14,557 Shares in Cleveland-Cliffs Inc. (NYSE:CLF) Bought by Pallas Capital Advisors LLC

Pallas Capital Advisors LLC bought a new position in shares of Cleveland-Cliffs Inc. (NYSE:CLF) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 14,557 shares of the mining company’s stock, valued at approximately $137,000.

Other institutional investors have also added to or reduced their stakes in the company. Strengthening Families & Communities LLC grew its holdings in shares of 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 in the last quarter. Altshuler Shaham Ltd purchased a new position in Cleveland-Cliffs in the 2nd quarter worth approximately $26,000. Darwin Wealth Management LLC purchased a new position in Cleveland-Cliffs in the 3rd quarter worth approximately $34,000. Truvestments Capital LLC purchased a new stake in shares of Cleveland-Cliffs during the 3rd quarter valued at $34,000. Finally, Blue Trust Inc. lifted its holdings in shares of Cleveland-Cliffs by 231.9% during the 3rd quarter. Blue Trust Inc. now owns 3,634 shares of the mining company’s stock worth $46,000 after acquiring an additional 2,539 shares during the last quarter. 67.68% of the stock is currently owned by institutional investors.

Cleveland-Cliffs Stock Up 0.3 %

Shares of NYSE CLF opened at $10.25 on Thursday. Cleveland-Cliffs Inc. has a 52 week low of $8.99 and a 52 week high of $22.97. The company has a market cap of $5.06 billion, a price-to-earnings ratio of -10.57 and a beta of 1.97. The company has a quick ratio of 0.55, a current ratio of 1.85 and a debt-to-equity ratio of 0.53. The firm’s fifty day moving average is $11.01 and its 200 day moving average is $12.60.

Cleveland-Cliffs (NYSE:CLF) last posted its quarterly earnings data on Monday, November 4th. The mining company reported ($0.33) earnings per share for the quarter, missing the consensus estimate of ($0.31) by ($0.02). Cleveland-Cliffs had a negative net margin of 2.31% and a negative return on equity of 0.59%. The firm had revenue of $4.57 billion for the quarter, compared to the consensus estimate of $4.72 billion. During the same period in the previous year, the firm posted $0.54 earnings per share. The business’s revenue was down 18.5% compared to the same quarter last year. On average, equities research analysts expect that Cleveland-Cliffs Inc. will post -0.45 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on CLF shares. Glj Research upgraded Cleveland-Cliffs from a “sell” rating to a “buy” rating and set a $14.27 price target on the stock in a research report on Tuesday, January 7th. The Goldman Sachs Group started coverage on Cleveland-Cliffs in a report on Monday, December 2nd. They set a “buy” rating and a $16.00 price objective on the stock. Citigroup cut their target price on Cleveland-Cliffs from $12.50 to $11.00 and set a “neutral” rating for the company in a research note on Thursday, December 19th. Morgan Stanley decreased their price target on shares of Cleveland-Cliffs from $15.00 to $13.50 and set an “equal weight” rating on the stock in a research note on Wednesday, September 18th. Finally, StockNews.com cut shares of Cleveland-Cliffs from a “hold” rating to a “sell” rating in a research note on Thursday, November 7th. Three investment analysts have rated the stock with a sell rating, five have given a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $16.93.

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.