First Trust Advisors LP grew its stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF – Free Report) by 36.4% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 199,349 shares of the mining company’s stock after purchasing an additional 53,246 shares during the period. First Trust Advisors LP’s holdings in Cleveland-Cliffs were worth $1,684,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Vanguard Group Inc. boosted its holdings in Cleveland-Cliffs by 13.4% during the fourth quarter. Vanguard Group Inc. now owns 54,391,397 shares of the mining company’s stock worth $722,318,000 after buying an additional 6,447,462 shares in the last quarter. State Street Corp increased its holdings in Cleveland-Cliffs by 14.2% in the fourth quarter. State Street Corp now owns 29,278,156 shares of the mining company’s stock valued at $388,814,000 after buying an additional 3,632,150 shares in the last quarter. Castle Hook Partners LP lifted its position in shares of Cleveland-Cliffs by 572.4% during the 4th quarter. Castle Hook Partners LP now owns 18,083,029 shares of the mining company’s stock valued at $240,143,000 after acquiring an additional 15,393,507 shares during the period. Dimensional Fund Advisors LP lifted its position in shares of Cleveland-Cliffs by 6.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 15,489,207 shares of the mining company’s stock valued at $130,873,000 after acquiring an additional 925,031 shares during the period. Finally, Maple Rock Capital Partners Inc. boosted its stake in shares of Cleveland-Cliffs by 90.1% during the 4th quarter. Maple Rock Capital Partners Inc. now owns 12,358,230 shares of the mining company’s stock worth $164,117,000 after acquiring an additional 5,855,830 shares in the last quarter. 67.68% of the stock is owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
A number of equities research analysts recently weighed in on CLF shares. JPMorgan Chase & Co. lowered their price target on Cleveland-Cliffs from $13.00 to $10.00 and set a “neutral” rating on the stock in a report on Wednesday, July 15th. Morgan Stanley reaffirmed an “equal weight” rating and set a $12.50 price objective (up from $12.00) on shares of Cleveland-Cliffs in a report on Monday, June 22nd. Wells Fargo & Company reiterated a “positive” rating on shares of Cleveland-Cliffs in a research report on Friday, July 24th. The Goldman Sachs Group reissued a “neutral” rating and issued a $10.00 target price on shares of Cleveland-Cliffs in a report on Friday, May 1st. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Cleveland-Cliffs in a research report on Tuesday, July 21st. Two analysts have rated the stock with a Buy rating, seven have given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, Cleveland-Cliffs currently has an average rating of “Hold” and a consensus price target of $11.86.
Insider Buying and Selling
In other Cleveland-Cliffs news, EVP Celso L. Goncalves, Jr. sold 214,308 shares of the firm’s stock in a transaction on Friday, June 5th. The stock was sold at an average price of $13.41, for a total transaction of $2,873,870.28. Following the completion of the transaction, the executive vice president 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 SEC, which is accessible through this link. Company insiders own 0.95% of the company’s stock.
Cleveland-Cliffs Stock Up 0.3%
Shares of NYSE CLF opened at $12.27 on Friday. Cleveland-Cliffs Inc. has a 12-month low of $7.73 and a 12-month high of $16.70. The company has a market capitalization of $7.00 billion, a PE ratio of -7.57 and a beta of 2.09. The company has a debt-to-equity ratio of 1.32, a current ratio of 1.89 and a quick ratio of 0.63. The firm’s 50-day moving average is $11.36 and its two-hundred day moving average is $10.94.
Cleveland-Cliffs (NYSE:CLF – Get Free Report) last issued its quarterly earnings data on Thursday, July 23rd. The mining company reported ($0.20) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.21) by $0.01. Cleveland-Cliffs had a negative net margin of 4.56% and a negative return on equity of 13.37%. The business had revenue of $5.23 billion during the quarter, compared to analysts’ expectations of $5.15 billion. During the same period last year, the company posted ($0.50) EPS. The company’s revenue was up 5.9% on a year-over-year basis. Equities analysts anticipate that Cleveland-Cliffs Inc. will post -0.11 EPS for the current fiscal year.
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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