Handelsinvest Investeringsforvaltning Makes New $3.91 Million Investment in Cleveland-Cliffs Inc. (NYSE:CLF)
Written by MarketBeat
January 7, 2024
Handelsinvest Investeringsforvaltning bought a new position in Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 250,000 shares of the mining company's stock, valued at approximately $3,908,000. Cleveland-Cliffs accounts for approximately 1.4% of Handelsinvest Investeringsforvaltning's holdings, making the stock its 22nd largest position.
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Other large investors have also recently added to or reduced their stakes in the company. Natixis Advisors L.P. grew its stake in shares of Cleveland-Cliffs by 39.8% in the first quarter. Natixis Advisors L.P. now owns 43,986 shares of the mining company's stock worth $1,417,000 after purchasing an additional 12,531 shares in the last quarter. Acadian Asset Management LLC bought a new position in shares of Cleveland-Cliffs in the first quarter worth $486,000. Great West Life Assurance Co. Can grew its stake in shares of Cleveland-Cliffs by 12.7% in the first quarter. Great West Life Assurance Co. Can now owns 259,092 shares of the mining company's stock worth $8,577,000 after purchasing an additional 29,178 shares in the last quarter. Cibc World Market Inc. grew its stake in shares of Cleveland-Cliffs by 1.1% in the first quarter. Cibc World Market Inc. now owns 58,149 shares of the mining company's stock worth $1,873,000 after purchasing an additional 623 shares in the last quarter. Finally, Blair William & Co. IL grew its stake in shares of Cleveland-Cliffs by 14.5% in the first quarter. Blair William & Co. IL now owns 167,800 shares of the mining company's stock worth $5,405,000 after purchasing an additional 21,233 shares in the last quarter. 60.97% of the stock is owned by institutional investors and hedge funds.
Cleveland-Cliffs Trading Up 0.4 %
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Shares of NYSE:CLF traded up $0.07 during midday trading on Friday, reaching $19.17. The company had a trading volume of 13,225,353 shares, compared to its average volume of 9,757,094. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.71 and a current ratio of 2.11. Cleveland-Cliffs Inc. has a 1-year low of $13.61 and a 1-year high of $22.83. The firm has a market cap of $9.68 billion, a price-to-earnings ratio of 28.61 and a beta of 2.13. The company has a fifty day simple moving average of $18.15 and a two-hundred day simple moving average of $16.51.
Could Cleveland-Cliffs be the next steel company to be acquired?
Cleveland-Cliffs (NYSE:CLF - Get Free Report) last released its quarterly earnings results on Tuesday, October 24th. The mining company reported $0.54 earnings per share for the quarter, beating analysts' consensus estimates of $0.44 by $0.10. Cleveland-Cliffs had a return on equity of 5.16% and a net margin of 1.55%. The business had revenue of $5.60 billion during the quarter, compared to analyst estimates of $5.58 billion. During the same quarter last year, the company posted $0.29 EPS. Cleveland-Cliffs's revenue for the quarter was down .9% on a year-over-year basis. Research analysts predict that Cleveland-Cliffs Inc. will post 1.15 earnings per share for the current year.
Analysts Set New Price Targets
Several research firms have recently issued reports on CLF. Morgan Stanley increased their price target on Cleveland-Cliffs from $19.00 to $21.50 and gave the stock an "overweight" rating in a research note on Tuesday, October 31st. Citigroup raised Cleveland-Cliffs from a "neutral" rating to a "buy" rating and set a $22.00 target price for the company in a research note on Monday, September 25th. TheStreet raised Cleveland-Cliffs from a "c" rating to a "b-" rating in a research note on Wednesday, November 29th. B. Riley decreased their target price on Cleveland-Cliffs from $26.00 to $25.00 and set a "buy" rating for the company in a research note on Wednesday, September 27th. Finally, StockNews.com raised Cleveland-Cliffs from a "hold" rating to a "buy" rating in a research note on Wednesday. Three research analysts have rated the stock with a hold rating and five have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $21.75.
Check Out Our Latest Research Report on CLF
Cleveland-Cliffs Profile
(Free Report)
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.
