Murphy Pohlad Asset Management LLC Acquires 30,300 Shares of Cleveland-Cliffs Inc. (NYSE:CLF)

Murphy Pohlad Asset Management LLC boosted its holdings in Cleveland-Cliffs Inc. (NYSE:CLF) by 29.2% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 134,115 shares of the mining company’s stock after purchasing an additional 30,300 shares during the period. Murphy Pohlad Asset Management LLC’s holdings in Cleveland-Cliffs were worth $1,713,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in the business. Wealth Enhancement Advisory Services LLC lifted its stake in Cleveland-Cliffs by 1.9% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 25,053 shares of the mining company’s stock valued at $570,000 after acquiring an additional 476 shares during the last quarter. J.W. Cole Advisors Inc. lifted its stake in Cleveland-Cliffs by 3.6% in the first quarter. J.W. Cole Advisors Inc. now owns 24,575 shares of the mining company’s stock valued at $559,000 after acquiring an additional 845 shares during the last quarter. Mission Wealth Management LP acquired a new stake in Cleveland-Cliffs in the first quarter valued at $718,000. Capstone Investment Advisors LLC acquired a new stake in Cleveland-Cliffs in the first quarter valued at $799,000. Finally, Hunter Associates Investment Management LLC lifted its stake in Cleveland-Cliffs by 22.9% in the first quarter. Hunter Associates Investment Management LLC now owns 12,900 shares of the mining company’s stock valued at $294,000 after acquiring an additional 2,400 shares during the last quarter. Institutional investors own 67.68% of the company’s stock.

Cleveland-Cliffs Price Performance

Shares of Cleveland-Cliffs stock opened at $13.26 on Friday. Cleveland-Cliffs Inc. has a twelve month low of $10.21 and a twelve month high of $22.97. The company has a quick ratio of 0.60, a current ratio of 1.87 and a debt-to-equity ratio of 0.48. The company has a 50-day simple moving average of $12.68 and a two-hundred day simple moving average of $14.85. The stock has a market capitalization of $6.21 billion, a price-to-earnings ratio of 189.46 and a beta of 1.98.

Analysts Set New Price Targets

A number of analysts have commented on the stock. Morgan Stanley cut their price target on shares of Cleveland-Cliffs from $15.00 to $13.50 and set an “equal weight” rating for the company in a research note on Wednesday, September 18th. Seaport Res Ptn upgraded shares of Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, August 27th. Finally, Citigroup cut their target price on shares of Cleveland-Cliffs from $18.00 to $12.50 and set a “neutral” rating for the company in a research note on Tuesday, September 10th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company 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.