Montgomery Investment Management Inc. Raises Holdings in Cleveland-Cliffs Inc (CLF)
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.
