Archer Investment Corp Grows Stock Holdings in Cleveland-Cliffs Inc. (NYSE:CLF)

Archer Investment Corp grew its position in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 25.8% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 7,799 shares of the mining company’s stock after acquiring an additional 1,600 shares during the period. Archer Investment Corp’s holdings in Cleveland-Cliffs were worth $100,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the company. Altshuler Shaham Ltd bought a new position in shares of Cleveland-Cliffs during the second quarter valued at approximately $26,000. EverSource Wealth Advisors LLC raised its holdings in Cleveland-Cliffs by 247.8% in the first quarter. EverSource Wealth Advisors LLC now owns 1,885 shares of the mining company’s stock worth $43,000 after purchasing an additional 1,343 shares in the last quarter. LRI Investments LLC bought a new stake in shares of Cleveland-Cliffs during the 1st quarter valued at $45,000. Hobbs Group Advisors LLC bought a new stake in Cleveland-Cliffs during the second quarter worth about $31,000. Finally, Gradient Investments LLC increased its stake in shares of Cleveland-Cliffs by 138.8% during the second quarter. Gradient Investments LLC now owns 2,149 shares of the mining company’s stock valued at $33,000 after purchasing an additional 1,249 shares in the last quarter. 67.68% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms recently weighed in on CLF. Seaport Res Ptn upgraded Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, August 27th. Morgan Stanley reduced their price target on Cleveland-Cliffs from $15.00 to $13.50 and set an “equal weight” rating for the company in a report on Wednesday, September 18th. StockNews.com cut shares of Cleveland-Cliffs from a “hold” rating to a “sell” rating in a research note on Thursday, November 7th. Finally, Citigroup reduced their price objective on shares of Cleveland-Cliffs from $18.00 to $12.50 and set a “neutral” rating for the company in a research note on Tuesday, September 10th. Three equities 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 stock. According to MarketBeat, Cleveland-Cliffs has a consensus rating of “Hold” and an average target price of $17.56.

Cleveland-Cliffs Price Performance

Shares of CLF opened at $11.04 on Friday. The firm has a market cap of $5.45 billion, a PE ratio of -11.38 and a beta of 1.97. Cleveland-Cliffs Inc. has a 1-year low of $10.21 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 firm has a fifty day simple moving average of $12.60 and a two-hundred day simple moving average of $14.29.

Cleveland-Cliffs (NYSE:CLF) last released its quarterly 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). The firm had revenue of $4.57 billion for the quarter, compared to the consensus estimate of $4.72 billion. Cleveland-Cliffs had a negative net margin of 2.31% and a negative return on equity of 0.59%. The company’s revenue for the quarter was down 18.5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.54 earnings per share. On average, equities analysts anticipate that Cleveland-Cliffs Inc. will post -0.37 EPS for the current 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.