Carnegie Investment Counsel Reduces Position in Cleveland-Cliffs Inc. $CLF

Carnegie Investment Counsel lessened its holdings in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 45.2% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 57,764 shares of the mining company’s stock after selling 47,603 shares during the period. Carnegie Investment Counsel’s holdings in Cleveland-Cliffs were worth $439,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the business. Brookstone Capital Management boosted its position in shares of Cleveland-Cliffs by 27.8% during the second quarter. Brookstone Capital Management now owns 14,130 shares of the mining company’s stock valued at $107,000 after buying an additional 3,070 shares during the period. D.A. Davidson & CO. boosted its position in shares of Cleveland-Cliffs by 48.0% during the second quarter. D.A. Davidson & CO. now owns 268,452 shares of the mining company’s stock valued at $2,040,000 after buying an additional 87,102 shares during the period. Beech Hill Advisors Inc. boosted its position in shares of Cleveland-Cliffs by 13.7% during the second quarter. Beech Hill Advisors Inc. now owns 77,000 shares of the mining company’s stock valued at $585,000 after buying an additional 9,300 shares during the period. Cidel Asset Management Inc. boosted its position in shares of Cleveland-Cliffs by 40.7% during the second quarter. Cidel Asset Management Inc. now owns 15,248 shares of the mining company’s stock valued at $116,000 after buying an additional 4,412 shares during the period. Finally, International Assets Investment Management LLC boosted its position in shares of Cleveland-Cliffs by 36.0% during the second quarter. International Assets Investment Management LLC now owns 204,934 shares of the mining company’s stock valued at $1,557,000 after buying an additional 54,235 shares during the period. Hedge funds and other institutional investors own 67.68% of the company’s stock.

Cleveland-Cliffs Stock Performance

Shares of CLF stock opened at $13.13 on Monday. The business’s fifty day simple moving average is $12.00 and its 200-day simple moving average is $9.59. The company has a market cap of $6.49 billion, a PE ratio of -3.86 and a beta of 1.96. The company has a current ratio of 2.04, a quick ratio of 0.61 and a debt-to-equity ratio of 1.41. Cleveland-Cliffs Inc. has a 12-month low of $5.63 and a 12-month high of $16.70.

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 analysts’ consensus estimates of ($0.48) by $0.03. Cleveland-Cliffs had a negative net margin of 9.00% and a negative return on equity of 20.02%. The firm had revenue of $4.73 billion for the quarter, compared to analyst estimates of $4.90 billion. During the same period in the previous year, the company earned ($0.33) earnings per share. The business’s quarterly revenue was up 3.6% compared to the same quarter last year. Analysts expect that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

CLF has been the subject of several recent analyst reports. Glj Research restated a “sell” rating and set a $5.75 target price on shares of Cleveland-Cliffs in a research report on Tuesday, October 21st. The Goldman Sachs Group boosted their target price on Cleveland-Cliffs from $12.85 to $14.50 and gave the company a “buy” rating in a research report on Thursday, October 9th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Cleveland-Cliffs in a research note on Wednesday, October 8th. Bank of America increased their price objective on Cleveland-Cliffs from $12.50 to $14.50 and gave the stock a “neutral” rating in a research note on Tuesday, October 21st. Finally, Citigroup raised their price objective on Cleveland-Cliffs from $7.50 to $11.00 and gave the stock a “neutral” rating in a report on Monday, July 21st. Three investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat, Cleveland-Cliffs has an average rating of “Hold” and a consensus price target of $12.36.

Cleveland-Cliffs Company 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.