Drexel Morgan & Co. Grows Holdings in Cleveland-Cliffs Inc. (NYSE:CLF)

Drexel Morgan & Co. boosted its holdings in Cleveland-Cliffs Inc. (NYSE:CLF) by 3.8% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 3,200,395 shares of the mining company’s stock after purchasing an additional 116,400 shares during the period. Cleveland-Cliffs makes up 7.6% of Drexel Morgan & Co.’s portfolio, making the stock its 3rd largest position. Drexel Morgan & Co.’s holdings in Cleveland-Cliffs were worth $40,869,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in CLF. Twelve Points Wealth Management LLC increased its stake in shares of Cleveland-Cliffs by 58.5% in the third quarter. Twelve Points Wealth Management LLC now owns 133,717 shares of the mining company’s stock worth $1,708,000 after buying an additional 49,359 shares during the period. Hodges Capital Management Inc. increased its position in shares of Cleveland-Cliffs by 5.0% in the second quarter. Hodges Capital Management Inc. now owns 2,199,634 shares of the mining company’s stock valued at $33,852,000 after acquiring an additional 104,197 shares during the period. DekaBank Deutsche Girozentrale raised its stake in shares of Cleveland-Cliffs by 2.5% during the first quarter. DekaBank Deutsche Girozentrale now owns 40,118 shares of the mining company’s stock valued at $879,000 after acquiring an additional 984 shares during the last quarter. Russell Investments Group Ltd. boosted its holdings in shares of 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 purchasing an additional 177,198 shares during the period. Finally, Natixis bought a new stake in shares of Cleveland-Cliffs in the first quarter worth about $100,000. 67.68% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

CLF has been the subject of a number of recent analyst reports. Morgan Stanley lowered their price target 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. Citigroup decreased their target price on Cleveland-Cliffs from $18.00 to $12.50 and set a “neutral” rating for the company in a report on Tuesday, September 10th. Finally, Seaport Res Ptn upgraded shares of Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a report on Tuesday, August 27th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating, two have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $17.56.

Cleveland-Cliffs Stock Performance

Shares of CLF stock opened at $12.99 on Friday. The company’s fifty day moving average price is $12.68 and its 200-day moving average price is $14.86. The stock has a market cap of $6.08 billion, a PE ratio of 185.53 and a beta of 1.98. The company has a current ratio of 1.87, a quick ratio of 0.60 and a debt-to-equity ratio of 0.48. Cleveland-Cliffs Inc. has a 12 month low of $10.21 and a 12 month high of $22.97.

About Cleveland-Cliffs

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.