Sonora Investment Management Group LLC Boosts Stock Holdings in Cleveland-Cliffs Inc. (NYSE:CLF)

Sonora Investment Management Group LLC increased its position in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 16.8% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 707,220 shares of the mining company’s stock after buying an additional 101,964 shares during the period. Sonora Investment Management Group LLC owned 0.14% of Cleveland-Cliffs worth $6,648,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Pacer Advisors Inc. grew its position in shares of Cleveland-Cliffs by 13.7% during the 3rd quarter. Pacer Advisors Inc. now owns 25,893,879 shares of the mining company’s stock valued at $330,665,000 after acquiring an additional 3,110,651 shares during the period. Charles Schwab Investment Management Inc. lifted its position in shares of Cleveland-Cliffs by 3.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,751,153 shares of the mining company’s stock valued at $47,902,000 after buying an additional 121,389 shares in the last quarter. Drexel Morgan & Co. grew its stake in Cleveland-Cliffs by 3.8% in the 3rd quarter. Drexel Morgan & Co. now owns 3,200,395 shares of the mining company’s stock valued at $40,869,000 after acquiring an additional 116,400 shares during the period. Barclays PLC increased its holdings in Cleveland-Cliffs by 232.4% in the 3rd quarter. Barclays PLC now owns 3,113,337 shares of the mining company’s stock worth $39,757,000 after acquiring an additional 2,176,837 shares in the last quarter. Finally, Hodges Capital Management Inc. raised its position in Cleveland-Cliffs by 33.0% during the third quarter. Hodges Capital Management Inc. now owns 2,925,677 shares of the mining company’s stock worth $37,361,000 after acquiring an additional 726,043 shares during the period. Institutional investors and hedge funds own 67.68% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently issued reports on CLF shares. StockNews.com lowered shares of Cleveland-Cliffs from a “hold” rating to a “sell” rating in a research report on Thursday, November 7th. Glj Research upgraded Cleveland-Cliffs from a “sell” rating to a “buy” rating and set a $14.27 price objective on the stock in a report on Tuesday, January 7th. Citigroup decreased their target price on Cleveland-Cliffs from $12.50 to $11.00 and set a “neutral” rating on the stock in a research report on Thursday, December 19th. Finally, The Goldman Sachs Group assumed coverage on Cleveland-Cliffs in a research report on Monday, December 2nd. They set a “buy” rating and a $16.00 price target for the company. Three equities research analysts have rated the stock with a sell rating, five have assigned a hold rating, four have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $16.93.

Cleveland-Cliffs Stock Performance

NYSE:CLF opened at $10.50 on Friday. The company has a fifty day simple moving average of $10.54 and a two-hundred day simple moving average of $12.19. Cleveland-Cliffs Inc. has a 52 week low of $8.99 and a 52 week high of $22.97. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.55 and a current ratio of 1.85.

Cleveland-Cliffs (NYSE:CLF) last announced its quarterly earnings data 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 net margin of 2.31% and a negative return on equity of 0.59%. The firm had revenue of $4.57 billion during the quarter, compared to analysts’ expectations of $4.72 billion. During the same period in the prior year, the company posted $0.54 earnings per share. The company’s revenue for the quarter was down 18.5% on a year-over-year basis. Sell-side analysts predict that Cleveland-Cliffs Inc. will post -0.69 earnings per share for the current 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.