First Washington CORP Raises Holdings in Cleveland-Cliffs Inc. (NYSE:CLF)

First Washington CORP grew its holdings in Cleveland-Cliffs Inc. (NYSE:CLF) by 16.1% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 342,381 shares of the mining company’s stock after buying an additional 47,398 shares during the period. Cleveland-Cliffs makes up 2.0% of First Washington CORP’s portfolio, making the stock its 19th largest holding. First Washington CORP owned approximately 0.07% of Cleveland-Cliffs worth $5,269,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Dimensional Fund Advisors LP lifted its stake in shares of Cleveland-Cliffs by 54.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 15,906,597 shares of the mining company’s stock valued at $244,794,000 after purchasing an additional 5,621,797 shares during the last quarter. Norges Bank purchased a new position in Cleveland-Cliffs during the fourth quarter worth $117,585,000. Bank of New York Mellon Corp increased its position in Cleveland-Cliffs by 23.6% during the second quarter. Bank of New York Mellon Corp now owns 5,597,662 shares of the mining company’s stock valued at $86,148,000 after acquiring an additional 1,069,907 shares during the last quarter. Castle Hook Partners LP raised its stake in shares of Cleveland-Cliffs by 13.8% in the first quarter. Castle Hook Partners LP now owns 3,374,716 shares of the mining company’s stock valued at $76,741,000 after acquiring an additional 410,182 shares during the period. Finally, Price T Rowe Associates Inc. MD lifted its holdings in shares of Cleveland-Cliffs by 10.6% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,884,249 shares of the mining company’s stock worth $65,589,000 after acquiring an additional 275,265 shares during the last quarter. Hedge funds and other institutional investors own 67.68% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently commented on CLF shares. Seaport Res Ptn upgraded shares of Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a report on Tuesday, August 27th. Citigroup dropped their price objective on Cleveland-Cliffs from $18.00 to $12.50 and set a “neutral” rating for the company in a report on Tuesday, September 10th. JPMorgan Chase & Co. downgraded Cleveland-Cliffs from an “overweight” rating to a “neutral” rating and decreased their target price for the stock from $23.00 to $17.00 in a research report on Tuesday, June 11th. Bank of America cut their price target on shares of Cleveland-Cliffs from $20.00 to $18.00 and set a “neutral” rating on the stock in a report on Wednesday, June 26th. Finally, Morgan Stanley reiterated an “equal weight” rating and set a $15.00 price objective on shares of Cleveland-Cliffs in a report on Tuesday. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating, two have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Cleveland-Cliffs presently has a consensus rating of “Hold” and an average price target of $17.75.

Cleveland-Cliffs Price Performance

NYSE CLF opened at $11.81 on Wednesday. The company has a market cap of $5.62 billion, a PE ratio of 15.96, a P/E/G ratio of 21.57 and a beta of 1.97. Cleveland-Cliffs Inc. has a 52-week low of $10.21 and a 52-week high of $22.97. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.60 and a current ratio of 1.87. The firm’s 50 day moving average price is $13.64 and its 200-day moving average price is $16.73.

Cleveland-Cliffs (NYSE:CLF) last released its quarterly earnings results on Monday, July 22nd. The mining company reported $0.11 EPS for the quarter. Cleveland-Cliffs had a return on equity of 4.94% and a net margin of 0.21%. The firm had revenue of $5.09 billion during the quarter, compared to analyst estimates of $5.18 billion. During the same period in the previous year, the company posted $0.69 EPS. The business’s revenue for the quarter was down 14.9% compared to the same quarter last year. Sell-side analysts forecast that Cleveland-Cliffs Inc. will post 0.01 EPS for the current fiscal year.

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.