22,500 Shares in Cleveland-Cliffs Inc. $CLF Purchased by Brave Asset Management Inc.

Brave Asset Management Inc. purchased a new position in shares of Cleveland-Cliffs Inc. (NYSE:CLF) in the second quarter, HoldingsChannel.com reports. The institutional investor purchased 22,500 shares of the mining company’s stock, valued at approximately $171,000.

Several other large investors also recently added to or reduced their stakes in CLF. Atwood & Palmer Inc. purchased a new stake in Cleveland-Cliffs in the 2nd quarter valued at about $27,000. Migdal Insurance & Financial Holdings Ltd. purchased a new stake in Cleveland-Cliffs in the 1st quarter valued at about $36,000. Fifth Third Bancorp boosted its position in Cleveland-Cliffs by 36.6% in the 1st quarter. Fifth Third Bancorp now owns 6,216 shares of the mining company’s stock valued at $51,000 after buying an additional 1,664 shares during the period. Byrne Asset Management LLC boosted its position in Cleveland-Cliffs by 38.1% in the 1st quarter. Byrne Asset Management LLC now owns 6,353 shares of the mining company’s stock valued at $52,000 after buying an additional 1,753 shares during the period. Finally, UMB Bank n.a. boosted its position in Cleveland-Cliffs by 243.2% in the 1st quarter. UMB Bank n.a. now owns 7,873 shares of the mining company’s stock valued at $65,000 after buying an additional 5,579 shares during the period. 67.68% of the stock is owned by hedge funds and other institutional investors.

Cleveland-Cliffs Trading Up 2.9%

NYSE CLF opened at $12.07 on Friday. The company has a quick ratio of 0.61, a current ratio of 2.04 and a debt-to-equity ratio of 1.28. The firm has a market cap of $5.97 billion, a PE ratio of -3.54 and a beta of 1.93. The company has a 50 day moving average price of $10.76 and a 200 day moving average price of $8.92. Cleveland-Cliffs Inc. has a 52 week low of $5.63 and a 52 week high of $14.34.

Cleveland-Cliffs (NYSE:CLF) last posted its quarterly earnings data on Monday, July 21st. The mining company reported ($0.50) EPS for the quarter, topping the consensus estimate of ($0.68) by $0.18. The firm had revenue of $4.93 billion during the quarter, compared to analyst estimates of $4.90 billion. Cleveland-Cliffs had a negative net margin of 9.03% and a negative return on equity of 17.97%. Cleveland-Cliffs’s revenue was up 7.5% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.11 EPS. As a group, sell-side analysts forecast that Cleveland-Cliffs Inc. will post -0.79 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the stock. KeyCorp raised shares of Cleveland-Cliffs from a “sector weight” rating to an “overweight” rating and set a $14.00 price objective for the company in a research report on Tuesday, July 22nd. Wells Fargo & Company boosted their price objective on shares of Cleveland-Cliffs from $10.00 to $11.00 and gave the company an “equal weight” rating in a research report on Monday, September 15th. Bank of America boosted their price target on shares of Cleveland-Cliffs from $9.50 to $12.50 and gave the company a “neutral” rating in a report on Monday, September 15th. Morgan Stanley boosted their price target on shares of Cleveland-Cliffs from $8.00 to $10.50 and gave the company an “equal weight” rating in a report on Tuesday, July 22nd. Finally, Citigroup boosted their price target on shares of Cleveland-Cliffs from $7.50 to $11.00 and gave the company a “neutral” rating in a report on Monday, July 21st. Three analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $11.24.

Cleveland-Cliffs Profile

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.