Keynote Financial Services LLC Purchases 41,568 Shares of Cleveland-Cliffs Inc. $CLF

Keynote Financial Services LLC boosted its position in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 50.9% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 123,159 shares of the mining company’s stock after acquiring an additional 41,568 shares during the period. Keynote Financial Services LLC’s holdings in Cleveland-Cliffs were worth $936,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Connor Clark & Lunn Investment Management Ltd. boosted its holdings in Cleveland-Cliffs by 231.2% in the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,561,774 shares of the mining company’s stock valued at $12,838,000 after purchasing an additional 1,090,237 shares during the period. Hunter Associates Investment Management LLC increased its holdings in shares of Cleveland-Cliffs by 43.5% in the second quarter. Hunter Associates Investment Management LLC now owns 70,898 shares of the mining company’s stock worth $538,000 after purchasing an additional 21,498 shares during the period. Nuveen LLC purchased a new stake in shares of Cleveland-Cliffs in the first quarter worth $9,416,000. Algert Global LLC bought a new stake in Cleveland-Cliffs during the first quarter valued at $442,000. Finally, Northern Trust Corp boosted its stake in Cleveland-Cliffs by 1.4% during the first quarter. Northern Trust Corp now owns 4,014,436 shares of the mining company’s stock valued at $32,999,000 after buying an additional 54,244 shares during the period. Institutional investors own 67.68% of the company’s stock.

Cleveland-Cliffs Trading Down 1.1%

Shares of CLF opened at $10.32 on Tuesday. Cleveland-Cliffs Inc. has a fifty-two week low of $5.63 and a fifty-two week high of $16.70. The firm has a market cap of $5.11 billion, a price-to-earnings ratio of -3.04 and a beta of 2.07. The firm has a 50 day moving average price of $12.29 and a 200-day moving average price of $9.95. The company has a debt-to-equity ratio of 1.41, a quick ratio of 0.61 and a current ratio of 2.04.

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

Analysts Set New Price Targets

A number of analysts have recently issued reports on CLF shares. UBS Group set a $15.00 price target on Cleveland-Cliffs in a research report on Monday, October 27th. Morgan Stanley raised their target price on shares of Cleveland-Cliffs from $8.00 to $10.50 and gave the company an “equal weight” rating in a research note on Tuesday, July 22nd. KeyCorp dropped their target price on shares of Cleveland-Cliffs from $15.00 to $13.00 and set an “overweight” rating for the company in a research report on Monday. The Goldman Sachs Group increased their price target on shares of Cleveland-Cliffs from $14.50 to $16.00 and gave the stock a “buy” rating in a report on Friday, October 31st. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Cleveland-Cliffs in a research report on Thursday, October 30th. Three investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $12.68.

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.