SFE Investment Counsel Increases Holdings in Cleveland-Cliffs Inc. (NYSE:CLF)

SFE Investment Counsel raised its stake in Cleveland-Cliffs Inc. (NYSE:CLF) by 14.2% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 868,670 shares of the mining company’s stock after purchasing an additional 107,936 shares during the quarter. Cleveland-Cliffs comprises about 2.3% of SFE Investment Counsel’s investment portfolio, making the stock its 12th biggest position. SFE Investment Counsel owned 0.18% of Cleveland-Cliffs worth $11,093,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently modified their holdings of CLF. Altshuler Shaham Ltd purchased a new position in shares of Cleveland-Cliffs in the second quarter valued at $26,000. Hobbs Group Advisors LLC acquired a new stake in shares of Cleveland-Cliffs during the second quarter valued at about $31,000. Gradient Investments LLC increased its position in shares of Cleveland-Cliffs by 138.8% during the second quarter. Gradient Investments LLC now owns 2,149 shares of the mining company’s stock worth $33,000 after acquiring an additional 1,249 shares during the last quarter. Hexagon Capital Partners LLC lifted its stake in shares of Cleveland-Cliffs by 41.7% in the first quarter. Hexagon Capital Partners LLC now owns 1,700 shares of the mining company’s stock worth $39,000 after acquiring an additional 500 shares in the last quarter. Finally, EverSource Wealth Advisors LLC boosted its holdings in Cleveland-Cliffs by 247.8% in the first quarter. EverSource Wealth Advisors LLC now owns 1,885 shares of the mining company’s stock valued at $43,000 after purchasing an additional 1,343 shares during the last quarter. Institutional investors and hedge funds own 67.68% of the company’s stock.

Cleveland-Cliffs Trading Up 4.6 %

NYSE CLF opened at $13.67 on Tuesday. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.60 and a current ratio of 1.87. Cleveland-Cliffs Inc. has a one year low of $10.21 and a one year high of $22.97. The company has a 50-day simple moving average of $12.65 and a 200-day simple moving average of $14.93. The firm has a market capitalization of $6.50 billion, a PE ratio of 18.47 and a beta of 1.98.

Analyst Upgrades and Downgrades

CLF has been the topic of several analyst reports. Seaport Res Ptn upgraded Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a report on Tuesday, August 27th. Citigroup cut their price target on shares of Cleveland-Cliffs from $18.00 to $12.50 and set a “neutral” rating on the stock in a report on Tuesday, September 10th. Finally, Morgan Stanley decreased their price objective on shares of Cleveland-Cliffs from $15.00 to $13.50 and set an “equal weight” rating for the company in a report on Wednesday, September 18th. Two analysts have rated the stock with a sell rating, six have issued a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $17.56.

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.