3,550 Shares in Cleveland-Cliffs Inc. $CLF Bought by Trust Co. of Toledo NA OH

Trust Co. of Toledo NA OH purchased a new position in Cleveland-Cliffs Inc. (NYSE:CLF) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 3,550 shares of the mining company’s stock, valued at approximately $27,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in CLF. Woodline Partners LP purchased a new stake in Cleveland-Cliffs in the first quarter worth $22,696,000. Jump Financial LLC grew its stake in shares of Cleveland-Cliffs by 362.5% in the first quarter. Jump Financial LLC now owns 3,000,102 shares of the mining company’s stock worth $24,661,000 after acquiring an additional 2,351,372 shares during the last quarter. Allianz Asset Management GmbH grew its stake in shares of Cleveland-Cliffs by 168.8% in the first quarter. Allianz Asset Management GmbH now owns 3,555,383 shares of the mining company’s stock worth $29,225,000 after acquiring an additional 2,232,799 shares during the last quarter. Nuveen LLC purchased a new stake in shares of Cleveland-Cliffs in the first quarter worth $9,416,000. Finally, Connor Clark & Lunn Investment Management Ltd. grew its stake in shares of Cleveland-Cliffs by 231.2% in the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,561,774 shares of the mining company’s stock worth $12,838,000 after acquiring an additional 1,090,237 shares during the last quarter. 67.68% of the stock is owned by hedge funds and other institutional investors.

Cleveland-Cliffs Stock Up 4.8%

CLF stock opened at $13.81 on Tuesday. Cleveland-Cliffs Inc. has a fifty-two week low of $5.63 and a fifty-two week high of $14.51. The business’s 50-day moving average is $11.31 and its two-hundred day moving average is $9.20. The company has a debt-to-equity ratio of 1.28, a quick ratio of 0.61 and a current ratio of 2.04. The company has a market cap of $6.83 billion, a price-to-earnings ratio of -4.05 and a beta of 1.96.

Cleveland-Cliffs (NYSE:CLF) last posted its earnings results on Monday, July 21st. The mining company reported ($0.50) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.68) by $0.18. Cleveland-Cliffs had a negative return on equity of 17.97% and a negative net margin of 9.03%.The company had revenue of $4.93 billion for the quarter, compared to the consensus estimate of $4.90 billion. During the same quarter in the prior year, the company earned $0.11 earnings per share. Cleveland-Cliffs’s revenue was up 7.5% on a year-over-year basis. As a group, analysts forecast that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the company. Weiss Ratings reissued a “sell (d)” rating on shares of Cleveland-Cliffs in a research note on Wednesday, October 8th. Morgan Stanley increased their target price on Cleveland-Cliffs from $8.00 to $10.50 and gave the stock an “equal weight” rating in a research note on Tuesday, July 22nd. KeyCorp raised Cleveland-Cliffs from a “sector weight” rating to an “overweight” rating and set a $14.00 target price on the stock in a research note on Tuesday, July 22nd. JPMorgan Chase & Co. increased their target price on Cleveland-Cliffs from $10.00 to $13.00 and gave the stock a “neutral” rating in a research note on Monday. Finally, The Goldman Sachs Group increased their target price on Cleveland-Cliffs from $12.85 to $14.50 and gave the stock a “buy” rating in a research note on Thursday, October 9th. Three analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, Cleveland-Cliffs presently has a consensus rating of “Hold” and an average price target of $11.93.

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.