Readystate Asset Management LP cut its holdings in Cleveland-Cliffs Inc. (NYSE:CLF – Free Report) by 33.6% during the 1st quarter, Holdings Channel reports. The fund owned 210,576 shares of the mining company’s stock after selling 106,517 shares during the period. Readystate Asset Management LP’s holdings in Cleveland-Cliffs were worth $1,779,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds have also recently modified their holdings of the business. Los Angeles Capital Management LLC bought a new position in Cleveland-Cliffs in the 4th quarter worth $25,000. Center for Financial Planning Inc. increased its position in Cleveland-Cliffs by 119.0% in the first quarter. Center for Financial Planning Inc. now owns 3,322 shares of the mining company’s stock worth $28,000 after buying an additional 1,805 shares in the last quarter. IFP Advisors Inc increased its position in Cleveland-Cliffs by 117.5% in the fourth quarter. IFP Advisors Inc now owns 2,221 shares of the mining company’s stock worth $29,000 after buying an additional 1,200 shares in the last quarter. Caitong International Asset Management Co. Ltd raised its stake in shares of Cleveland-Cliffs by 94.0% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 2,505 shares of the mining company’s stock worth $33,000 after buying an additional 1,214 shares during the period. Finally, CIBC Private Wealth Group LLC lifted its position in shares of 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 valued at $33,000 after buying an additional 1,855 shares in the last quarter. Institutional investors own 67.68% of the company’s stock.
Analyst Upgrades and Downgrades
CLF has been the subject of several analyst reports. 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. Citigroup reaffirmed a “positive” rating on shares of Cleveland-Cliffs in a report on Friday. JPMorgan Chase & Co. dropped their price target on shares of Cleveland-Cliffs from $13.00 to $10.00 and set a “neutral” rating for the company in a research report on Wednesday, July 15th. Wells Fargo & Company reissued a “positive” rating on shares of Cleveland-Cliffs in a research note on Friday. Finally, Glj Research upgraded shares of Cleveland-Cliffs from a “hold” rating to a “buy” rating and raised their price objective for the company from $15.01 to $15.60 in a research report on Friday, July 24th. Two analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, Cleveland-Cliffs has an average rating of “Hold” and a consensus target price of $11.86.
Insider Transactions at Cleveland-Cliffs
In other news, EVP Celso L. Goncalves, Jr. sold 214,308 shares of Cleveland-Cliffs stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $13.41, for a total transaction of $2,873,870.28. Following the sale, the executive vice president owned 184,542 shares in the company, valued at $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 available at the SEC website. 0.95% of the stock is currently owned by company insiders.
Cleveland-Cliffs Stock Performance
NYSE:CLF opened at $11.97 on Wednesday. The company has a current ratio of 1.89, a quick ratio of 0.63 and a debt-to-equity ratio of 1.32. Cleveland-Cliffs Inc. has a 12-month low of $7.73 and a 12-month high of $16.70. The stock has a 50-day moving average price of $11.36 and a 200 day moving average price of $11.01. The stock has a market capitalization of $6.83 billion, a P/E 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) EPS for the quarter, topping analysts’ consensus estimates of ($0.21) by $0.01. Cleveland-Cliffs had a negative return on equity of 13.37% and a negative net margin of 4.56%.The company had revenue of $5.23 billion for the quarter, compared to analysts’ expectations of $5.15 billion. During the same period in the previous year, the firm earned ($0.50) EPS. The firm’s revenue was up 5.9% compared to the same quarter last year. Equities research analysts forecast that Cleveland-Cliffs Inc. will post -0.16 EPS for the current fiscal year.
Cleveland-Cliffs 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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