Point72 Hong Kong Ltd Makes New $1.02 Million Investment in Cleveland-Cliffs Inc. (NYSE:CLF)

Point72 Hong Kong Ltd purchased a new position in shares of Cleveland-Cliffs Inc. (NYSE:CLF) in the fourth quarter, according to its most recent filing with the SEC. The firm purchased 108,015 shares of the mining company’s stock, valued at approximately $1,015,000.

A number of other large investors have also recently bought and sold shares of CLF. Pinpoint Asset Management Ltd acquired a new stake in shares of Cleveland-Cliffs in the 4th quarter valued at about $25,000. Estabrook Capital Management grew its stake in shares of Cleveland-Cliffs by 207.7% in the 4th quarter. Estabrook Capital Management now owns 4,000 shares of the mining company’s stock valued at $38,000 after buying an additional 2,700 shares during the period. Byrne Asset Management LLC grew its stake in shares of Cleveland-Cliffs by 130.0% in the 4th quarter. Byrne Asset Management LLC now owns 4,600 shares of the mining company’s stock valued at $43,000 after buying an additional 2,600 shares during the period. Stonebridge Financial Group LLC acquired a new stake in shares of Cleveland-Cliffs in the 4th quarter valued at about $44,000. Finally, AllSquare Wealth Management LLC grew its stake in shares of Cleveland-Cliffs by 24.4% in the 4th quarter. AllSquare Wealth Management LLC now owns 5,100 shares of the mining company’s stock valued at $48,000 after buying an additional 1,000 shares during the period. 67.68% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Cleveland-Cliffs

In other Cleveland-Cliffs news, Director Jane M. Cronin bought 10,000 shares of the business’s stock in a transaction dated Friday, February 28th. The shares were purchased at an average price of $10.56 per share, for a total transaction of $105,600.00. Following the purchase, the director now directly owns 24,522 shares of the company’s stock, valued at approximately $258,952.32. This represents a 68.86% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director John T. Baldwin acquired 4,000 shares of the company’s stock in a transaction that occurred on Monday, March 10th. The stock was purchased at an average price of $8.70 per share, for a total transaction of $34,800.00. Following the purchase, the director now owns 133,227 shares of the company’s stock, valued at $1,159,074.90. The trade was a 3.10% increase in their position. The disclosure for this purchase can be found here. Insiders have acquired 23,500 shares of company stock worth $243,095 in the last 90 days. Insiders own 1.71% of the company’s stock.

Cleveland-Cliffs Price Performance

Cleveland-Cliffs stock opened at $7.47 on Friday. Cleveland-Cliffs Inc. has a 52 week low of $6.17 and a 52 week high of $18.03. The company’s 50 day moving average price is $8.19 and its two-hundred day moving average price is $9.99. The stock has a market cap of $3.69 billion, a P/E ratio of -7.70 and a beta of 2.03. The company has a quick ratio of 0.55, a current ratio of 1.85 and a debt-to-equity ratio of 0.53.

Cleveland-Cliffs (NYSE:CLF) last announced its earnings results on Wednesday, May 7th. The mining company reported ($0.92) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.78) by ($0.14). Cleveland-Cliffs had a negative return on equity of 0.59% and a negative net margin of 2.31%. The business had revenue of $4.63 billion during the quarter, compared to analysts’ expectations of $4.71 billion. During the same quarter in the previous year, the firm earned $0.18 EPS. Cleveland-Cliffs’s quarterly revenue was down 11.0% on a year-over-year basis. On average, equities analysts predict that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current year.

Analyst Upgrades and Downgrades

CLF has been the subject of several research reports. Glj Research reduced their target price on Cleveland-Cliffs from $14.54 to $12.90 and set a “buy” rating for the company in a research note on Thursday, February 27th. The Goldman Sachs Group reduced their target price on Cleveland-Cliffs from $13.00 to $11.25 and set a “buy” rating for the company in a research note on Monday. B. Riley reaffirmed a “buy” rating and issued a $17.00 price target (down previously from $20.00) on shares of Cleveland-Cliffs in a research report on Wednesday, April 23rd. Finally, Morgan Stanley dropped their price target on shares of Cleveland-Cliffs from $13.00 to $11.00 and set an “equal weight” rating on the stock in a research report on Monday, February 3rd. One analyst has rated the stock with a sell rating, four have assigned a hold rating, four have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Cleveland-Cliffs currently has an average rating of “Moderate Buy” and a consensus target price of $15.02.

Cleveland-Cliffs Profile

Cleveland-Cliffs is the largest flat-rolled steel company and the largest iron ore pellet producer in North America. The company is vertically integrated from mining through iron making, steelmaking, rolling, finishing and downstream with hot and cold stamping of steel parts and components. The company was formerly known as Cliffs Natural Resources Inc and changed its name to Cleveland-Cliffs Inc in August 2017.