JB Capital LLC Increases Holdings in Cleveland-Cliffs Inc. $CLF

JB Capital LLC lifted its stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 25.8% during the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 197,945 shares of the mining company’s stock after purchasing an additional 40,556 shares during the quarter. JB Capital LLC’s holdings in Cleveland-Cliffs were worth $2,415,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. State Street Corp boosted its stake in Cleveland-Cliffs by 20.2% in the 2nd quarter. State Street Corp now owns 27,450,442 shares of the mining company’s stock worth $208,623,000 after purchasing an additional 4,603,807 shares during the period. Maple Rock Capital Partners Inc. purchased a new stake in shares of Cleveland-Cliffs in the second quarter worth about $63,731,000. BNP Paribas Financial Markets boosted its position in shares of Cleveland-Cliffs by 200.4% in the second quarter. BNP Paribas Financial Markets now owns 6,329,414 shares of the mining company’s stock valued at $48,104,000 after acquiring an additional 4,222,528 shares during the period. Norges Bank purchased a new position in Cleveland-Cliffs during the second quarter valued at approximately $44,120,000. Finally, Turiya Advisors Asia Ltd purchased a new position in Cleveland-Cliffs during the second quarter valued at approximately $39,357,000. 67.68% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several brokerages have commented on CLF. Citigroup cut their price target on shares of Cleveland-Cliffs from $12.00 to $11.00 and set a “neutral” rating for the company in a report on Tuesday, November 11th. The Goldman Sachs Group lifted their price objective on Cleveland-Cliffs from $14.50 to $16.00 and gave the company a “buy” rating in a research note on Friday, October 31st. Bank of America boosted their target price on Cleveland-Cliffs from $12.50 to $14.50 and gave the stock a “neutral” rating in a research report on Tuesday, October 21st. JPMorgan Chase & Co. raised their price target on Cleveland-Cliffs from $10.00 to $13.00 and gave the company a “neutral” rating in a report on Monday, October 13th. Finally, Glj Research reissued a “sell” rating and set a $5.75 price objective on shares of Cleveland-Cliffs in a report on Tuesday, October 21st. Three analysts have rated the stock with a Buy rating, five have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $12.78.

Cleveland-Cliffs Trading Down 0.5%

Shares of CLF stock opened at $13.42 on Wednesday. The business has a 50-day moving average price of $12.37 and a two-hundred day moving average price of $11.23. Cleveland-Cliffs Inc. has a 12-month low of $5.63 and a 12-month high of $16.70. The company has a quick ratio of 0.61, a current ratio of 2.04 and a debt-to-equity ratio of 1.41. The firm has a market cap of $6.64 billion, a P/E ratio of -3.95 and a beta of 1.97.

Cleveland-Cliffs (NYSE:CLF) last announced its quarterly earnings data on Monday, October 20th. The mining company reported ($0.45) EPS for the quarter, beating the consensus estimate of ($0.48) by $0.03. The firm had revenue of $4.73 billion for the quarter, compared to analyst estimates of $4.90 billion. Cleveland-Cliffs had a negative return on equity of 20.02% and a negative net margin of 9.00%.The company’s revenue was up 3.6% on a year-over-year basis. During the same period in the prior year, the company earned ($0.33) EPS. Equities analysts anticipate that Cleveland-Cliffs Inc. will post -0.79 EPS for the current fiscal year.

Cleveland-Cliffs Profile

Cleveland-Cliffs Inc is a leading North American producer of iron ore pellets and flat-rolled steel products. Tracing its roots to 1847, the company has evolved from an iron-ore mining concern in the Great Lakes region into a fully integrated steelmaker. Today, Cleveland-Cliffs operates iron ore mining complexes in Michigan and Minnesota as well as steelmaking and finishing facilities across the United States.

The company’s integrated platform begins with direct control of key raw materials, including iron ore and scrap, and extends through every stage of steel production.