Carnegie Investment Counsel Has $1.39 Million Stock Position in Cleveland-Cliffs Inc. (NYSE:CLF)

Carnegie Investment Counsel increased its stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 17.9% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 90,057 shares of the mining company’s stock after buying an additional 13,662 shares during the period. Carnegie Investment Counsel’s holdings in Cleveland-Cliffs were worth $1,386,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in CLF. Norges Bank acquired a new position in Cleveland-Cliffs during the 4th quarter valued at about $117,585,000. Peconic Partners LLC acquired a new position in Cleveland-Cliffs during the 4th quarter valued at about $42,370,000. Bank of Nova Scotia acquired a new position in Cleveland-Cliffs during the 4th quarter valued at about $22,937,000. Edmond DE Rothschild Holding S.A. acquired a new position in Cleveland-Cliffs during the 4th quarter valued at about $10,210,000. Finally, Castle Hook Partners LP lifted its position in Cleveland-Cliffs by 13.8% during the 1st quarter. Castle Hook Partners LP now owns 3,374,716 shares of the mining company’s stock valued at $76,741,000 after purchasing an additional 410,182 shares during the period. 67.68% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the stock. Morgan Stanley cut their target price on shares of Cleveland-Cliffs from $17.50 to $15.00 and set an “equal weight” rating on the stock in a research report on Thursday, August 15th. B. Riley reaffirmed a “buy” rating and issued 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 Cleveland-Cliffs from $20.00 to $18.00 and set a “neutral” rating for the company in a research note on Wednesday, June 26th. JPMorgan Chase & Co. cut Cleveland-Cliffs from an “overweight” rating to a “neutral” rating and lowered their price target for the company from $23.00 to $17.00 in a research note on Tuesday, June 11th. Finally, Jefferies Financial Group began coverage on Cleveland-Cliffs in a research note on Monday, May 20th. They issued a “buy” rating and a $22.00 price target for the company. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, Cleveland-Cliffs presently has an average rating of “Hold” and an average price target of $18.94.

Cleveland-Cliffs Stock Up 2.4 %

NYSE CLF traded up $0.30 during trading hours on Wednesday, reaching $12.70. 2,402,856 shares of the company’s stock were exchanged, compared to its average volume of 8,899,824. The company’s 50-day moving average is $14.68 and its two-hundred day moving average is $17.74. Cleveland-Cliffs Inc. has a one year low of $12.39 and a one year high of $22.97. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.60 and a current ratio of 1.87. The company has a market capitalization of $6.04 billion, a price-to-earnings ratio of 16.76, a price-to-earnings-growth ratio of 1.94 and a beta of 2.03.

Cleveland-Cliffs (NYSE:CLF) last posted its earnings results on Monday, July 22nd. The mining company reported $0.11 earnings per share (EPS) for the quarter. Cleveland-Cliffs had a return on equity of 4.94% and a net margin of 0.21%. The business had revenue of $5.09 billion during the quarter, compared to analysts’ expectations of $5.18 billion. During the same period in the prior year, the business earned $0.69 EPS. Cleveland-Cliffs’s revenue for the quarter was down 14.9% compared to the same quarter last year. On average, analysts forecast that Cleveland-Cliffs Inc. will post 0.17 EPS for the current fiscal year.

Insider Transactions at Cleveland-Cliffs

In other Cleveland-Cliffs news, Director Ben Oren purchased 6,700 shares of the firm’s stock in a transaction dated Wednesday, June 12th. The stock was bought at an average cost of $14.99 per share, with a total value of $100,433.00. Following the purchase, the director now directly owns 14,167 shares of the company’s stock, valued at $212,363.33. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. In related news, CFO Celso L. Goncalves, Jr. acquired 7,250 shares of the business’s stock in a transaction dated Wednesday, June 12th. The stock was bought at an average price of $14.98 per share, with a total value of $108,605.00. Following the acquisition, the chief financial officer now owns 314,362 shares in the company, valued at approximately $4,709,142.76. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Ben Oren acquired 6,700 shares of the business’s stock in a transaction dated Wednesday, June 12th. The stock was bought at an average cost of $14.99 per share, with a total value of $100,433.00. Following the acquisition, the director now owns 14,167 shares in the company, valued at approximately $212,363.33. The disclosure for this purchase can be found here. Company insiders own 1.76% of the company’s stock.

Cleveland-Cliffs 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.