Redpoint Investment Management Pty Ltd Takes Position in Cleveland-Cliffs Inc. (NYSE:CLF)

Redpoint Investment Management Pty Ltd acquired a new stake in Cleveland-Cliffs Inc. (NYSE:CLFGet Rating) in the 2nd quarter, HoldingsChannel reports. The fund acquired 12,858 shares of the mining company’s stock, valued at approximately $198,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Joseph P. Lucia & Associates LLC acquired a new position in shares of Cleveland-Cliffs in the 1st quarter valued at about $26,000. Allworth Financial LP lifted its holdings in shares of Cleveland-Cliffs by 199.7% in the 1st quarter. Allworth Financial LP now owns 917 shares of the mining company’s stock valued at $30,000 after buying an additional 611 shares during the period. First Eagle Investment Management LLC acquired a new position in shares of Cleveland-Cliffs in the 1st quarter valued at about $30,000. Montag A & Associates Inc. acquired a new position in shares of Cleveland-Cliffs in the 1st quarter valued at about $32,000. Finally, Lazard Asset Management LLC lifted its holdings in shares of Cleveland-Cliffs by 218.1% in the 1st quarter. Lazard Asset Management LLC now owns 1,088 shares of the mining company’s stock valued at $35,000 after buying an additional 746 shares during the period. Institutional investors and hedge funds own 61.21% of the company’s stock.

Analyst Upgrades and Downgrades

CLF has been the subject of several recent analyst reports. Morgan Stanley cut their price target on Cleveland-Cliffs from $16.00 to $14.50 and set an “equal weight” rating for the company in a research note on Monday, July 25th. Credit Suisse Group cut their price objective on Cleveland-Cliffs from $37.00 to $30.00 and set an “outperform” rating for the company in a research note on Thursday, July 21st. B. Riley cut their price objective on Cleveland-Cliffs from $47.00 to $39.00 and set a “buy” rating for the company in a research note on Wednesday, July 6th. JPMorgan Chase & Co. cut their price objective on Cleveland-Cliffs from $43.00 to $37.00 in a research note on Tuesday, June 14th. Finally, Clarkson Capital reiterated a “buy” rating on shares of Cleveland-Cliffs in a research note on Tuesday, June 14th. Three analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat, Cleveland-Cliffs currently has an average rating of “Moderate Buy” and a consensus target price of $26.79.

Cleveland-Cliffs Trading Down 1.5 %

CLF opened at $15.00 on Monday. Cleveland-Cliffs Inc. has a one year low of $14.31 and a one year high of $34.04. The stock has a market capitalization of $7.76 billion, a PE ratio of 2.26 and a beta of 2.23. The business’s 50 day moving average price is $17.31 and its 200 day moving average price is $21.87. The company has a debt-to-equity ratio of 0.67, a quick ratio of 0.75 and a current ratio of 2.20.

Cleveland-Cliffs (NYSE:CLFGet Rating) last released its quarterly earnings data on Friday, July 22nd. The mining company reported $1.13 EPS for the quarter, missing analysts’ consensus estimates of $1.40 by ($0.27). Cleveland-Cliffs had a net margin of 15.07% and a return on equity of 64.45%. The business had revenue of $6.34 billion during the quarter, compared to analyst estimates of $6.13 billion. During the same quarter in the prior year, the company posted $1.46 earnings per share. The company’s revenue was up 25.6% on a year-over-year basis. As a group, equities research analysts expect that Cleveland-Cliffs Inc. will post 4.74 EPS for the current year.

Insiders Place Their Bets

In related news, CFO Celso L. Goncalves, Jr. acquired 5,000 shares of the business’s stock in a transaction dated Tuesday, August 16th. The shares were acquired at an average price of $19.36 per share, with a total value of $96,800.00. Following the completion of the transaction, the chief financial officer now owns 148,285 shares of the company’s stock, valued at $2,870,797.60. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. 1.43% of the stock is owned by insiders.

About Cleveland-Cliffs

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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.

Further Reading

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Institutional Ownership by Quarter for Cleveland-Cliffs (NYSE:CLF)

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