Keynote Financial Services LLC Purchases 5,230 Shares of Cleveland-Cliffs Inc. (NYSE:CLF)

Keynote Financial Services LLC increased its holdings in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 29.3% in the third quarter, according to its most recent disclosure with the SEC. The firm owned 23,092 shares of the mining company’s stock after purchasing an additional 5,230 shares during the period. Keynote Financial Services LLC’s holdings in Cleveland-Cliffs were worth $295,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of the business. Altshuler Shaham Ltd acquired a new position in shares of Cleveland-Cliffs during the 2nd quarter worth approximately $26,000. Hobbs Group Advisors LLC acquired a new position in shares of Cleveland-Cliffs in the second quarter valued at $31,000. Gradient Investments LLC raised its position in shares of Cleveland-Cliffs by 138.8% in the second quarter. Gradient Investments LLC now owns 2,149 shares of the mining company’s stock valued at $33,000 after purchasing an additional 1,249 shares during the period. EverSource Wealth Advisors LLC lifted its stake in shares of Cleveland-Cliffs by 247.8% during the 1st quarter. EverSource Wealth Advisors LLC now owns 1,885 shares of the mining company’s stock worth $43,000 after buying an additional 1,343 shares during the last quarter. Finally, LRI Investments LLC bought a new stake in shares of Cleveland-Cliffs during the 1st quarter worth about $45,000. Institutional investors and hedge funds own 67.68% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the stock. StockNews.com cut shares of Cleveland-Cliffs from a “hold” rating to a “sell” rating in a report on Thursday. Seaport Res Ptn upgraded Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, August 27th. Morgan Stanley reduced their price target on Cleveland-Cliffs from $15.00 to $13.50 and set an “equal weight” rating for the company in a research note on Wednesday, September 18th. Finally, Citigroup lowered their price objective on Cleveland-Cliffs from $18.00 to $12.50 and set a “neutral” rating on the stock in a research report on Tuesday, September 10th. Three research analysts have rated the stock with a sell rating, five have issued a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Cleveland-Cliffs presently has a consensus rating of “Hold” and an average price target of $17.56.

Cleveland-Cliffs Stock Performance

CLF opened at $13.34 on Friday. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.60 and a current ratio of 1.87. Cleveland-Cliffs Inc. has a 52-week low of $10.21 and a 52-week high of $22.97. The firm has a market cap of $6.24 billion, a P/E ratio of -13.75 and a beta of 1.97. The business’s fifty day moving average is $12.63 and its 200-day moving average is $14.57.

Cleveland-Cliffs (NYSE:CLF) last released its earnings results on Monday, November 4th. The mining company reported ($0.33) EPS 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 0.58%. The firm had revenue of $4.57 billion during the quarter, compared to the consensus estimate of $4.72 billion. During the same period in the prior year, the business earned $0.54 earnings per share. Cleveland-Cliffs’s quarterly revenue was down 18.5% compared to the same quarter last year. Sell-side analysts expect that Cleveland-Cliffs Inc. will post -0.37 EPS for the current fiscal year.

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.