a $16.00 price objective for the company. Three investment analysts have rated the stock with a sell rating, four have assigned a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Cleveland-Cliffs has an average rating of "Hold" and an average price target of $16.68.

Cleveland-Cliffs Stock Performance

CLF traded down $0.14 during mid-day trading on Wednesday, reaching $11.89. 15,238,344 shares of the company traded hands, compared to its average volume of 16,318,071. The stock has a market capitalization of $5.87 billion, a P/E ratio of -12.25 and a beta of 1.96. The company has a quick ratio of 0.55, a current ratio of 1.85 and a debt-to-equity ratio of 0.53. The company's fifty day moving average price is $10.17 and its 200-day moving average price is $11.74. Cleveland-Cliffs Inc. has a 52-week low of $8.99 and a 52-week high of $22.97.

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.