Cleveland-Cliffs Inc. (NYSE:CLF) Shares Purchased by Drexel Morgan & Co.

Drexel Morgan & Co. increased its position in shares of Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 3.8% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 3,200,395 shares of the mining company's stock after acquiring an additional 116,400 shares during the quarter. Cleveland-Cliffs comprises about 7.6% of Drexel Morgan & Co.'s investment portfolio, making the stock its 3rd largest position. Drexel Morgan & Co. owned approximately 0.67% of Cleveland-Cliffs worth $40,869,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Dimensional Fund Advisors LP grew its holdings in Cleveland-Cliffs by 54.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 15,906,597 shares of the mining company's stock worth $244,794,000 after acquiring an additional 5,621,797 shares during the period. AQR Capital Management LLC grew its stake in shares of Cleveland-Cliffs by 49.9% during the second quarter. AQR Capital Management LLC now owns 6,093,632 shares of the mining company's stock worth $93,172,000 after purchasing an additional 2,027,757 shares during the period. International Assets Investment Management LLC grew its stake in shares of Cleveland-Cliffs by 1,893.6% during the third quarter. International Assets Investment Management LLC now owns 1,227,848 shares of the mining company's stock worth $156,800,000 after purchasing an additional 1,166,258 shares during the period. Bank of New York Mellon Corp increased its holdings in Cleveland-Cliffs by 23.6% in the second quarter. Bank of New York Mellon Corp now owns 5,597,662 shares of the mining company's stock valued at $86,148,000 after purchasing an additional 1,069,907 shares during the last quarter. Finally, WINTON GROUP Ltd lifted its stake in Cleveland-Cliffs by 1,650.8% in the second quarter. WINTON GROUP Ltd now owns 874,464 shares of the mining company's stock valued at $13,458,000 after buying an additional 824,518 shares during the period. Institutional investors own 67.68% of the company's stock.

Analysts Set New Price Targets

A number of analysts have recently commented on the company. Citigroup lowered 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. Seaport Res Ptn raised shares of Cleveland-Cliffs from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, August 27th. Finally, Morgan Stanley reduced their price target on shares of Cleveland-Cliffs from $15.00 to $13.50 and set an "equal weight" rating on the stock in a research report on Wednesday, September 18th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $17.56.

Cleveland-Cliffs Stock Up 2.2 %

Shares of CLF stock traded up $0.28 during trading hours on Friday, hitting $13.26. 9,104,196 shares of the company were exchanged, compared to its average volume of 9,822,235. The company has a market capitalization of $6.21 billion, a PE ratio of 189.60 and a beta of 1.98. Cleveland-Cliffs Inc. has a 52 week low of $10.21 and a 52 week high of $22.97. The business has a 50 day moving average of $12.68 and a two-hundred day moving average of $14.85. The company has a current ratio of 1.87, a quick ratio of 0.60 and a debt-to-equity ratio of 0.48.

Cleveland-Cliffs Company 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.