Lighthouse Investment Partners LLC Takes Position in Cleveland-Cliffs Inc. $CLF

Lighthouse Investment Partners LLC bought a new position in shares of Cleveland-Cliffs Inc. (NYSE:CLF) during the third quarter, HoldingsChannel.com reports. The institutional investor bought 751,750 shares of the mining company’s stock, valued at approximately $9,171,000.

Several other institutional investors have also modified their holdings of the business. Barclays PLC increased its holdings in Cleveland-Cliffs by 281.9% during the 3rd quarter. Barclays PLC now owns 2,308,271 shares of the mining company’s stock worth $28,161,000 after purchasing an additional 1,703,791 shares during the last quarter. Quantbot Technologies LP boosted its stake in shares of Cleveland-Cliffs by 66.5% during the 2nd quarter. Quantbot Technologies LP now owns 794,437 shares of the mining company’s stock valued at $6,038,000 after buying an additional 317,352 shares during the last quarter. Contrarius Group Holdings Ltd purchased a new position in shares of Cleveland-Cliffs during the 3rd quarter valued at approximately $10,932,000. Citigroup Inc. grew its position in shares of Cleveland-Cliffs by 17.5% during the third quarter. Citigroup Inc. now owns 8,010,913 shares of the mining company’s stock worth $97,733,000 after buying an additional 1,195,035 shares in the last quarter. Finally, Neo Ivy Capital Management acquired a new stake in shares of Cleveland-Cliffs during the third quarter worth approximately $1,408,000. Institutional investors and hedge funds own 67.68% of the company’s stock.

Insider Buying and Selling at Cleveland-Cliffs

In other news, COO Clifford T. Smith sold 200,000 shares of the company’s stock in a transaction that occurred on Tuesday, February 17th. The stock was sold at an average price of $10.46, for a total transaction of $2,092,000.00. Following the completion of the transaction, the chief operating officer directly owned 560,529 shares of the company’s stock, valued at approximately $5,863,133.34. This represents a 26.30% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Edilson Camara purchased 19,700 shares of the company’s stock in a transaction dated Friday, February 13th. The shares were bought at an average price of $10.13 per share, for a total transaction of $199,561.00. Following the completion of the transaction, the director directly owned 41,983 shares in the company, valued at approximately $425,287.79. This trade represents a 88.41% increase in their position. The SEC filing for this purchase provides additional information. 1.76% of the stock is currently owned by insiders.

Cleveland-Cliffs Trading Down 5.1%

Cleveland-Cliffs stock opened at $8.47 on Monday. Cleveland-Cliffs Inc. has a 1 year low of $5.63 and a 1 year high of $16.70. The firm’s 50-day moving average is $12.19 and its 200-day moving average is $12.29. The company has a debt-to-equity ratio of 1.15, a quick ratio of 0.50 and a current ratio of 1.95. The company has a market cap of $4.83 billion, a P/E ratio of -2.90 and a beta of 1.99.

Cleveland-Cliffs (NYSE:CLF) last announced its quarterly earnings data on Monday, February 9th. The mining company reported ($0.43) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.62) by $0.19. The business had revenue of $4.31 billion during the quarter, compared to the consensus estimate of $4.60 billion. Cleveland-Cliffs had a negative net margin of 7.91% and a negative return on equity of 18.94%. The company’s revenue for the quarter was down .3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.68) EPS. On average, equities analysts expect that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current year.

Analysts Set New Price Targets

Several analysts recently issued reports on CLF shares. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cleveland-Cliffs in a report on Tuesday, January 27th. The Goldman Sachs Group reissued a “buy” rating and set a $15.00 price objective on shares of Cleveland-Cliffs in a report on Monday, February 9th. KeyCorp downgraded shares of Cleveland-Cliffs from an “overweight” rating to a “sector weight” rating in a research report on Wednesday, January 7th. Citigroup upped their target price on shares of Cleveland-Cliffs from $11.00 to $13.00 and gave the company a “neutral” rating in a research note on Monday, February 9th. Finally, Glj Research reaffirmed a “sell” rating and set a $9.42 price target on shares of Cleveland-Cliffs in a research report on Monday. Three analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, Cleveland-Cliffs presently has an average rating of “Hold” and a consensus price target of $13.89.

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.