Pekin Hardy Strauss Inc. Buys New Shares in Cleveland-Cliffs Inc. (NYSE:CLF)

Pekin Hardy Strauss Inc. acquired a new stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) in the third quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 50,800 shares of the mining company's stock, valued at approximately $649,000.

Several other hedge funds have also added to or reduced their stakes in CLF. UniSuper Management Pty Ltd grew its position in Cleveland-Cliffs by 97.2% during the 1st quarter. UniSuper Management Pty Ltd now owns 7,100 shares of the mining company's stock valued at $161,000 after purchasing an additional 3,500 shares during the last quarter. Natixis purchased a new position in Cleveland-Cliffs in the 1st quarter worth approximately $100,000. LRI Investments LLC bought a new position in Cleveland-Cliffs in the 1st quarter valued at approximately $45,000. Price T Rowe Associates Inc. MD boosted its stake in Cleveland-Cliffs by 10.6% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,884,249 shares of the mining company's stock valued at $65,589,000 after purchasing an additional 275,265 shares during the last quarter. Finally, Bayesian Capital Management LP bought a new stake in shares of Cleveland-Cliffs in the 1st quarter worth $839,000. 67.68% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the company. StockNews.com cut Cleveland-Cliffs from a "hold" rating to a "sell" rating in a research report on Thursday, November 7th. Citigroup dropped 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. Seaport Res Ptn upgraded shares of Cleveland-Cliffs from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, August 27th. Finally, Morgan Stanley lowered 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 research report on Wednesday, September 18th. Three equities research analysts have rated the stock with a sell rating, five have issued a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $17.56.

Cleveland-Cliffs Stock Performance

CLF stock traded up $0.02 during midday trading on Monday, reaching $12.49. 11,595,871 shares of the company's stock traded hands, compared to its average volume of 10,341,282. The company has a current ratio of 1.85, a quick ratio of 0.55 and a debt-to-equity ratio of 0.53. Cleveland-Cliffs Inc. has a 52-week low of $10.21 and a 52-week high of $22.97. The stock has a market cap of $6.17 billion, a P/E ratio of -12.87 and a beta of 1.97. The stock's 50-day moving average is $12.66 and its 200 day moving average is $14.02.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last posted its quarterly earnings data on Monday, November 4th. The mining company reported ($0.33) EPS for the quarter, missing the consensus estimate of ($0.31) by ($0.02). The company had revenue of $4.57 billion during the quarter, compared to analysts' expectations of $4.72 billion. Cleveland-Cliffs had a negative return on equity of 0.59% and a negative net margin of 2.31%. The company's revenue for the quarter was down 18.5% on a year-over-year basis. During the same quarter last year, the company earned $0.54 earnings per share. As a group, analysts anticipate that Cleveland-Cliffs Inc. will post -0.4 EPS for the current year.

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.