Commerce Bank Grows Stock Position in Cleveland-Cliffs Inc. (NYSE:CLF)

Commerce Bank grew its stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 342.8% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 116,870 shares of the mining company’s stock after acquiring an additional 90,477 shares during the quarter. Commerce Bank’s holdings in Cleveland-Cliffs were worth $1,492,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Strengthening Families & Communities LLC increased its position in Cleveland-Cliffs by 299.8% during the third quarter. Strengthening Families & Communities LLC now owns 1,987 shares of the mining company’s stock worth $25,000 after purchasing an additional 1,490 shares during the last quarter. Altshuler Shaham Ltd acquired a new position in Cleveland-Cliffs in the second quarter valued at $26,000. Hobbs Group Advisors LLC acquired a new position in Cleveland-Cliffs in the second quarter valued at $31,000. Gradient Investments LLC grew its position in Cleveland-Cliffs by 138.8% during the second quarter. Gradient Investments LLC now owns 2,149 shares of the mining company’s stock valued at $33,000 after acquiring an additional 1,249 shares during the period. Finally, EverSource Wealth Advisors LLC increased its stake in Cleveland-Cliffs by 247.8% during the first quarter. EverSource Wealth Advisors LLC now owns 1,885 shares of the mining company’s stock worth $43,000 after acquiring an additional 1,343 shares during the last quarter. 67.68% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts have recently issued reports on CLF shares. Morgan Stanley decreased their target price on Cleveland-Cliffs from $15.00 to $13.50 and set an “equal weight” rating for the company in a report on Wednesday, September 18th. Seaport Res Ptn upgraded shares of Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, August 27th. Citigroup cut their target price on shares of Cleveland-Cliffs from $18.00 to $12.50 and set a “neutral” rating on the stock in a research note on Tuesday, September 10th. Finally, StockNews.com cut shares of Cleveland-Cliffs from a “hold” rating to a “sell” rating in a research report on Thursday, November 7th. Three investment analysts have rated the stock with a sell rating, five have given a hold rating, two have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Cleveland-Cliffs presently has a consensus rating of “Hold” and a consensus target price of $17.56.

Cleveland-Cliffs Trading Up 4.9 %

Shares of CLF opened at $12.46 on Friday. Cleveland-Cliffs Inc. has a one year low of $10.21 and a one year high of $22.97. The stock has a 50-day moving average price of $12.64 and a 200 day moving average price of $14.08. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.55 and a current ratio of 1.85. The company has a market capitalization of $6.15 billion, a P/E ratio of -12.85 and a beta of 1.97.

Cleveland-Cliffs (NYSE:CLF) last released its earnings results on Monday, November 4th. The mining company reported ($0.33) EPS for the quarter, missing the consensus estimate of ($0.31) by ($0.02). The business had revenue of $4.57 billion for the quarter, compared to analysts’ expectations of $4.72 billion. Cleveland-Cliffs had a negative net margin of 2.31% and a negative return on equity of 0.59%. The business’s quarterly revenue was down 18.5% compared to the same quarter last year. During the same quarter last year, the company posted $0.54 earnings per share. Sell-side analysts forecast that Cleveland-Cliffs Inc. will post -0.4 EPS for the current fiscal year.

About Cleveland-Cliffs

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.