Elkhorn Partners Limited Partnership Has $977,000 Stake in Cleveland-Cliffs Inc. (NYSE:CLF)

Elkhorn Partners Limited Partnership boosted its holdings in Cleveland-Cliffs Inc. (NYSE:CLF) by 225.6% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 63,500 shares of the mining company’s stock after purchasing an additional 44,000 shares during the period. Cleveland-Cliffs makes up 0.7% of Elkhorn Partners Limited Partnership’s portfolio, making the stock its 9th largest position. Elkhorn Partners Limited Partnership’s holdings in Cleveland-Cliffs were worth $977,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in CLF. Norges Bank bought a new stake in Cleveland-Cliffs in the fourth quarter worth $117,585,000. Dimensional Fund Advisors LP raised its stake in shares of Cleveland-Cliffs by 54.7% during the second quarter. Dimensional Fund Advisors LP now owns 15,906,597 shares of the mining company’s stock valued at $244,794,000 after acquiring an additional 5,621,797 shares during the last quarter. Peconic Partners LLC bought a new position in shares of Cleveland-Cliffs during the fourth quarter valued at about $42,370,000. Bank of Nova Scotia bought a new position in shares of Cleveland-Cliffs during the fourth quarter valued at about $22,937,000. Finally, Bank of New York Mellon Corp raised its stake in shares of Cleveland-Cliffs by 23.6% during the second quarter. Bank of New York Mellon Corp now owns 5,597,662 shares of the mining company’s stock valued at $86,148,000 after acquiring an additional 1,069,907 shares during the last quarter. 67.68% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently commented on CLF shares. Citigroup lowered their price objective on shares of Cleveland-Cliffs from $18.00 to $12.50 and set a “neutral” rating for the company in a research note on Tuesday, September 10th. Morgan Stanley reaffirmed an “equal weight” rating and set a $15.00 price objective on shares of Cleveland-Cliffs in a research note on Tuesday. JPMorgan Chase & Co. downgraded shares of Cleveland-Cliffs from an “overweight” rating to a “neutral” rating and lowered their price objective for the company from $23.00 to $17.00 in a research note on Tuesday, June 11th. B. Riley reissued a “buy” rating and issued a $23.00 price target on shares of Cleveland-Cliffs in a research note on Tuesday, June 25th. Finally, Seaport Res Ptn raised shares of Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, August 27th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating, two have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $17.75.

Cleveland-Cliffs Stock Up 0.5 %

Shares of Cleveland-Cliffs stock opened at $11.81 on Wednesday. The company has a market cap of $5.62 billion, a price-to-earnings ratio of 15.96, a price-to-earnings-growth ratio of 21.57 and a beta of 1.97. The company’s 50 day moving average is $13.64 and its 200 day moving average is $16.73. Cleveland-Cliffs Inc. has a twelve month low of $10.21 and a twelve month high of $22.97. The company has a quick ratio of 0.60, a current ratio of 1.87 and a debt-to-equity ratio of 0.48.

Cleveland-Cliffs (NYSE:CLF) last issued its quarterly earnings data on Monday, July 22nd. The mining company reported $0.11 earnings per share for the quarter. The company had revenue of $5.09 billion for the quarter, compared to the consensus estimate of $5.18 billion. Cleveland-Cliffs had a net margin of 0.21% and a return on equity of 4.94%. The firm’s revenue for the quarter was down 14.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.69 earnings per share. Research analysts anticipate that Cleveland-Cliffs Inc. will post 0.01 EPS for the current 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.