Edgestream Partners L.P. Acquires 236,031 Shares of Cleveland-Cliffs Inc. $CLF

Edgestream Partners L.P. increased its holdings in Cleveland-Cliffs Inc. (NYSE:CLF) by 73.5% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 557,261 shares of the mining company’s stock after acquiring an additional 236,031 shares during the period. Edgestream Partners L.P. owned about 0.10% of Cleveland-Cliffs worth $4,709,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. Amundi bought a new stake in Cleveland-Cliffs during the 1st quarter worth approximately $142,000. California State Teachers Retirement System lifted its holdings in shares of Cleveland-Cliffs by 23.0% in the first quarter. California State Teachers Retirement System now owns 662,180 shares of the mining company’s stock valued at $5,595,000 after purchasing an additional 123,660 shares in the last quarter. The Manufacturers Life Insurance Company lifted its holdings in shares of Cleveland-Cliffs by 1.4% in the first quarter. The Manufacturers Life Insurance Company now owns 406,621 shares of the mining company’s stock valued at $3,436,000 after purchasing an additional 5,586 shares in the last quarter. Quantinno Capital Management LP boosted its position in shares of Cleveland-Cliffs by 68.0% during the first quarter. Quantinno Capital Management LP now owns 212,522 shares of the mining company’s stock valued at $1,796,000 after buying an additional 86,036 shares during the last quarter. Finally, Saba Capital Management L.P. bought a new stake in Cleveland-Cliffs during the first quarter worth $490,000. Institutional investors own 67.68% of the company’s stock.

Analysts Set New Price Targets

CLF has been the subject of a number of analyst reports. Barclays increased their price target on Cleveland-Cliffs from $9.00 to $10.00 and gave the company an “underweight” rating in a research report on Friday, July 24th. The Goldman Sachs Group reiterated a “neutral” rating and issued a $10.00 target price on shares of Cleveland-Cliffs in a report on Friday, May 1st. Glj Research upgraded shares of Cleveland-Cliffs from a “hold” rating to a “buy” rating and boosted their price target for the stock from $15.01 to $15.60 in a report on Friday, July 24th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cleveland-Cliffs in a research report on Tuesday, July 21st. Finally, Bank of America reduced their price objective on shares of Cleveland-Cliffs from $14.00 to $11.50 and set a “neutral” rating for the company in a research report on Thursday, July 9th. Two equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $11.86.

Cleveland-Cliffs Stock Performance

Shares of Cleveland-Cliffs stock opened at $11.54 on Friday. The business’s fifty day simple moving average is $11.40 and its 200 day simple moving average is $11.00. 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 firm has a market capitalization of $6.59 billion, a P/E ratio of -7.13 and a beta of 2.13.

Cleveland-Cliffs (NYSE:CLF) last announced its quarterly earnings data on Thursday, July 23rd. The mining company reported ($0.20) earnings per share (EPS) for the quarter, beating 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 firm had revenue of $5.23 billion during the quarter, compared to the consensus estimate of $5.15 billion. During the same quarter in the prior year, the company earned ($0.50) EPS. The business’s revenue for the quarter was up 5.9% on a year-over-year basis. As a group, analysts anticipate that Cleveland-Cliffs Inc. will post -0.11 EPS for the current year.

Insider Buying and Selling at Cleveland-Cliffs

In related news, EVP Celso L. Goncalves, Jr. sold 214,308 shares of the stock in a transaction dated 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 completion of the transaction, 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.95% of the company’s stock.

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.