Concord Asset Management LLC VA Makes New $77,000 Investment in Cleveland-Cliffs Inc. $CLF

Concord Asset Management LLC VA acquired a new stake in Cleveland-Cliffs Inc. (NYSE:CLF) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 10,068 shares of the mining company’s stock, valued at approximately $77,000.

Other large investors also recently modified their holdings of the company. Woodline Partners LP bought a new stake in shares of Cleveland-Cliffs during the first quarter valued at approximately $22,696,000. Jump Financial LLC lifted its holdings in Cleveland-Cliffs by 362.5% during the 1st quarter. Jump Financial LLC now owns 3,000,102 shares of the mining company’s stock worth $24,661,000 after buying an additional 2,351,372 shares in the last quarter. Allianz Asset Management GmbH boosted its position in Cleveland-Cliffs by 168.8% in the 1st quarter. Allianz Asset Management GmbH now owns 3,555,383 shares of the mining company’s stock valued at $29,225,000 after buying an additional 2,232,799 shares during the last quarter. Nuveen LLC acquired a new stake in shares of Cleveland-Cliffs in the 1st quarter valued at $9,416,000. Finally, Connor Clark & Lunn Investment Management Ltd. raised its position in shares of Cleveland-Cliffs by 231.2% during 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 currently owned by institutional investors and hedge funds.

Cleveland-Cliffs Price Performance

CLF opened at $13.81 on Tuesday. The stock has a market cap of $6.83 billion, a P/E ratio of -4.05 and a beta of 1.96. The company has a quick ratio of 0.61, a current ratio of 2.04 and a debt-to-equity ratio of 1.28. The company has a fifty day simple moving average of $11.31 and a 200 day simple moving average of $9.20. Cleveland-Cliffs Inc. has a 12 month low of $5.63 and a 12 month high of $14.51.

Cleveland-Cliffs (NYSE:CLF) last issued its quarterly earnings data on Monday, July 21st. The mining company reported ($0.50) earnings per share (EPS) for the quarter, beating the consensus estimate 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 business had revenue of $4.93 billion during the quarter, compared to analyst estimates of $4.90 billion. During the same period in the previous year, the firm earned $0.11 EPS. Cleveland-Cliffs’s quarterly revenue was up 7.5% compared to the same quarter last year. On average, research analysts expect that Cleveland-Cliffs Inc. will post -0.79 EPS for the current year.

Analyst Ratings Changes

Several research firms recently issued reports on CLF. Morgan Stanley raised their price target on Cleveland-Cliffs from $8.00 to $10.50 and gave the company an “equal weight” rating in a report on Tuesday, July 22nd. Citigroup upped their target price on shares of Cleveland-Cliffs from $7.50 to $11.00 and gave the company a “neutral” rating in a research report on Monday, July 21st. Weiss Ratings reiterated a “sell (d)” rating on shares of Cleveland-Cliffs in a research report on Wednesday, October 8th. JPMorgan Chase & Co. boosted their price target on shares of Cleveland-Cliffs from $10.00 to $13.00 and gave the stock a “neutral” rating in a research note on Monday. Finally, Wells Fargo & Company raised their price objective on shares of Cleveland-Cliffs from $10.00 to $11.00 and gave the company an “equal weight” rating in a research note on Monday, September 15th. Three investment analysts have rated the stock with a Buy rating, five have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, Cleveland-Cliffs currently has an average rating of “Hold” and a consensus target price of $11.93.

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.