JB Capital LLC Purchases 27,923 Shares of Cleveland-Cliffs Inc. (NYSE:CLF)

JB Capital LLC boosted its holdings in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 38.9% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 99,700 shares of the mining company’s stock after acquiring an additional 27,923 shares during the period. JB Capital LLC’s holdings in Cleveland-Cliffs were worth $1,534,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also added to or reduced their stakes in the company. Hobbs Group Advisors LLC bought a new position in shares of Cleveland-Cliffs in the 2nd quarter worth $31,000. Lindbrook Capital LLC raised its holdings in Cleveland-Cliffs by 83.7% in the fourth quarter. Lindbrook Capital LLC now owns 1,571 shares of the mining company’s stock worth $32,000 after purchasing an additional 716 shares in the last quarter. Gradient Investments LLC lifted its position in shares of Cleveland-Cliffs by 138.8% during the second quarter. Gradient Investments LLC now owns 2,149 shares of the mining company’s stock valued at $33,000 after buying an additional 1,249 shares during the last quarter. Rise Advisors LLC boosted its holdings in shares of Cleveland-Cliffs by 2,858.0% in the 1st quarter. Rise Advisors LLC now owns 1,479 shares of the mining company’s stock valued at $34,000 after buying an additional 1,429 shares in the last quarter. Finally, Hexagon Capital Partners LLC grew its position in shares of Cleveland-Cliffs by 41.7% in the 1st quarter. Hexagon Capital Partners LLC now owns 1,700 shares of the mining company’s stock worth $39,000 after buying an additional 500 shares during the last quarter. Hedge funds and other institutional investors own 67.68% of the company’s stock.

Insiders Place Their Bets

In related news, Director Ben Oren bought 6,700 shares of the stock in a transaction that occurred on Wednesday, June 12th. The stock was purchased at an average cost of $14.99 per share, with a total value of $100,433.00. Following the purchase, the director now directly owns 14,167 shares of the company’s stock, valued at approximately $212,363.33. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, CFO Celso L. Goncalves, Jr. acquired 7,250 shares of the firm’s stock in a transaction dated Wednesday, June 12th. The stock was acquired at an average cost of $14.98 per share, with a total value of $108,605.00. Following the transaction, the chief financial officer now owns 314,362 shares in the company, valued at $4,709,142.76. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Ben Oren bought 6,700 shares of the company’s stock in a transaction that occurred on Wednesday, June 12th. The stock was acquired at an average cost of $14.99 per share, for a total transaction of $100,433.00. Following the acquisition, the director now directly owns 14,167 shares of the company’s stock, valued at $212,363.33. The disclosure for this purchase can be found here. Insiders own 1.76% of the company’s stock.

Cleveland-Cliffs Price Performance

Shares of Cleveland-Cliffs stock traded up $0.40 on Friday, hitting $13.27. The company’s stock had a trading volume of 10,035,670 shares, compared to its average volume of 8,960,966. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.60 and a current ratio of 1.87. Cleveland-Cliffs Inc. has a 1 year low of $12.39 and a 1 year high of $22.97. The firm has a fifty day moving average price of $14.60 and a 200-day moving average price of $17.67. The company has a market capitalization of $6.31 billion, a price-to-earnings ratio of 17.39, a price-to-earnings-growth ratio of 1.94 and a beta of 2.03.

Cleveland-Cliffs (NYSE:CLF) last issued its earnings results on Monday, July 22nd. The mining company reported $0.11 EPS for the quarter. Cleveland-Cliffs had a net margin of 0.21% and a return on equity of 4.94%. The business had revenue of $5.09 billion during the quarter, compared to analysts’ expectations of $5.18 billion. During the same period in the prior year, the business earned $0.69 earnings per share. The company’s quarterly revenue was down 14.9% compared to the same quarter last year. As a group, sell-side analysts anticipate that Cleveland-Cliffs Inc. will post 0.17 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the company. Jefferies Financial Group assumed coverage on Cleveland-Cliffs in a research report on Monday, May 20th. They set a “buy” rating and a $22.00 price target on the stock. JPMorgan Chase & Co. cut shares of Cleveland-Cliffs from an “overweight” rating to a “neutral” rating and lowered their target price for the stock from $23.00 to $17.00 in a research note on Tuesday, June 11th. Seaport Res Ptn upgraded shares of Cleveland-Cliffs to a “hold” rating in a research note on Tuesday, June 11th. B. Riley reaffirmed a “buy” rating and issued a $23.00 price target on shares of Cleveland-Cliffs in a report on Tuesday, June 25th. Finally, Morgan Stanley lowered their price objective on shares of Cleveland-Cliffs from $17.50 to $15.00 and set an “equal weight” rating for the company in a research note on Thursday, August 15th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $18.94.

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.