5 Best Mining Stocks To Buy Now

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

Number of Hedge Fund Holders: 44

Cleveland-Cliffs Inc. (NYSE:CLF) is the largest iron ore producer in North America following its acquisitions of ArcelorMittal USA and AK Steel in 2020. The company engages iron ore and coal mining and steelmaking in its 46 facilities.

The mining stock gained 5.8% on November 8 after the House of Representatives passed the $1.2 trillion infrastructure bill over the weekend. Shares of Cleveland-Cliffs Inc. (NYSE:CLF) rose 53% year to date.

Analyst Gordon Johnson of GLJ Research maintained a Buy rating on Cleveland-Cliffs Inc. (NYSE:CLF) and increased his price target for the mining stock to $36.06 from $28.35.

The Ohio-based mining company also saw a considerable increase in hedge fund positions over the last two quarters. Out of the 873 funds in Insider Monkey’s database, 44 held stakes worth $1.11 billion in Cleveland-Cliffs Inc. (NYSE:CLF) at the end of the second quarter of 2021, up from 36 in the preceding quarter.