Edge Wealth Management LLC bought a new position in shares of Cleveland-Cliffs Inc (NYSE:CLF) in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 10,000 shares of the mining company’s stock, valued at approximately $127,000.
Other hedge funds have also modified their holdings of the company. NEXT Financial Group Inc purchased a new position in shares of Cleveland-Cliffs during the 3rd quarter worth approximately $122,000. Tower Research Capital LLC TRC raised its stake in shares of Cleveland-Cliffs by 1,248.2% during the 2nd quarter. Tower Research Capital LLC TRC now owns 11,999 shares of the mining company’s stock worth $101,000 after buying an additional 11,109 shares in the last quarter. Trexquant Investment LP purchased a new position in shares of Cleveland-Cliffs during the 2nd quarter worth approximately $131,000. Baird Financial Group Inc. raised its stake in shares of Cleveland-Cliffs by 67.3% during the 2nd quarter. Baird Financial Group Inc. now owns 18,643 shares of the mining company’s stock worth $157,000 after buying an additional 7,500 shares in the last quarter. Finally, Bank of Nova Scotia purchased a new position in shares of Cleveland-Cliffs during the 2nd quarter worth approximately $165,000. 68.59% of the stock is owned by institutional investors and hedge funds.
CLF has been the subject of several research analyst reports. B. Riley set a $15.00 price objective on Cleveland-Cliffs and gave the company a “buy” rating in a research note on Wednesday, September 26th. Macquarie initiated coverage on Cleveland-Cliffs in a research note on Tuesday, June 26th. They issued an “outperform” rating for the company. Seaport Global Securities set a $13.00 price objective on Cleveland-Cliffs and gave the company a “buy” rating in a research note on Monday, July 23rd. ValuEngine raised Cleveland-Cliffs from a “sell” rating to a “hold” rating in a research note on Friday, July 20th. Finally, Zacks Investment Research downgraded Cleveland-Cliffs from a “buy” rating to a “hold” rating in a research note on Friday, October 5th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and eight have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $11.91.
NYSE CLF opened at $11.34 on Tuesday. Cleveland-Cliffs Inc has a 1-year low of $5.60 and a 1-year high of $13.10. The company has a market capitalization of $3.29 billion, a P/E ratio of 22.68 and a beta of 1.70. The company has a quick ratio of 3.61, a current ratio of 4.34 and a debt-to-equity ratio of -26.68.
Cleveland-Cliffs (NYSE:CLF) last released its quarterly earnings data on Friday, October 19th. The mining company reported $0.64 earnings per share for the quarter, missing the consensus estimate of $0.66 by ($0.02). Cleveland-Cliffs had a net margin of 36.43% and a negative return on equity of 146.72%. The firm had revenue of $742.00 million during the quarter, compared to analysts’ expectations of $736.06 million. During the same period in the previous year, the business earned $0.36 earnings per share. The business’s revenue for the quarter was up 6.3% on a year-over-year basis. On average, equities research analysts expect that Cleveland-Cliffs Inc will post 2.06 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, January 15th. Shareholders of record on Friday, January 4th will be issued a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a yield of 1.76%. The ex-dividend date is Thursday, January 3rd.
Cleveland-Cliffs Inc operates as an iron ore mining company in the United States. The company operates four iron ore mines in Michigan and Minnesota; and Koolyanobbing iron ore mining complex located in Western Australia. It sells its products to integrated steel companies and steel producers in the United States and the Asia Pacific.
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