Alps Advisors Inc. Takes Position in Cleveland-Cliffs Inc (CLF)

Alps Advisors Inc. bought a new stake in Cleveland-Cliffs Inc (NYSE:CLF) during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 40,417 shares of the mining company’s stock, valued at approximately $404,000.

A number of other hedge funds also recently bought and sold shares of CLF. Bank of New York Mellon Corp grew its stake in Cleveland-Cliffs by 3.3% in the third quarter. Bank of New York Mellon Corp now owns 2,037,877 shares of the mining company’s stock valued at $25,801,000 after purchasing an additional 65,196 shares in the last quarter. Nordea Investment Management AB grew its stake in Cleveland-Cliffs by 4.8% in the third quarter. Nordea Investment Management AB now owns 875,941 shares of the mining company’s stock valued at $11,090,000 after purchasing an additional 39,882 shares in the last quarter. Legal & General Group Plc grew its stake in Cleveland-Cliffs by 7.9% in the third quarter. Legal & General Group Plc now owns 260,273 shares of the mining company’s stock valued at $3,295,000 after purchasing an additional 19,072 shares in the last quarter. Vanguard Group Inc grew its stake in Cleveland-Cliffs by 14.8% in the third quarter. Vanguard Group Inc now owns 30,220,875 shares of the mining company’s stock valued at $382,597,000 after purchasing an additional 3,885,273 shares in the last quarter. Finally, Alpha Windward LLC bought a new position in Cleveland-Cliffs in the fourth quarter valued at approximately $372,000. Hedge funds and other institutional investors own 75.58% of the company’s stock.

Shares of NYSE CLF opened at $10.06 on Friday. The company has a quick ratio of 1.82, a current ratio of 2.86 and a debt-to-equity ratio of 7.97. Cleveland-Cliffs Inc has a 12 month low of $7.40 and a 12 month high of $13.10. The company has a market cap of $2.78 billion, a PE ratio of 4.72 and a beta of 1.78.

Cleveland-Cliffs (NYSE:CLF) last issued its earnings results on Thursday, April 25th. The mining company reported ($0.08) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.14) by $0.06. Cleveland-Cliffs had a return on equity of 786.91% and a net margin of 51.54%. The company had revenue of $157.00 million during the quarter, compared to the consensus estimate of $116.91 million. During the same period in the previous year, the company posted ($0.08) EPS. The firm’s revenue for the quarter was down 12.8% compared to the same quarter last year. On average, research analysts expect that Cleveland-Cliffs Inc will post 1.68 EPS for the current year.

In other Cleveland-Cliffs news, Director Eric M. Rychel bought 5,000 shares of Cleveland-Cliffs stock in a transaction dated Monday, May 13th. The stock was bought at an average cost of $9.70 per share, for a total transaction of $48,500.00. Following the purchase, the director now owns 24,845 shares of the company’s stock, valued at approximately $240,996.50. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Keith Koci bought 9,000 shares of Cleveland-Cliffs stock in a transaction dated Wednesday, February 27th. The shares were acquired at an average price of $11.52 per share, with a total value of $103,680.00. Following the completion of the purchase, the chief financial officer now directly owns 39,349 shares in the company, valued at approximately $453,300.48. The disclosure for this purchase can be found here. Insiders have bought a total of 21,500 shares of company stock valued at $225,380 over the last quarter. 1.32% of the stock is currently owned by corporate insiders.

A number of research firms have weighed in on CLF. Credit Suisse Group upgraded Cleveland-Cliffs from a “neutral” rating to an “outperform” rating and raised their price target for the company from $13.00 to $14.00 in a research note on Friday, April 26th. Cowen restated a “market perform” rating and issued a $11.00 price target (up from $8.50) on shares of Cleveland-Cliffs in a research note on Thursday, February 7th. Jefferies Financial Group raised their price target on Cleveland-Cliffs from $11.50 to $13.75 and gave the company a “buy” rating in a research note on Friday, February 8th. B. Riley raised their price target on Cleveland-Cliffs from $14.00 to $15.00 and gave the company a “buy” rating in a research note on Thursday, April 25th. Finally, Zacks Investment Research downgraded Cleveland-Cliffs from a “buy” rating to a “hold” rating in a research note on Tuesday, April 2nd. One analyst has rated the stock with a sell rating, four have issued a hold rating and seven have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus price target of $12.50.

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Cleveland-Cliffs Profile

Cleveland-Cliffs Inc operates as an iron ore mining company in the United States. The company operates four iron ore mines in Michigan and Minnesota. It sells its products to integrated steel companies and steel producers in the United States and the Asia Pacific. The company was formerly known as Cliffs Natural Resources Inc and changed its name to Cleveland-Cliffs Inc in August 2017.

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Institutional Ownership by Quarter for Cleveland-Cliffs (NYSE:CLF)

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