Cleveland-Cliffs Inc. $CLF Shares Bought by Quantbot Technologies LP

Quantbot Technologies LP grew its holdings in Cleveland-Cliffs Inc. (NYSE:CLF) by 66.5% in the second quarter, Holdings Channel reports. The institutional investor owned 794,437 shares of the mining company’s stock after acquiring an additional 317,352 shares during the quarter. Quantbot Technologies LP’s holdings in Cleveland-Cliffs were worth $6,038,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in CLF. Connor Clark & Lunn Investment Management Ltd. lifted its holdings in Cleveland-Cliffs by 231.2% during the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,561,774 shares of the mining company’s stock valued at $12,838,000 after purchasing an additional 1,090,237 shares in the last quarter. Hunter Associates Investment Management LLC increased its stake in shares of Cleveland-Cliffs by 43.5% during the second quarter. Hunter Associates Investment Management LLC now owns 70,898 shares of the mining company’s stock worth $538,000 after purchasing an additional 21,498 shares in the last quarter. Nuveen LLC acquired a new position in shares of Cleveland-Cliffs during the 1st quarter worth about $9,416,000. Algert Global LLC purchased a new position in Cleveland-Cliffs in the 1st quarter valued at about $442,000. Finally, Northern Trust Corp boosted its holdings in Cleveland-Cliffs by 1.4% in the 1st quarter. Northern Trust Corp now owns 4,014,436 shares of the mining company’s stock worth $32,999,000 after buying an additional 54,244 shares during the last quarter. Hedge funds and other institutional investors own 67.68% of the company’s stock.

Analyst Upgrades and Downgrades

CLF has been the subject of several research reports. The Goldman Sachs Group boosted their price objective on Cleveland-Cliffs from $14.50 to $16.00 and gave the stock a “buy” rating in a research note on Friday, October 31st. JPMorgan Chase & Co. raised their price objective on Cleveland-Cliffs from $10.00 to $13.00 and gave the company a “neutral” rating in a report on Monday, October 13th. Citigroup lowered their target price on shares of Cleveland-Cliffs from $12.00 to $11.00 and set a “neutral” rating on the stock in a research note on Tuesday, November 11th. Glj Research reiterated a “sell” rating and issued a $5.75 target price on shares of Cleveland-Cliffs in a research report on Tuesday, October 21st. Finally, Bank of America boosted their price target on shares of Cleveland-Cliffs from $12.50 to $14.50 and gave the stock a “neutral” rating in a research report on Tuesday, October 21st. Three equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $12.78.

Cleveland-Cliffs Stock Performance

NYSE:CLF opened at $12.91 on Wednesday. The company’s 50-day moving average is $12.40 and its two-hundred day moving average is $10.37. Cleveland-Cliffs Inc. has a 1-year low of $5.63 and a 1-year high of $16.70. The company has a debt-to-equity ratio of 1.41, a current ratio of 2.04 and a quick ratio of 0.61. The firm has a market capitalization of $6.39 billion, a price-to-earnings ratio of -3.80 and a beta of 1.97.

Cleveland-Cliffs (NYSE:CLF) last released its quarterly earnings results on Monday, October 20th. The mining company reported ($0.45) EPS for the quarter, beating the consensus estimate of ($0.48) by $0.03. Cleveland-Cliffs had a negative net margin of 9.00% and a negative return on equity of 20.02%. The firm had revenue of $4.73 billion for the quarter, compared to analyst estimates of $4.90 billion. During the same quarter in the previous year, the company earned ($0.33) EPS. The business’s revenue for the quarter was up 3.6% compared to the same quarter last year. Analysts forecast that Cleveland-Cliffs Inc. will post -0.79 EPS for the current year.

About Cleveland-Cliffs

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.