Cleveland-Cliffs Inc. (NYSE:CLF) Stake Increased by Allworth Financial LP

Posted by on Oct 5th, 2023

Allworth Financial LP increased its stake in Cleveland-Cliffs Inc. (NYSE:CLF – Free Report) by 181.0% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,717 shares of the mining company’s stock after buying an additional 1,750 shares during the period. Allworth Financial LP’s holdings in Cleveland-Cliffs were worth $46,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Zullo Investment Group Inc. boosted its holdings in shares of Cleveland-Cliffs by 11.1% during the fourth quarter. Zullo Investment Group Inc. now owns 5,000 shares of the mining company’s stock valued at $81,000 after acquiring an additional 500 shares during the period. Quadrant Capital Group LLC raised its holdings in Cleveland-Cliffs by 17.5% during the 4th quarter. Quadrant Capital Group LLC now owns 3,612 shares of the mining company’s stock worth $58,000 after buying an additional 537 shares during the period. Stonebridge Capital Advisors LLC increased its holdings in shares of Cleveland-Cliffs by 20.0% in the 4th quarter. Stonebridge Capital Advisors LLC now owns 3,600 shares of the mining company’s stock valued at $58,000 after purchasing an additional 600 shares during the period. Cibc World Market Inc. grew its stake in shares of Cleveland-Cliffs by 1.1% in the 1st quarter. Cibc World Market Inc. now owns 58,149 shares of the mining company’s stock valued at $1,873,000 after buying an additional 623 shares in the last quarter. Finally, Fifth Third Bancorp grew its stake in shares of Cleveland-Cliffs by 20.6% in the 1st quarter. Fifth Third Bancorp now owns 3,899 shares of the mining company’s stock valued at $71,000 after buying an additional 667 shares in the last quarter. Institutional investors own 60.97% of the company’s stock.

Cleveland-Cliffs Price Performance

Shares of CLF stock opened at $15.19 on Thursday. The company has a quick ratio of 0.72, a current ratio of 2.10 and a debt-to-equity ratio of 0.49. The company has a market cap of $7.73 billion, a P/E ratio of 34.52 and a beta of 2.20. Cleveland-Cliffs Inc. has a twelve month low of $11.82 and a twelve month high of $22.83. The business has a fifty day simple moving average of $15.23 and a 200 day simple moving average of $15.89.

Cleveland-Cliffs (NYSE:CLF – Get Free Report) last released its earnings results on Monday, July 24th. The mining company reported $0.69 EPS for the quarter, missing the consensus estimate of $0.70 by ($0.01). Cleveland-Cliffs had a return on equity of 3.77% and a net margin of 1.04%. The business had revenue of $5.98 billion for the quarter, compared to analyst estimates of $5.80 billion. During the same period in the prior year, the business earned $1.31 EPS. The company’s revenue for the quarter was down 5.6% on a year-over-year basis. On average, sell-side analysts forecast that Cleveland-Cliffs Inc. will post 1.3 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the company. Citigroup raised Cleveland-Cliffs from a “neutral” rating to a “buy” rating and set a $22.00 target price for the company in a research report on Monday, September 25th. StockNews.com started coverage on Cleveland-Cliffs in a research note on Thursday, August 17th. They issued a “hold” rating for the company. Finally, B. Riley cut their target price on Cleveland-Cliffs from $26.00 to $25.00 and set a “buy” rating for the company in a research note on Wednesday, September 27th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, Cleveland-Cliffs currently has a consensus rating of “Hold” and a consensus target price of $19.73.

Read Our Latest Report on CLF

Cleveland-Cliffs Company Profile

(Free Report)

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.

See Also

Institutional Ownership by Quarter for Cleveland-Cliffs (NYSE:CLF)

Receive News & Ratings for Cleveland-Cliffs Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cleveland-Cliffs and related companies with MarketBeat.com's FREE daily email newsletter.