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

Archer Investment Corp grew its position in Cleveland-Cliffs Inc. (NYSE:CLF) by 25.8% in the third quarter, HoldingsChannel.com reports. The firm 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 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Sei Investments Co. boosted its position in shares of Cleveland-Cliffs by 5.4% during the first quarter. Sei Investments Co. now owns 413,934 shares of the mining company’s stock worth $9,413,000 after acquiring an additional 21,262 shares during the last quarter. Russell Investments Group Ltd. increased its stake in Cleveland-Cliffs by 82.2% during the first quarter. Russell Investments Group Ltd. now owns 392,842 shares of the mining company’s stock worth $8,932,000 after acquiring an additional 177,198 shares during the last quarter. State Board of Administration of Florida Retirement System raised its position in Cleveland-Cliffs by 0.7% during the first quarter. State Board of Administration of Florida Retirement System now owns 494,275 shares of the mining company’s stock valued at $11,240,000 after purchasing an additional 3,459 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. lifted its stake in shares of Cleveland-Cliffs by 32.5% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 286,627 shares of the mining company’s stock valued at $6,518,000 after purchasing an additional 70,268 shares during the last quarter. Finally, O Shaughnessy Asset Management LLC lifted its position in Cleveland-Cliffs by 143.1% in the first quarter. O Shaughnessy Asset Management LLC now owns 77,716 shares of the mining company’s stock worth $1,767,000 after buying an additional 45,748 shares during the last quarter. 67.68% of the stock is currently owned by institutional investors.

Cleveland-Cliffs Stock Down 3.7 %

Shares of NYSE CLF opened at $11.04 on Friday. The stock has a market capitalization of $5.45 billion, a PE ratio of -11.38 and a beta of 1.97. The company has a current ratio of 1.85, a quick ratio of 0.55 and a debt-to-equity ratio of 0.53. Cleveland-Cliffs Inc. has a 12-month low of $10.21 and a 12-month high of $22.97. The stock’s fifty day simple moving average is $12.60 and its two-hundred day simple moving average is $14.29.

Cleveland-Cliffs (NYSE:CLF) last announced its earnings results on Monday, November 4th. The mining company reported ($0.33) EPS for the quarter, missing analysts’ consensus estimates of ($0.31) by ($0.02). Cleveland-Cliffs had a negative return on equity of 0.59% and a negative net margin of 2.31%. The firm had revenue of $4.57 billion during the quarter, compared to the consensus estimate of $4.72 billion. During the same quarter in the prior year, the firm posted $0.54 earnings per share. The business’s revenue for the quarter was down 18.5% compared to the same quarter last year. As a group, analysts expect that Cleveland-Cliffs Inc. will post -0.37 EPS for the current fiscal year.

Wall Street Analyst Weigh In

CLF has been the topic of a number of recent analyst reports. Citigroup reduced their price objective on shares of Cleveland-Cliffs from $18.00 to $12.50 and set a “neutral” rating on the stock in a research report on Tuesday, September 10th. Morgan Stanley decreased their target price on Cleveland-Cliffs from $15.00 to $13.50 and set an “equal weight” rating for the company in a research report on Wednesday, September 18th. StockNews.com downgraded shares of Cleveland-Cliffs from a “hold” rating to a “sell” rating in a research note on Thursday, November 7th. Finally, Seaport Res Ptn raised Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, August 27th. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $17.56.

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.