Collaborative Wealth Managment Inc. Grows Stake in Cleveland-Cliffs Inc. $CLF

Collaborative Wealth Managment Inc. grew its holdings in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 48.1% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 44,875 shares of the mining company’s stock after purchasing an additional 14,580 shares during the period. Collaborative Wealth Managment Inc.’s holdings in Cleveland-Cliffs were worth $341,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the business. Connor Clark & Lunn Investment Management Ltd. raised its position in Cleveland-Cliffs by 231.2% during the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,561,774 shares of the mining company’s stock worth $12,838,000 after buying an additional 1,090,237 shares during the last quarter. Hunter Associates Investment Management LLC boosted its stake in shares of Cleveland-Cliffs by 43.5% during the 2nd quarter. Hunter Associates Investment Management LLC now owns 70,898 shares of the mining company’s stock worth $538,000 after acquiring an additional 21,498 shares in the last quarter. Nuveen LLC purchased a new position in Cleveland-Cliffs during the first quarter worth approximately $9,416,000. Algert Global LLC acquired a new stake in Cleveland-Cliffs in the first quarter valued at approximately $442,000. Finally, Northern Trust Corp raised its stake in shares of Cleveland-Cliffs by 1.4% during the 1st quarter. Northern Trust Corp now owns 4,014,436 shares of the mining company’s stock worth $32,999,000 after buying an additional 54,244 shares during the period. Institutional investors and hedge funds own 67.68% of the company’s stock.

Cleveland-Cliffs Stock Performance

NYSE CLF opened at $10.71 on Friday. Cleveland-Cliffs Inc. has a twelve month low of $5.63 and a twelve month high of $16.70. The stock has a market cap of $5.30 billion, a PE ratio of -3.15 and a beta of 2.07. The stock has a fifty day simple moving average of $12.28 and a 200-day simple moving average of $10.01. 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 (NYSE:CLF) last released its quarterly earnings results on Monday, October 20th. The mining company reported ($0.45) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.48) by $0.03. The business had revenue of $4.73 billion for the quarter, compared to the consensus estimate of $4.90 billion. Cleveland-Cliffs had a negative net margin of 9.00% and a negative return on equity of 20.02%. The business’s revenue was up 3.6% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.33) EPS. Equities analysts anticipate that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current year.

Wall Street Analyst Weigh In

CLF has been the topic of a number of research analyst reports. KeyCorp dropped their price target on shares of Cleveland-Cliffs from $15.00 to $13.00 and set an “overweight” rating on the stock in a research note on Monday, November 10th. Weiss Ratings reissued a “sell (d-)” rating on shares of Cleveland-Cliffs in a report on Thursday, October 30th. JPMorgan Chase & Co. raised their price objective on Cleveland-Cliffs from $10.00 to $13.00 and gave the company a “neutral” rating in a report on Monday, October 13th. Citigroup lowered their price target on shares of Cleveland-Cliffs from $12.00 to $11.00 and set a “neutral” rating on the stock in a research report on Tuesday, November 11th. Finally, Morgan Stanley increased their price objective 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. Three research analysts have rated the stock with a Buy rating, five have given a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $12.78.

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.