Hourglass Capital LLC Invests $564,000 in Cleveland-Cliffs Inc. (NYSE:CLF)

Hourglass Capital LLC acquired a new position in shares of Cleveland-Cliffs Inc. (NYSE:CLF) in the 4th quarter, HoldingsChannel reports. The fund acquired 60,000 shares of the mining company’s stock, valued at approximately $564,000.

Several other large investors have also modified their holdings of CLF. Strengthening Families & Communities LLC boosted its holdings 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 valued at $25,000 after acquiring an additional 1,490 shares during the period. Darwin Wealth Management LLC acquired a new position in shares of Cleveland-Cliffs during the 3rd quarter worth about $34,000. Truvestments Capital LLC bought a new stake in Cleveland-Cliffs during the 3rd quarter valued at approximately $34,000. Blue Trust Inc. grew its holdings in Cleveland-Cliffs by 231.9% in the 3rd quarter. Blue Trust Inc. now owns 3,634 shares of the mining company’s stock valued at $46,000 after buying an additional 2,539 shares during the last quarter. Finally, Byrne Asset Management LLC increased its position in Cleveland-Cliffs by 130.0% in the 4th quarter. Byrne Asset Management LLC now owns 4,600 shares of the mining company’s stock worth $43,000 after buying an additional 2,600 shares during the period. 67.68% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the company. Morgan Stanley reduced their price objective on Cleveland-Cliffs from $13.00 to $11.00 and set an “equal weight” rating for the company in a research report on Monday, February 3rd. The Goldman Sachs Group began coverage on shares of Cleveland-Cliffs in a report on Monday, December 2nd. They issued a “buy” rating and a $16.00 price target for the company. StockNews.com lowered shares of Cleveland-Cliffs from a “hold” rating to a “sell” rating in a research report on Thursday, November 7th. Citigroup cut their price objective on shares of Cleveland-Cliffs from $12.50 to $11.00 and set a “neutral” rating for the company in a research report on Thursday, December 19th. Finally, Glj Research raised Cleveland-Cliffs from a “sell” rating to a “buy” rating and set a $14.27 target price on the stock in a research report on Tuesday, January 7th. Three investment analysts have rated the stock with a sell rating, four have given a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Cleveland-Cliffs presently has a consensus rating of “Hold” and a consensus target price of $16.68.

Cleveland-Cliffs Stock Up 0.9 %

NYSE CLF opened at $11.49 on Friday. Cleveland-Cliffs Inc. has a 1-year low of $8.99 and a 1-year high of $22.97. The company has a current ratio of 1.85, a quick ratio of 0.55 and a debt-to-equity ratio of 0.53. The stock’s 50 day moving average is $10.19 and its two-hundred day moving average is $11.80. The company has a market capitalization of $5.67 billion, a price-to-earnings ratio of -11.84 and a beta of 1.96.

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.