Truvestments Capital LLC Makes New Investment in Cleveland-Cliffs Inc. (NYSE:CLF)

Truvestments Capital LLC acquired a new stake in Cleveland-Cliffs Inc. (NYSE:CLF) in the third quarter, HoldingsChannel.com reports. The fund acquired 2,697 shares of the mining company’s stock, valued at approximately $34,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Strengthening Families & Communities LLC raised its stake in Cleveland-Cliffs by 299.8% in the 3rd quarter. Strengthening Families & Communities LLC now owns 1,987 shares of the mining company’s stock valued at $25,000 after acquiring an additional 1,490 shares during the period. Altshuler Shaham Ltd acquired a new position in shares of Cleveland-Cliffs in the second quarter valued at $26,000. Hobbs Group Advisors LLC bought a new position in shares of Cleveland-Cliffs in the second quarter valued at about $31,000. Gradient Investments LLC lifted its stake 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 buying an additional 1,249 shares during the last quarter. Finally, Darwin Wealth Management LLC bought a new stake in shares of Cleveland-Cliffs during the 3rd quarter worth about $34,000. 67.68% of the stock is currently owned by institutional investors.

Cleveland-Cliffs Stock Performance

NYSE:CLF opened at $12.15 on Thursday. The company has a market cap of $6.00 billion, a price-to-earnings ratio of -12.52 and a beta of 1.97. Cleveland-Cliffs Inc. has a fifty-two week low of $10.21 and a fifty-two week high of $22.97. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.55 and a current ratio of 1.85. The stock has a fifty day moving average price of $12.66 and a 200-day moving average price of $13.99.

Cleveland-Cliffs (NYSE:CLF) last posted its quarterly earnings data on Monday, November 4th. The mining company reported ($0.33) earnings per share for the quarter, missing the consensus estimate of ($0.31) by ($0.02). The firm had revenue of $4.57 billion for the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same period in the prior year, the company earned $0.54 EPS. As a group, equities analysts anticipate that Cleveland-Cliffs Inc. will post -0.4 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research firms have weighed in on CLF. Seaport Res Ptn raised shares of Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a report on Tuesday, August 27th. StockNews.com cut Cleveland-Cliffs from a “hold” rating to a “sell” rating in a report on Thursday, November 7th. 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 analysts have rated the stock with a sell rating, five have assigned a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Cleveland-Cliffs has a consensus rating of “Hold” and an average price target of $17.56.

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.