AlphaQuest LLC Buys 33,750 Shares of Cleveland-Cliffs Inc. $CLF

AlphaQuest LLC increased its stake in Cleveland-Cliffs Inc. (NYSE:CLF) by 412.9% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 41,924 shares of the mining company’s stock after buying an additional 33,750 shares during the period. AlphaQuest LLC’s holdings in Cleveland-Cliffs were worth $319,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of CLF. Atwood & Palmer Inc. bought a new stake in shares of Cleveland-Cliffs during the second quarter valued at approximately $27,000. Trust Co. of Toledo NA OH bought a new stake in shares of Cleveland-Cliffs during the second quarter valued at approximately $27,000. Migdal Insurance & Financial Holdings Ltd. bought a new stake in shares of Cleveland-Cliffs during the first quarter valued at approximately $36,000. Byrne Asset Management LLC boosted its position in shares of Cleveland-Cliffs by 44.2% during the second quarter. Byrne Asset Management LLC now owns 9,159 shares of the mining company’s stock valued at $70,000 after purchasing an additional 2,806 shares in the last quarter. Finally, GAMMA Investing LLC boosted its position in shares of Cleveland-Cliffs by 61.6% during the first quarter. GAMMA Investing LLC now owns 8,615 shares of the mining company’s stock valued at $71,000 after purchasing an additional 3,285 shares in the last quarter. 67.68% of the stock is owned by institutional investors.

Cleveland-Cliffs Stock Down 12.7%

CLF stock opened at $12.31 on Friday. Cleveland-Cliffs Inc. has a 1-year low of $5.63 and a 1-year high of $16.70. The business has a fifty day moving average price of $12.26 and a 200-day moving average price of $9.74. The company has a debt-to-equity ratio of 1.41, a current ratio of 2.04 and a quick ratio of 0.61. The stock has a market capitalization of $6.09 billion, a P/E ratio of -3.62 and a beta of 1.96.

Cleveland-Cliffs (NYSE:CLF) last posted its quarterly earnings results on Monday, October 20th. The mining company reported ($0.45) earnings per share for the quarter, topping the consensus estimate of ($0.48) by $0.03. Cleveland-Cliffs had a negative return on equity of 20.02% and a negative net margin of 9.00%.The firm had revenue of $4.73 billion during the quarter, compared to analysts’ expectations of $4.90 billion. During the same quarter in the previous year, the business earned ($0.33) earnings per share. The company’s revenue was up 3.6% on a year-over-year basis. Equities analysts forecast that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current fiscal year.

Analyst Ratings Changes

CLF has been the topic of several research reports. Morgan Stanley lifted their price target on Cleveland-Cliffs from $8.00 to $10.50 and gave the company an “equal weight” rating in a research report on Tuesday, July 22nd. UBS Group set a $15.00 price target on Cleveland-Cliffs in a research report on Monday. Wells Fargo & Company reiterated an “underweight” rating and set a $11.00 price objective on shares of Cleveland-Cliffs in a research note on Tuesday, October 21st. The Goldman Sachs Group lifted their price objective on Cleveland-Cliffs from $12.85 to $14.50 and gave the company a “buy” rating in a research note on Thursday, October 9th. Finally, JPMorgan Chase & Co. lifted their price objective on Cleveland-Cliffs from $10.00 to $13.00 and gave the company a “neutral” rating in a research note on Monday, October 13th. Three research analysts have rated the stock with a Buy rating, four have given a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $12.73.

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.