5 Best Metal Stocks to Invest In

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

Number of Hedge Fund Holders: 48

Cleveland-Cliffs Inc. (NYSE:CLF) is a flat-rolled steel producer operating in North America. The company provides carbon steel products and tubular components.

A Buy rating was reiterated on shares of Cleveland-Cliffs Inc. (NYSE:CLF) on October 6 by analyst Emily Chieng at Goldman Sachs. She also placed a $19 price target on the stock.

Cleveland-Cliffs Inc. (NYSE:CLF) jumped by 8.5% on October 3, demonstrating its second strong gain in a row. The company’s revenue in the second quarter was $6.34 billion, beating estimates by $226.68 million.

In total, 48 hedge funds were long Cleveland-Cliffs Inc. (NYSE:CLF) in the second quarter, while 36 funds were long the stock in the previous quarter. Their total stake values were $1.6 billion and $952 million, respectively.