Birmingham Capital Management Co. Inc. AL Takes $421,000 Position in Cleveland-Cliffs Inc. $CLF

Birmingham Capital Management Co. Inc. AL bought a new position in shares of Cleveland-Cliffs Inc. (NYSE:CLF) during the second quarter, Holdings Channel.com reports. The fund bought 44,875 shares of the mining company’s stock, valued at approximately $421,000.

Other large investors have also added to or reduced their stakes in the company. BlackRock Inc. acquired a new stake in Cleveland-Cliffs during the 2nd quarter valued at $522,766,000. Vanguard Group Inc. boosted its position in Cleveland-Cliffs by 13.4% during the fourth quarter. Vanguard Group Inc. now owns 54,391,397 shares of the mining company’s stock worth $722,318,000 after purchasing an additional 6,447,462 shares during the period. State Street Corp increased its holdings in shares of Cleveland-Cliffs by 14.2% in the fourth quarter. State Street Corp now owns 29,278,156 shares of the mining company’s stock valued at $388,814,000 after purchasing an additional 3,632,150 shares during the last quarter. Castle Hook Partners LP increased its holdings in shares of Cleveland-Cliffs by 572.4% in the fourth quarter. Castle Hook Partners LP now owns 18,083,029 shares of the mining company’s stock valued at $240,143,000 after purchasing an additional 15,393,507 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its position in shares of Cleveland-Cliffs by 6.4% in the first quarter. Dimensional Fund Advisors LP now owns 15,489,207 shares of the mining company’s stock valued at $130,873,000 after purchasing an additional 925,031 shares during the period. Institutional investors own 67.68% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the stock. Glj Research upgraded shares of Cleveland-Cliffs from a “hold” rating to a “buy” rating and raised their target price for the stock from $15.01 to $15.60 in a research note on Friday, July 24th. Barclays upped their price target on shares of Cleveland-Cliffs from $9.00 to $10.00 and gave the company an “underweight” rating in a research note on Friday, July 24th. Morgan Stanley reissued an “equal weight” rating and issued a $12.50 price target (up from $12.00) on shares of Cleveland-Cliffs in a report on Monday, June 22nd. The Goldman Sachs Group restated a “neutral” rating and set a $10.00 price objective on shares of Cleveland-Cliffs in a research report on Friday, May 1st. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Cleveland-Cliffs in a report on Tuesday, July 21st. Two equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, Cleveland-Cliffs has an average rating of “Hold” and an average price target of $11.96.

Insider Activity

In other news, EVP Celso L. Goncalves, Jr. sold 214,308 shares of the firm’s stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $13.41, for a total transaction of $2,873,870.28. Following the transaction, the executive vice president directly owned 184,542 shares of the company’s stock, valued at approximately $2,474,708.22. This trade represents a 53.73% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.95% of the stock is currently owned by insiders.

Cleveland-Cliffs Trading Up 0.5%

Shares of Cleveland-Cliffs stock opened at $11.58 on Thursday. The firm has a 50-day moving average of $10.91 and a 200-day moving average of $10.70. The stock has a market cap of $6.61 billion, a PE ratio of -7.15 and a beta of 2.09. Cleveland-Cliffs Inc. has a 52-week low of $7.73 and a 52-week high of $16.70. The company has a debt-to-equity ratio of 1.32, a quick ratio of 0.63 and a current ratio of 1.89.

Cleveland-Cliffs (NYSE:CLF) last released its quarterly earnings results on Thursday, July 23rd. The mining company reported ($0.20) EPS for the quarter, beating the consensus estimate of ($0.21) by $0.01. Cleveland-Cliffs had a negative net margin of 4.56% and a negative return on equity of 13.37%. The business had revenue of $5.23 billion for the quarter, compared to the consensus estimate of $5.15 billion. During the same period in the prior year, the company posted ($0.50) earnings per share. Cleveland-Cliffs’s revenue was up 5.9% compared to the same quarter last year. As a group, sell-side analysts forecast that Cleveland-Cliffs Inc. will post -0.11 EPS for the current 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.