Saba Capital Management L.P. purchased a new stake in Cleveland-Cliffs Inc. (NYSE:CLF – Free Report) during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 58,004 shares of the mining company’s stock, valued at approximately $490,000.
A number of other hedge funds have also modified their holdings of CLF. Los Angeles Capital Management LLC acquired a new stake in Cleveland-Cliffs in the 4th quarter valued at approximately $25,000. IFP Advisors Inc lifted its stake in Cleveland-Cliffs by 117.5% in the 4th quarter. IFP Advisors Inc now owns 2,221 shares of the mining company’s stock valued at $29,000 after acquiring an additional 1,200 shares in the last quarter. CIBC Private Wealth Group LLC boosted its position in Cleveland-Cliffs by 306.1% during the 4th quarter. CIBC Private Wealth Group LLC now owns 2,461 shares of the mining company’s stock worth $33,000 after acquiring an additional 1,855 shares during the last quarter. Caitong International Asset Management Co. Ltd boosted its position in Cleveland-Cliffs by 94.0% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 2,505 shares of the mining company’s stock worth $33,000 after acquiring an additional 1,214 shares during the last quarter. Finally, Larson Financial Group LLC boosted its position in Cleveland-Cliffs by 819.2% during the 3rd quarter. Larson Financial Group LLC now owns 2,684 shares of the mining company’s stock worth $33,000 after acquiring an additional 2,392 shares during the last quarter. 67.68% of the stock is currently owned by institutional investors.
Wall Street Analysts Forecast Growth
A number of research firms have recently issued reports on CLF. Citigroup reiterated a “positive” rating on shares of Cleveland-Cliffs in a report on Friday. Bank of America reduced their target price on shares of Cleveland-Cliffs from $14.00 to $11.50 and set a “neutral” rating for the company in a report on Thursday, July 9th. Glj Research raised shares of Cleveland-Cliffs from a “hold” rating to a “buy” rating and raised their target price for the company from $15.01 to $15.60 in a research report on Friday, July 24th. Argus upgraded shares of Cleveland-Cliffs to a “hold” rating in a research note on Monday, April 6th. Finally, JPMorgan Chase & Co. lowered their price target on shares of Cleveland-Cliffs from $13.00 to $10.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 15th. Two investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $11.86.
Cleveland-Cliffs Stock Performance
Shares of NYSE CLF opened at $11.97 on Wednesday. The stock has a 50 day moving average price of $11.36 and a 200 day moving average price of $11.01. Cleveland-Cliffs Inc. has a 52 week low of $7.73 and a 52 week high of $16.70. The company has a debt-to-equity ratio of 1.32, a quick ratio of 0.63 and a current ratio of 1.89. The stock has a market capitalization of $6.83 billion, a PE ratio of -7.39 and a beta of 2.13.
Cleveland-Cliffs (NYSE:CLF – Get Free Report) last posted its quarterly earnings results on Thursday, July 23rd. The mining company reported ($0.20) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.21) by $0.01. The firm had revenue of $5.23 billion during the quarter, compared to the consensus estimate of $5.15 billion. Cleveland-Cliffs had a negative return on equity of 13.37% and a negative net margin of 4.56%.The business’s revenue was up 5.9% compared to the same quarter last year. During the same period last year, the company earned ($0.50) earnings per share. Analysts predict that Cleveland-Cliffs Inc. will post -0.16 earnings per share for the current fiscal year.
Insider Activity at Cleveland-Cliffs
In related news, EVP Celso L. Goncalves, Jr. sold 214,308 shares of the firm’s stock in a transaction on Friday, June 5th. The shares were sold at an average price of $13.41, for a total value of $2,873,870.28. Following the completion of the transaction, the executive vice president directly owned 184,542 shares of the company’s stock, valued at approximately $2,474,708.22. This trade represents a 53.73% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.95% of the company’s stock.
Cleveland-Cliffs Company Profile
Cleveland-Cliffs Inc is a leading North American producer of iron ore pellets and flat-rolled steel products. Tracing its roots to 1847, the company has evolved from an iron-ore mining concern in the Great Lakes region into a fully integrated steelmaker. Today, Cleveland-Cliffs operates iron ore mining complexes in Michigan and Minnesota as well as steelmaking and finishing facilities across the United States.
The company’s integrated platform begins with direct control of key raw materials, including iron ore and scrap, and extends through every stage of steel production.
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