5 Precious Metals Stocks to Buy According to Ken Fisher

3. Cleveland-Cliffs Inc. (NYSE:CLF)

Number of Hedge Fund Holders: 36

Cleveland-Cliffs Inc. (NYSE:CLF) is headquartered in Cleveland, Ohio, operating as a flat-rolled steel producer in North America. The company also provides hot-briquetted iron products. On March 21, Cleveland-Cliffs Inc. (NYSE:CLF) announced that it will redeem its remaining $607 million of outstanding 9.875% senior secured notes due October 2025 on April 20, 2022. 

According to the securities filings for Q4 2021, Ken Fisher’s fund owns 12.5 million Cleveland-Cliffs Inc. (NYSE:CLF) shares, worth $272.2 million, representing 0.15% of the total 13F portfolio. 

On March 15, Citi analyst Alexander Hacking raised the price target on Cleveland-Cliffs Inc. (NYSE:CLF) to $28 from $25 and kept a Neutral rating on the shares. According to the analyst, the U.S. is in the “middle of massive steel inflation” spreading out of Europe and potential deflation originating from China. He also raised his 2022 U.S. price deck for steel.

A total of 36 hedge funds were bullish on Cleveland-Cliffs Inc. (NYSE:CLF), compared to 35 funds in the earlier quarter. Ken Griffin’s Citadel Investment Group is the largest shareholder of the company, with 7.5 million shares worth $163.5 million.