5 Stocks to Buy Now According to Jeffrey Gendell’s Tontine Asset Management

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

Gendell’s Stake Value: $144,001,000
Percentage of Jeffrey Gendell’s 13F Portfolio: 12.76%
Number of Hedge Fund Holders: 44

Cleveland-Cliffs Inc. (NYSE: CLF) is a North American flat-rolled steel manufacturer. It was founded in 1847 and ranks second on the list of 10 stocks to buy now according to Jeffrey Gendell’s Tontine Asset Management. Shares of Cleveland-Cliffs Inc. (NYSE: CLF) surged 276.54% over the last 12 months.

On August 11, Morgan Stanley analyst Carlos De Alba initiated coverage on Cleveland-Cliffs Inc. (NYSE: CLF) with an “Equal-Weight” rating and gave the price target of $26. On July 28, Cleveland-Cliffs Inc. (NYSE: CLF) announced earnings for the second quarter of 2021. It reported earnings per share of $1.43, missing the estimates by $0.08. The revenue over the period was $5.05 billion, up 361.70% YoY, beating the predictions by $92.84 million.

Tontine Asset Management holds 6.68 million shares in Cleveland-Cliffs Inc. (NYSE: CLF), worth over $144 million. This represents 12.76% of their portfolio. The hedge fund has increased its stake in the firm by 91% in the second quarter of 2021. Cleveland-Cliffs Inc. (NYSE: CLF) saw an increase in hedge fund sentiment recently. The number of hedge fund positions increased to 44 in the second quarter of 2021, compared to 36 positions in the previous quarter.