Paragon Capital Management Inc. Purchases Shares of 115,248 Cleveland-Cliffs Inc. (NYSE:CLF)

Paragon Capital Management Inc. acquired a new position in Cleveland-Cliffs Inc. (NYSE:CLF) during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 115,248 shares of the mining company’s stock, valued at approximately $1,472,000.

Several other large investors have also made changes to their positions in the business. Dimensional Fund Advisors LP increased its position in Cleveland-Cliffs by 54.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 15,906,597 shares of the mining company’s stock worth $244,794,000 after buying an additional 5,621,797 shares during the period. AQR Capital Management LLC increased its position in Cleveland-Cliffs by 49.9% during the second quarter. AQR Capital Management LLC now owns 6,093,632 shares of the mining company’s stock worth $93,172,000 after acquiring an additional 2,027,757 shares during the period. Bank of New York Mellon Corp raised its stake in Cleveland-Cliffs by 23.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 5,597,662 shares of the mining company’s stock valued at $86,148,000 after purchasing an additional 1,069,907 shares during the last quarter. Castle Hook Partners LP boosted its holdings in Cleveland-Cliffs by 13.8% in the 1st quarter. Castle Hook Partners LP now owns 3,374,716 shares of the mining company’s stock valued at $76,741,000 after purchasing an additional 410,182 shares during the period. Finally, Drexel Morgan & Co. grew its position in Cleveland-Cliffs by 3.3% in the 2nd quarter. Drexel Morgan & Co. now owns 3,083,995 shares of the mining company’s stock worth $47,463,000 after purchasing an additional 97,450 shares during the last quarter. Institutional investors and hedge funds own 67.68% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on CLF shares. Citigroup reduced their target price on shares of Cleveland-Cliffs from $18.00 to $12.50 and set a “neutral” rating for the company in a research note on Tuesday, September 10th. B. Riley reissued a “buy” rating and set a $23.00 price objective on shares of Cleveland-Cliffs in a report on Tuesday, June 25th. Morgan Stanley cut their target price on Cleveland-Cliffs from $15.00 to $13.50 and set an “equal weight” rating for the company in a research note on Wednesday, September 18th. Seaport Res Ptn upgraded shares of Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, August 27th. Finally, Bank of America lowered their price target on shares of Cleveland-Cliffs from $20.00 to $18.00 and set a “neutral” rating on the stock in a report on Wednesday, June 26th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $17.56.

Cleveland-Cliffs Stock Performance

Cleveland-Cliffs stock opened at $13.05 on Thursday. Cleveland-Cliffs Inc. has a 12-month low of $10.21 and a 12-month high of $22.97. The stock has a 50-day simple moving average of $12.55 and a 200 day simple moving average of $15.48. 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 capitalization of $6.20 billion, a price-to-earnings ratio of 17.64 and a beta of 1.98.

Cleveland-Cliffs (NYSE:CLF) last announced its earnings results on Monday, July 22nd. The mining company reported $0.11 earnings per share (EPS) for the quarter. Cleveland-Cliffs had a net margin of 0.21% and a return on equity of 4.94%. The company had revenue of $5.09 billion for the quarter, compared to analyst estimates of $5.18 billion. During the same period in the prior year, the business earned $0.69 earnings per share. Cleveland-Cliffs’s quarterly revenue was down 14.9% on a year-over-year basis. On average, research analysts anticipate that Cleveland-Cliffs Inc. will post -0.23 earnings per share for the current fiscal year.

Cleveland-Cliffs 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.