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Neo Ivy Capital Management Makes New $1.44 Million Investment in Cleveland-Cliffs Inc. (NYSE:CLF)

Cleveland-Cliffs logo with Basic Materials background

Neo Ivy Capital Management acquired a new position in Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 113,148 shares of the mining company's stock, valued at approximately $1,444,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Altshuler Shaham Ltd purchased a new position in Cleveland-Cliffs in the second quarter worth $26,000. Strengthening Families & Communities LLC grew its holdings in Cleveland-Cliffs by 299.8% in the third quarter. Strengthening Families & Communities LLC now owns 1,987 shares of the mining company's stock worth $25,000 after purchasing an additional 1,490 shares during the last quarter. Hobbs Group Advisors LLC purchased a new position in Cleveland-Cliffs in the second quarter worth $31,000. Gradient Investments LLC grew its holdings in shares of Cleveland-Cliffs by 138.8% during the second quarter. Gradient Investments LLC now owns 2,149 shares of the mining company's stock valued at $33,000 after buying an additional 1,249 shares during the last quarter. Finally, Darwin Wealth Management LLC purchased a new stake in shares of Cleveland-Cliffs during the third quarter valued at $34,000. 67.68% of the stock is owned by hedge funds and other institutional investors.

Cleveland-Cliffs Trading Down 2.5 %

Shares of Cleveland-Cliffs stock traded down $0.30 during mid-day trading on Wednesday, hitting $11.92. The stock had a trading volume of 5,963,825 shares, compared to its average volume of 10,376,697. The firm has a 50-day moving average of $12.67 and a two-hundred day moving average of $13.63. 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. The firm has a market cap of $5.89 billion, a P/E ratio of -12.60 and a beta of 1.93.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last posted its quarterly earnings results on Monday, November 4th. The mining company reported ($0.33) earnings per share for the quarter, missing the consensus estimate 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 firm had revenue of $4.57 billion during the quarter, compared to analysts' expectations of $4.72 billion. During the same period last year, the company earned $0.54 EPS. The business's quarterly revenue was down 18.5% on a year-over-year basis. Sell-side analysts forecast that Cleveland-Cliffs Inc. will post -0.45 earnings per share for the current year.

Analyst Ratings Changes

A number of brokerages have recently weighed in on CLF. Morgan Stanley dropped their price objective on shares of Cleveland-Cliffs from $15.00 to $13.50 and set an "equal weight" rating on the stock in a report on Wednesday, September 18th. Seaport Res Ptn raised shares of Cleveland-Cliffs from a "hold" rating to a "strong-buy" rating in a report on Tuesday, August 27th. Citigroup lowered their price target on shares of Cleveland-Cliffs from $18.00 to $12.50 and set a "neutral" rating on the stock in a report on Tuesday, September 10th. The Goldman Sachs Group initiated coverage on shares of Cleveland-Cliffs in a research report on Monday, December 2nd. They issued a "buy" rating and a $16.00 price objective for the company. Finally, StockNews.com downgraded shares of Cleveland-Cliffs from a "hold" rating to a "sell" rating in a research report on Thursday, November 7th. Three analysts have rated the stock with a sell rating, five have assigned a hold rating, three have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Cleveland-Cliffs has an average rating of "Hold" and an average target price of $17.39.

Read Our Latest Stock Analysis on CLF

Cleveland-Cliffs Company Profile

(Free Report)

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.

See Also

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

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