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

Drexel Morgan & Co. boosted its position in Cleveland-Cliffs Inc. (NYSE:CLF) by 3.8% in the third quarter, according to its most recent filing with the SEC. The institutional investor owned 3,200,395 shares of the mining company’s stock after purchasing an additional 116,400 shares during the period. Cleveland-Cliffs comprises 7.6% of Drexel Morgan & Co.’s investment portfolio, making the stock its 3rd biggest position. Drexel Morgan & Co. owned approximately 0.67% of Cleveland-Cliffs worth $40,869,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Wealth Enhancement Advisory Services LLC raised its position in shares of Cleveland-Cliffs by 1.9% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 25,053 shares of the mining company’s stock valued at $570,000 after purchasing an additional 476 shares during the period. J.W. Cole Advisors Inc. raised its holdings in Cleveland-Cliffs by 3.6% during the 1st quarter. J.W. Cole Advisors Inc. now owns 24,575 shares of the mining company’s stock valued at $559,000 after acquiring an additional 845 shares during the period. Mission Wealth Management LP purchased a new stake in shares of Cleveland-Cliffs during the first quarter worth $718,000. Capstone Investment Advisors LLC bought a new position in shares of Cleveland-Cliffs in the first quarter worth $799,000. Finally, Hunter Associates Investment Management LLC grew its position in shares of Cleveland-Cliffs by 22.9% in the first quarter. Hunter Associates Investment Management LLC now owns 12,900 shares of the mining company’s stock valued at $294,000 after purchasing an additional 2,400 shares in the last quarter. Hedge funds and other institutional investors own 67.68% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have commented on CLF shares. Seaport Res Ptn upgraded Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, August 27th. Citigroup cut their price objective on shares of Cleveland-Cliffs from $18.00 to $12.50 and set a “neutral” rating for the company in a research report on Tuesday, September 10th. Finally, Morgan Stanley decreased their target price on shares of Cleveland-Cliffs from $15.00 to $13.50 and set an “equal weight” rating on the stock in a report on Wednesday, September 18th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Cleveland-Cliffs has a consensus rating of “Hold” and a consensus target price of $17.56.

Cleveland-Cliffs Stock Down 1.6 %

CLF opened at $12.99 on Friday. The business’s fifty day simple moving average is $12.68 and its 200 day simple moving average is $14.86. Cleveland-Cliffs Inc. has a 52 week low of $10.21 and a 52 week high of $22.97. The company has a quick ratio of 0.60, a current ratio of 1.87 and a debt-to-equity ratio of 0.48. The stock has a market cap of $6.08 billion, a PE ratio of 185.53 and a beta of 1.98.

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.