Senator Investment Group LP bought a new position in Cleveland-Cliffs Inc. (NYSE:CLF – Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 2,741,569 shares of the mining company’s stock, valued at approximately $25,743,000. Senator Investment Group LP owned 0.48% of Cleveland-Cliffs at the end of the most recent reporting period.
Several other institutional investors and hedge funds also recently modified their holdings of CLF. Los Angeles Capital Management LLC purchased a new position in Cleveland-Cliffs in the 4th quarter worth approximately $25,000. IFP Advisors Inc raised its stake in shares of Cleveland-Cliffs by 117.5% during the fourth quarter. IFP Advisors Inc now owns 2,221 shares of the mining company’s stock valued at $29,000 after purchasing an additional 1,200 shares during the period. CIBC Private Wealth Group LLC raised its stake in shares of Cleveland-Cliffs by 306.1% during the fourth quarter. CIBC Private Wealth Group LLC now owns 2,461 shares of the mining company’s stock valued at $33,000 after purchasing an additional 1,855 shares during the period. Caitong International Asset Management Co. Ltd lifted its position in shares of Cleveland-Cliffs by 94.0% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 2,505 shares of the mining company’s stock worth $33,000 after purchasing an additional 1,214 shares in the last quarter. Finally, Larson Financial Group LLC lifted its position in shares of Cleveland-Cliffs by 819.2% during the third quarter. Larson Financial Group LLC now owns 2,684 shares of the mining company’s stock worth $33,000 after purchasing an additional 2,392 shares in the last quarter. Hedge funds and other institutional investors own 67.68% of the company’s stock.
Cleveland-Cliffs Stock Performance
Cleveland-Cliffs stock opened at $11.61 on Monday. Cleveland-Cliffs Inc. has a 52 week low of $7.73 and a 52 week high of $16.70. The company has a current ratio of 1.89, a quick ratio of 0.63 and a debt-to-equity ratio of 1.32. The stock has a market cap of $6.62 billion, a P/E ratio of -7.17 and a beta of 2.09. The stock has a 50 day moving average of $10.89 and a 200-day moving average of $10.67.
Analyst Upgrades and Downgrades
A number of equities research analysts recently weighed in on CLF shares. Glj Research raised shares of Cleveland-Cliffs from a “hold” rating to a “buy” rating and raised their price target for the company from $15.01 to $15.60 in a report on Friday, July 24th. Wells Fargo & Company boosted their price objective on shares of Cleveland-Cliffs from $11.00 to $12.00 and gave the stock an “equal weight” rating in a report on Monday, August 24th. JPMorgan Chase & Co. decreased their price objective 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. Morgan Stanley reissued an “equal weight” rating and issued a $12.50 price objective (up from $12.00) on shares of Cleveland-Cliffs in a research report on Monday, June 22nd. Finally, Citigroup restated a “positive” rating on shares of Cleveland-Cliffs in a research note on Friday, July 24th. Two investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $11.96.
Check Out Our Latest Report on CLF
Insiders Place Their Bets
In other news, EVP Celso L. Goncalves, Jr. sold 214,308 shares of the company’s stock in a transaction dated 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 sale, the executive vice president owned 184,542 shares in the company, valued at approximately $2,474,708.22. This represents a 53.73% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.95% of the stock is currently owned by corporate insiders.
About Cleveland-Cliffs
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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