Sagefield Capital LP Grows Stake in Cleveland-Cliffs Inc. (NYSE:CLF)

Sagefield Capital LP raised its holdings in shares of Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 40.3% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 333,757 shares of the mining company's stock after acquiring an additional 95,844 shares during the quarter. Sagefield Capital LP owned approximately 0.07% of Cleveland-Cliffs worth $5,137,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Altshuler Shaham Ltd purchased a new position in Cleveland-Cliffs during the second quarter valued at $26,000. Hobbs Group Advisors LLC purchased a new stake in shares of Cleveland-Cliffs during the 2nd quarter worth approximately $31,000. Gradient Investments LLC raised its holdings in shares of 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 in the last quarter. Rise Advisors LLC boosted its position in shares of Cleveland-Cliffs by 2,858.0% during the 1st quarter. Rise Advisors LLC now owns 1,479 shares of the mining company's stock valued at $34,000 after acquiring an additional 1,429 shares during the last quarter. Finally, Hexagon Capital Partners LLC grew its holdings in shares of Cleveland-Cliffs by 41.7% in the first quarter. Hexagon Capital Partners LLC now owns 1,700 shares of the mining company's stock valued at $39,000 after purchasing an additional 500 shares in the last quarter. 67.68% of the stock is currently owned by hedge funds and other institutional investors.

Cleveland-Cliffs Trading Up 4.7 %

Shares of CLF stock traded up $0.56 on Tuesday, reaching $12.43. 16,205,372 shares of the company's stock were exchanged, compared to its average volume of 9,818,196. The company's fifty day simple moving average is $13.25 and its 200 day simple moving average is $16.43. Cleveland-Cliffs Inc. has a 52 week low of $10.21 and a 52 week high of $22.97. The company has a current ratio of 1.87, a quick ratio of 0.60 and a debt-to-equity ratio of 0.48. The stock has a market capitalization of $5.91 billion, a PE ratio of 17.15, a P/E/G ratio of 21.57 and a beta of 1.97.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last released its earnings results on Monday, July 22nd. The mining company reported $0.11 earnings per share for the quarter. The business had revenue of $5.09 billion during the quarter, compared to the consensus estimate of $5.18 billion. Cleveland-Cliffs had a return on equity of 4.94% and a net margin of 0.21%. The business's revenue for the quarter was down 14.9% compared to the same quarter last year. During the same period last year, the company earned $0.69 earnings per share. As a group, analysts forecast that Cleveland-Cliffs Inc. will post 0.01 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the stock. B. Riley reaffirmed a "buy" rating and set a $23.00 price target on shares of Cleveland-Cliffs in a research note on Tuesday, June 25th. Bank of America lowered their price target on shares of Cleveland-Cliffs from $20.00 to $18.00 and set a "neutral" rating for the company in a report on Wednesday, June 26th. Morgan Stanley reduced their price objective 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 lowered their price objective 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. Finally, JPMorgan Chase & Co. downgraded Cleveland-Cliffs from an "overweight" rating to a "neutral" rating and cut their target price for the company from $23.00 to $17.00 in a research report on Tuesday, June 11th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $17.56.

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.