Concord Asset Management LLC VA Makes New Investment in Cleveland-Cliffs Inc. $CLF

Concord Asset Management LLC VA acquired a new stake in Cleveland-Cliffs Inc. (NYSE:CLF) during the second quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 10,068 shares of the mining company’s stock, valued at approximately $77,000.

A number of other large investors have also recently added to or reduced their stakes in CLF. Yousif Capital Management LLC boosted its holdings in Cleveland-Cliffs by 2.2% during the second quarter. Yousif Capital Management LLC now owns 188,904 shares of the mining company’s stock valued at $1,436,000 after acquiring an additional 4,088 shares during the period. Vanguard Personalized Indexing Management LLC boosted its holdings in Cleveland-Cliffs by 18.5% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 62,267 shares of the mining company’s stock valued at $473,000 after purchasing an additional 9,719 shares during the period. Concurrent Investment Advisors LLC acquired a new position in shares of Cleveland-Cliffs during the second quarter valued at about $222,000. Apollon Wealth Management LLC bought a new stake in shares of Cleveland-Cliffs in the second quarter valued at about $416,000. Finally, Trust Co. of Toledo NA OH bought a new stake in shares of Cleveland-Cliffs in the second quarter valued at about $27,000. Institutional investors own 67.68% of the company’s stock.

Cleveland-Cliffs Trading Up 4.8%

Shares of Cleveland-Cliffs stock opened at $13.81 on Tuesday. Cleveland-Cliffs Inc. has a 12-month low of $5.63 and a 12-month high of $14.51. The stock has a market capitalization of $6.83 billion, a P/E ratio of -4.05 and a beta of 1.96. The company has a 50-day simple moving average of $11.31 and a 200 day simple moving average of $9.20. The company has a quick ratio of 0.61, a current ratio of 2.04 and a debt-to-equity ratio of 1.28.

Cleveland-Cliffs (NYSE:CLF) last issued its quarterly earnings data on Monday, July 21st. The mining company reported ($0.50) earnings per share for the quarter, topping the consensus estimate of ($0.68) by $0.18. The firm had revenue of $4.93 billion for the quarter, compared to analysts’ expectations of $4.90 billion. Cleveland-Cliffs had a negative net margin of 9.03% and a negative return on equity of 17.97%. The company’s quarterly revenue was up 7.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.11 earnings per share. Research analysts expect that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms have commented on CLF. KeyCorp raised Cleveland-Cliffs from a “sector weight” rating to an “overweight” rating and set a $14.00 price target for the company in a report on Tuesday, July 22nd. Morgan Stanley upped their target price on Cleveland-Cliffs from $8.00 to $10.50 and gave the company an “equal weight” rating in a research note on Tuesday, July 22nd. Citigroup boosted their price target on shares of Cleveland-Cliffs from $7.50 to $11.00 and gave the company a “neutral” rating in a report on Monday, July 21st. JPMorgan Chase & Co. raised their price objective on shares of Cleveland-Cliffs from $10.00 to $13.00 and gave the stock a “neutral” rating in a report on Monday. Finally, Wells Fargo & Company lifted their target price on shares of Cleveland-Cliffs from $10.00 to $11.00 and gave the company an “equal weight” rating in a research report on Monday, September 15th. Three equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $11.93.

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.