Pacer Advisors Inc. Boosts Stake in Cleveland-Cliffs Inc. (NYSE:CLF)

Pacer Advisors Inc. increased its holdings in Cleveland-Cliffs Inc. (NYSE:CLF) by 13.7% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 25,893,879 shares of the mining company’s stock after purchasing an additional 3,110,651 shares during the quarter. Pacer Advisors Inc. owned 5.24% of Cleveland-Cliffs worth $330,665,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Twelve Points Wealth Management LLC boosted its holdings in Cleveland-Cliffs by 58.5% in the 3rd quarter. Twelve Points Wealth Management LLC now owns 133,717 shares of the mining company’s stock worth $1,708,000 after buying an additional 49,359 shares during the last quarter. Hodges Capital Management Inc. increased its position in shares of Cleveland-Cliffs by 5.0% during the second quarter. Hodges Capital Management Inc. now owns 2,199,634 shares of the mining company’s stock worth $33,852,000 after purchasing an additional 104,197 shares in the last quarter. DekaBank Deutsche Girozentrale raised its stake in Cleveland-Cliffs by 2.5% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 40,118 shares of the mining company’s stock valued at $879,000 after purchasing an additional 984 shares during the last quarter. Natixis purchased a new position in Cleveland-Cliffs in the 1st quarter valued at $100,000. Finally, GSA Capital Partners LLP boosted its stake in Cleveland-Cliffs by 295.9% during the 3rd quarter. GSA Capital Partners LLP now owns 205,461 shares of the mining company’s stock worth $2,624,000 after purchasing an additional 153,560 shares during the last quarter. Hedge funds and other institutional investors own 67.68% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently weighed in on CLF shares. 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. Seaport Res Ptn upgraded Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, August 27th. Citigroup lowered their price objective on 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 downgraded Cleveland-Cliffs from a “hold” rating to a “sell” rating in a research note on Thursday, November 7th. Three research analysts have rated the stock with a sell rating, five have issued a hold rating, two have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $17.56.

Cleveland-Cliffs Stock Up 2.0 %

Shares of NYSE CLF opened at $11.67 on Thursday. The company has a quick ratio of 0.55, a current ratio of 1.85 and a debt-to-equity ratio of 0.53. Cleveland-Cliffs Inc. has a twelve month low of $10.21 and a twelve month high of $22.97. The stock has a fifty day simple moving average of $12.62 and a 200-day simple moving average of $14.15.

Cleveland-Cliffs (NYSE:CLF) last released its earnings results on Monday, November 4th. The mining company reported ($0.33) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 company had revenue of $4.57 billion during the quarter, compared to analysts’ expectations of $4.72 billion. During the same quarter last year, the business posted $0.54 earnings per share. The company’s revenue for the quarter was down 18.5% on a year-over-year basis. As a group, sell-side analysts expect that Cleveland-Cliffs Inc. will post -0.4 earnings per share for the current year.

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.