Tuesday, November 13, 2018 11:38:18 AM
Posted by Lisa Matthews on Nov 13th, 2018
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Cleveland-Cliffs logoMontgomery Investment Management Inc. raised its stake in Cleveland-Cliffs Inc (NYSE:CLF) by 19.6% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 67,200 shares of the mining company’s stock after acquiring an additional 11,000 shares during the period. Montgomery Investment Management Inc.’s holdings in Cleveland-Cliffs were worth $851,000 as of its most recent SEC filing.
A number of other hedge funds also recently modified their holdings of CLF. Ruffer LLP boosted its position in shares of Cleveland-Cliffs by 15.9% during the third quarter. Ruffer LLP now owns 16,040,992 shares of the mining company’s stock worth $202,996,000 after buying an additional 2,198,515 shares during the period. Fisher Asset Management LLC acquired a new position in shares of Cleveland-Cliffs during the third quarter worth approximately $108,480,000. Northern Trust Corp boosted its position in shares of Cleveland-Cliffs by 1.8% during the second quarter. Northern Trust Corp now owns 3,587,377 shares of the mining company’s stock worth $30,242,000 after buying an additional 62,128 shares during the period. Schwab Charles Investment Management Inc. boosted its position in shares of Cleveland-Cliffs by 81.5% during the second quarter. Schwab Charles Investment Management Inc. now owns 3,367,613 shares of the mining company’s stock worth $28,389,000 after buying an additional 1,512,065 shares during the period. Finally, Hennessy Advisors Inc. acquired a new position in shares of Cleveland-Cliffs during the third quarter worth approximately $36,070,000. Institutional investors own 71.46% of the company’s stock.
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Several brokerages have recently issued reports on CLF. B. Riley set a $15.00 price objective on Cleveland-Cliffs and gave the stock a “buy” rating in a research report on Wednesday, September 26th. Seaport Global Securities set a $13.00 price objective on Cleveland-Cliffs and gave the stock a “buy” rating in a research report on Monday, July 23rd. ValuEngine upgraded Cleveland-Cliffs from a “sell” rating to a “hold” rating in a research report on Friday, July 20th. Zacks Investment Research downgraded Cleveland-Cliffs from a “buy” rating to a “hold” rating in a research report on Friday, October 5th. Finally, Vertical Group set a $5.00 price objective on Cleveland-Cliffs and gave the stock a “sell” rating in a research report on Tuesday, October 23rd. Two analysts have rated the stock with a sell rating, five have given a hold rating and eight have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $11.55.
CLF opened at $10.00 on Tuesday. The company has a market capitalization of $2.93 billion, a price-to-earnings ratio of 20.00 and a beta of 1.63. Cleveland-Cliffs Inc has a 1-year low of $5.60 and a 1-year high of $13.10.
Cleveland-Cliffs (NYSE:CLF) last released its earnings results on Friday, October 19th. The mining company reported $0.64 earnings per share for the quarter, missing analysts’ consensus estimates of $0.66 by ($0.02). The firm had revenue of $742.00 million during the quarter, compared to analyst estimates of $736.06 million. Cleveland-Cliffs had a negative return on equity of 146.72% and a net margin of 36.43%. The business’s revenue for the quarter was up 6.3% on a year-over-year basis. During the same quarter last year, the company earned $0.36 earnings per share. Equities analysts predict that Cleveland-Cliffs Inc will post 2.03 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, January 15th. Shareholders of record on Friday, January 4th will be given a $0.05 dividend. The ex-dividend date of this dividend is Thursday, January 3rd. This represents a $0.20 dividend on an annualized basis and a yield of 2.00%.
About Cleveland-Cliffs
Cleveland-Cliffs Inc operates as an iron ore mining company in the United States. The company operates four iron ore mines in Michigan and Minnesota; and Koolyanobbing iron ore mining complex located in Western Australia. It sells its products to integrated steel companies and steel producers in the United States and the Asia Pacific.
Recent CLF News
- Form SD - Specialized disclosure report • Edgar (US Regulatory) • 09/20/2024 08:23:00 PM
- Cleveland-Cliffs Announces Shareholder Approval of Arrangement to Acquire Stelco • Business Wire • 09/16/2024 08:15:00 PM
- Cleveland-Cliffs Reaffirms Commitment to Middletown Works Decarbonization Project and Ongoing Partnership with the U.S. Department of Energy • Business Wire • 09/16/2024 06:15:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 09/13/2024 08:33:33 PM
- Cleveland-Cliffs Successfully Amends Asset-Based Lending Facility • Business Wire • 09/13/2024 12:31:00 PM
- Cleveland-Cliffs Commends President Biden’s Reported Decision to Block Foreign Ownership of U.S. Steel by Japan’s Nippon Steel • Business Wire • 09/05/2024 08:46:00 PM
- Cleveland-Cliffs Announces Promotion of Michael Hrosik to Senior Vice President, Commercial • Business Wire • 08/21/2024 04:16:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 08/16/2024 09:17:13 PM
- Cleveland-Cliffs’ New 4-Year Labor Contract with the UAW Ratified at Dearborn Works • Business Wire • 08/16/2024 05:38:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 08/13/2024 09:14:47 PM
- Cleveland-Cliffs Inc. Announces Upsizing and Pricing of an Additional $600 Million Senior Guaranteed Notes due 2032 • Business Wire • 08/13/2024 08:11:00 PM
- Cleveland-Cliffs Inc. Announces Proposed Offering of an Additional $500 Million Senior Guaranteed Notes due 2032 • Business Wire • 08/13/2024 01:07:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 08/01/2024 07:12:56 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 07/24/2024 08:19:46 PM
- SAP Shares Surge 6%, NXP Declines 8% on Lower-than-Expected Profits, and More Earnings Highlights • IH Market News • 07/23/2024 10:02:34 AM
- Form 8-K - Current report • Edgar (US Regulatory) • 07/22/2024 08:47:27 PM
- Cleveland-Cliffs Reports Second-Quarter 2024 Results • Business Wire • 07/22/2024 08:05:00 PM
- Cleveland-Cliffs Announces Its New State-of-the-Art Electrical Transformer Production Plant in Weirton, West Virginia • Business Wire • 07/22/2024 11:00:00 AM
- US Index Futures Advanced, Oil Prices Inch Higher • IH Market News • 07/22/2024 10:06:47 AM
- Match Group Soars 8% Amid Potential Sale Pressure; Deutsche Bank Anticipates 2Q Loss, and More • IH Market News • 07/16/2024 10:10:09 AM
- Form 8-K - Current report • Edgar (US Regulatory) • 07/15/2024 09:00:49 PM
- Cleveland-Cliffs Announces the Acquisition of Stelco • Business Wire • 07/15/2024 10:00:00 AM
- Cleveland-Cliffs to Announce Second-Quarter 2024 Earnings Results on July 22 and Host Conference Call on July 23 • Business Wire • 07/01/2024 06:38:00 PM
- Cleveland-Cliffs Posts Press Conference and Q&A with U.S. Senator Sherrod Brown and USW International President David McCall on Website • Business Wire • 06/26/2024 07:09:00 PM
- Cleveland-Cliffs to Host U.S. Senator Sherrod Brown and USW International President David McCall at Cleveland Works • Business Wire • 06/24/2024 08:49:00 PM
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