Carnegie Investment Counsel Lowers Position in Cleveland-Cliffs Inc. $CLF

Carnegie Investment Counsel cut its stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 45.2% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 57,764 shares of the mining company’s stock after selling 47,603 shares during the period. Carnegie Investment Counsel’s holdings in Cleveland-Cliffs were worth $439,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Atwood & Palmer Inc. bought a new stake in Cleveland-Cliffs during the second quarter valued at about $27,000. Trust Co. of Toledo NA OH bought a new stake in Cleveland-Cliffs during the second quarter valued at about $27,000. Migdal Insurance & Financial Holdings Ltd. bought a new stake in Cleveland-Cliffs during the first quarter valued at about $36,000. AlphaQuest LLC raised its holdings in Cleveland-Cliffs by 408,600.0% during the first quarter. AlphaQuest LLC now owns 8,174 shares of the mining company’s stock valued at $67,000 after acquiring an additional 8,172 shares during the period. Finally, Byrne Asset Management LLC raised its holdings in Cleveland-Cliffs by 44.2% during the second quarter. Byrne Asset Management LLC now owns 9,159 shares of the mining company’s stock valued at $70,000 after acquiring an additional 2,806 shares during the period. 67.68% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the company. KeyCorp raised Cleveland-Cliffs from a “sector weight” rating to an “overweight” rating and set a $14.00 price target on the stock in a report on Tuesday, July 22nd. JPMorgan Chase & Co. raised their price target on Cleveland-Cliffs from $10.00 to $13.00 and gave the company a “neutral” rating in a report on Monday, October 13th. Citigroup raised their price target on Cleveland-Cliffs from $7.50 to $11.00 and gave the company a “neutral” rating in a report on Monday, July 21st. Wells Fargo & Company restated an “underweight” rating and set a $11.00 price objective on shares of Cleveland-Cliffs in a research report on Tuesday, October 21st. Finally, Weiss Ratings restated a “sell (d)” rating on shares of Cleveland-Cliffs in a research report on Wednesday, October 8th. Three equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat, Cleveland-Cliffs has an average rating of “Hold” and a consensus price target of $12.36.

Cleveland-Cliffs Trading Up 0.5%

CLF opened at $13.13 on Monday. The firm has a market cap of $6.49 billion, a P/E ratio of -3.86 and a beta of 1.96. Cleveland-Cliffs Inc. has a 12 month low of $5.63 and a 12 month high of $16.70. The company has a current ratio of 2.04, a quick ratio of 0.61 and a debt-to-equity ratio of 1.41. The stock has a 50-day moving average of $12.00 and a 200 day moving average of $9.59.

Cleveland-Cliffs (NYSE:CLF) last released its quarterly earnings results on Monday, October 20th. The mining company reported ($0.45) EPS for the quarter, topping the consensus estimate of ($0.48) by $0.03. The company had revenue of $4.73 billion during the quarter, compared to analyst estimates of $4.90 billion. Cleveland-Cliffs had a negative return on equity of 20.02% and a negative net margin of 9.00%.The firm’s revenue was up 3.6% on a year-over-year basis. During the same quarter last year, the business posted ($0.33) earnings per share. As a group, research analysts forecast that Cleveland-Cliffs Inc. will post -0.79 EPS for the current year.

About Cleveland-Cliffs

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.