National Bank of Canada FI Purchases 255,653 Shares of Cleveland-Cliffs Inc. (NYSE:CLF)

National Bank of Canada FI grew its position in Cleveland-Cliffs Inc. (NYSE:CLF) by 3,033.4% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 264,081 shares of the mining company’s stock after purchasing an additional 255,653 shares during the quarter. National Bank of Canada FI owned approximately 0.05% of Cleveland-Cliffs worth $3,372,000 as of its most recent filing with the SEC.

Other institutional investors also recently modified their holdings of the company. Altus Wealth Group LLC grew its stake in Cleveland-Cliffs by 7.2% during the third quarter. Altus Wealth Group LLC now owns 11,900 shares of the mining company’s stock worth $152,000 after purchasing an additional 800 shares during the period. Benjamin F. Edwards & Company Inc. grew its position in shares of Cleveland-Cliffs by 7.8% during the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 13,066 shares of the mining company’s stock worth $201,000 after buying an additional 949 shares during the period. Clear Creek Financial Management LLC increased its stake in shares of Cleveland-Cliffs by 6.9% in the 2nd quarter. Clear Creek Financial Management LLC now owns 15,450 shares of the mining company’s stock valued at $238,000 after acquiring an additional 1,000 shares in the last quarter. DekaBank Deutsche Girozentrale lifted its position in shares of Cleveland-Cliffs by 3.2% during the 3rd quarter. DekaBank Deutsche Girozentrale now owns 40,408 shares of the mining company’s stock valued at $515,000 after acquiring an additional 1,237 shares during the period. Finally, Gradient Investments LLC boosted its stake in Cleveland-Cliffs by 138.8% during the second quarter. Gradient Investments LLC now owns 2,149 shares of the mining company’s stock worth $33,000 after acquiring an additional 1,249 shares in the last quarter. 67.68% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

CLF has been the topic of several research reports. Morgan Stanley dropped 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 report on Wednesday, September 18th. Seaport Res Ptn raised Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, August 27th. Citigroup reduced their price objective 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. StockNews.com lowered Cleveland-Cliffs from a “hold” rating to a “sell” rating in a research report on Thursday, November 7th. Finally, The Goldman Sachs Group began coverage on shares of Cleveland-Cliffs in a research report on Monday, December 2nd. They issued a “buy” rating and a $16.00 price target for the company. Three equities research analysts have rated the stock with a sell rating, five have issued a hold rating, three 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 a consensus price target of $17.39.

Cleveland-Cliffs Stock Performance

NYSE CLF opened at $10.21 on Friday. The company has a fifty day moving average price of $12.55 and a 200-day moving average price of $13.55. The firm has a market cap of $5.04 billion, a price-to-earnings ratio of -10.52 and a beta of 1.92. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.85 and a quick ratio of 0.55. Cleveland-Cliffs Inc. has a 1 year low of $10.18 and a 1 year high of $22.97.

Cleveland-Cliffs (NYSE:CLF) last issued its quarterly earnings data on Monday, November 4th. The mining company reported ($0.33) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.31) by ($0.02). Cleveland-Cliffs had a negative return on equity of 0.59% and a negative net margin of 2.31%. 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 previous year, the company posted $0.54 earnings per share. The company’s revenue for the quarter was down 18.5% on a year-over-year basis. As a group, equities research analysts predict that Cleveland-Cliffs Inc. will post -0.45 EPS for the current fiscal year.

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.