First Washington CORP Raises Position in Cleveland-Cliffs Inc. (NYSE:CLF)

First Washington CORP lifted its holdings in Cleveland-Cliffs Inc. (NYSE:CLF) by 16.1% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 342,381 shares of the mining company’s stock after purchasing an additional 47,398 shares during the quarter. Cleveland-Cliffs comprises about 2.0% of First Washington CORP’s portfolio, making the stock its 19th biggest position. First Washington CORP’s holdings in Cleveland-Cliffs were worth $5,269,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Hobbs Group Advisors LLC acquired a new stake in shares of Cleveland-Cliffs during the second quarter worth $31,000. Gradient Investments LLC boosted its holdings in Cleveland-Cliffs by 138.8% during the second quarter. Gradient Investments LLC now owns 2,149 shares of the mining company’s stock worth $33,000 after buying an additional 1,249 shares in the last quarter. Rise Advisors LLC grew its position in shares of Cleveland-Cliffs by 2,858.0% during the 1st quarter. Rise Advisors LLC now owns 1,479 shares of the mining company’s stock valued at $34,000 after acquiring an additional 1,429 shares during the period. Hexagon Capital Partners LLC increased its position in shares of Cleveland-Cliffs by 41.7% in the first quarter. Hexagon Capital Partners LLC now owns 1,700 shares of the mining company’s stock valued at $39,000 after buying an additional 500 shares in the last quarter. Finally, EverSource Wealth Advisors LLC increased its holdings in Cleveland-Cliffs by 247.8% in the 1st 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 in the last quarter. 67.68% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on CLF shares. B. Riley reissued a “buy” rating and set a $23.00 target price on shares of Cleveland-Cliffs in a report on Tuesday, June 25th. Citigroup decreased their target price on shares of Cleveland-Cliffs from $18.00 to $12.50 and set a “neutral” rating on the stock in a report on Tuesday, September 10th. JPMorgan Chase & Co. cut Cleveland-Cliffs from an “overweight” rating to a “neutral” rating and lowered their price target for the stock from $23.00 to $17.00 in a report on Tuesday, June 11th. Morgan Stanley reiterated an “equal weight” rating and issued a $15.00 target price on shares of Cleveland-Cliffs in a report on Tuesday. Finally, Seaport Res Ptn raised shares of Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, August 27th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Cleveland-Cliffs has a consensus rating of “Hold” and a consensus price target of $17.75.

Cleveland-Cliffs Stock Performance

Shares of CLF opened at $11.81 on Wednesday. The company has a quick ratio of 0.60, a current ratio of 1.87 and a debt-to-equity ratio of 0.48. Cleveland-Cliffs Inc. has a 52-week low of $10.21 and a 52-week high of $22.97. The stock has a 50 day moving average price of $13.64 and a 200 day moving average price of $16.73. The company has a market capitalization of $5.62 billion, a price-to-earnings ratio of 15.96, a price-to-earnings-growth ratio of 21.57 and a beta of 1.97.

Cleveland-Cliffs (NYSE:CLF) last posted its earnings results on Monday, July 22nd. The mining company reported $0.11 EPS for the quarter. The business had revenue of $5.09 billion for the quarter, compared to analysts’ expectations of $5.18 billion. Cleveland-Cliffs had a return on equity of 4.94% and a net margin of 0.21%. The business’s revenue was down 14.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.69 earnings per share. Research analysts predict that Cleveland-Cliffs Inc. will post 0.01 EPS for the current fiscal year.

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.