Baird Financial Group Inc. lifted its stake in Cleveland-Cliffs Inc (NYSE:CLF) by 67.3% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 18,643 shares of the mining company’s stock after purchasing an additional 7,500 shares during the quarter. Baird Financial Group Inc.’s holdings in Cleveland-Cliffs were worth $157,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds and other institutional investors also recently bought and sold shares of CLF. Ruffer LLP purchased a new stake in shares of Cleveland-Cliffs in the second quarter worth approximately $116,759,000. Millennium Management LLC lifted its position in shares of Cleveland-Cliffs by 719.1% in the first quarter. Millennium Management LLC now owns 8,333,410 shares of the mining company’s stock worth $57,917,000 after purchasing an additional 7,315,995 shares in the last quarter. Key Square Capital Management LLC purchased a new stake in shares of Cleveland-Cliffs in the first quarter worth approximately $15,210,000. Schwab Charles Investment Management Inc. lifted its position in shares of Cleveland-Cliffs by 81.5% in the second quarter. Schwab Charles Investment Management Inc. now owns 3,367,613 shares of the mining company’s stock worth $28,389,000 after purchasing an additional 1,512,065 shares in the last quarter. Finally, Madison Investment Holdings Inc. purchased a new stake in shares of Cleveland-Cliffs in the second quarter worth approximately $11,100,000. 67.57% of the stock is owned by institutional investors and hedge funds.
A number of analysts have recently issued reports on the stock. Zacks Investment Research raised shares of Cleveland-Cliffs from a “hold” rating to a “buy” rating and set a $13.00 price target for the company in a research report on Wednesday, September 19th. ValuEngine raised shares of Cleveland-Cliffs from a “sell” rating to a “hold” rating in a research report on Wednesday, September 12th. Seaport Global Securities set a $13.00 price objective on shares of Cleveland-Cliffs and gave the company a “buy” rating in a research report on Monday, July 23rd. Morgan Stanley raised their price objective on shares of Cleveland-Cliffs from $8.00 to $10.00 and gave the company an “equal weight” rating in a research report on Friday, July 27th. Finally, Jefferies Financial Group raised shares of Cleveland-Cliffs to a “buy” rating and set a $13.00 price objective on the stock in a research report on Friday, September 7th. One analyst has rated the stock with a sell rating, five have issued a hold rating and eight have issued a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus price target of $11.09.
Cleveland-Cliffs (NYSE:CLF) last issued its quarterly earnings data on Friday, July 20th. The mining company reported $0.76 earnings per share for the quarter, beating the consensus estimate of $0.56 by $0.20. The firm had revenue of $714.00 million for the quarter, compared to analyst estimates of $653.75 million. Cleveland-Cliffs had a net margin of 20.07% and a negative return on equity of 76.39%. The company’s revenue for the quarter was up 51.6% on a year-over-year basis. During the same quarter last year, the firm earned $0.26 earnings per share. analysts predict that Cleveland-Cliffs Inc will post 2.06 earnings per share for the current year.
Cleveland-Cliffs Inc operates as an iron ore mining company in the United States. The company operates four iron ore mines in Michigan and Minnesota; and Koolyanobbing iron ore mining complex located in Western Australia. It sells its products to integrated steel companies and steel producers in the United States and the Asia Pacific.
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