Old West Investment Management LLC Takes $5.78 Million Position in Cleveland-Cliffs Inc. $CLF

Old West Investment Management LLC acquired a new stake in Cleveland-Cliffs Inc. (NYSE:CLF) in the 2nd quarter, Holdings Channel.com reports. The institutional investor acquired 616,022 shares of the mining company’s stock, valued at approximately $5,784,000.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Public Employees Retirement System of Ohio lifted its stake in Cleveland-Cliffs by 0.6% in the third quarter. Public Employees Retirement System of Ohio now owns 152,009 shares of the mining company’s stock worth $1,855,000 after acquiring an additional 943 shares during the period. Moors & Cabot Inc. increased its position in Cleveland-Cliffs by 3.0% during the 3rd quarter. Moors & Cabot Inc. now owns 33,118 shares of the mining company’s stock valued at $404,000 after purchasing an additional 960 shares during the period. Rexford Capital Inc. raised its holdings in shares of Cleveland-Cliffs by 11.8% in the 4th quarter. Rexford Capital Inc. now owns 9,500 shares of the mining company’s stock valued at $126,000 after purchasing an additional 1,000 shares in the last quarter. IFP Advisors Inc raised its holdings in shares of Cleveland-Cliffs by 117.5% in the 4th 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 in the last quarter. Finally, Caitong International Asset Management Co. Ltd raised its holdings in shares of Cleveland-Cliffs by 94.0% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 2,505 shares of the mining company’s stock valued at $33,000 after purchasing an additional 1,214 shares in the last quarter. 67.68% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on CLF shares. Wells Fargo & Company reiterated a “positive” rating on shares of Cleveland-Cliffs in a research note on Friday, July 24th. Glj Research raised shares of Cleveland-Cliffs from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $15.01 to $15.60 in a research note on Friday, July 24th. Morgan Stanley restated an “equal weight” rating and set a $12.50 target price (up from $12.00) on shares of Cleveland-Cliffs in a report on Monday, June 22nd. JPMorgan Chase & Co. dropped their target price on Cleveland-Cliffs from $13.00 to $10.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 15th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Cleveland-Cliffs in a report on Tuesday, July 21st. Two research analysts have rated the stock with a Buy rating, seven have given a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $11.86.

Cleveland-Cliffs Stock Performance

CLF stock opened at $11.91 on Monday. The firm has a market cap of $6.80 billion, a price-to-earnings ratio of -7.35 and a beta of 2.09. The firm has a 50-day simple moving average of $11.17 and a two-hundred day simple moving average of $10.84. Cleveland-Cliffs Inc. has a one year low of $7.73 and a one year high of $16.70. The company has a debt-to-equity ratio of 1.32, a quick ratio of 0.63 and a current ratio of 1.89.

Cleveland-Cliffs (NYSE:CLF) last released its quarterly earnings results on Thursday, July 23rd. The mining company reported ($0.20) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.21) by $0.01. Cleveland-Cliffs had a negative net margin of 4.56% and a negative return on equity of 13.37%. The business had revenue of $5.23 billion for the quarter, compared to analysts’ expectations of $5.15 billion. During the same period last year, the business earned ($0.50) EPS. The company’s revenue was up 5.9% compared to the same quarter last year. On average, equities analysts forecast that Cleveland-Cliffs Inc. will post -0.11 EPS for the current fiscal year.

Insider Buying and Selling

In other Cleveland-Cliffs news, EVP Celso L. Goncalves, Jr. sold 214,308 shares of the firm’s stock in a transaction that occurred on 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 completion of the sale, the executive vice president directly owned 184,542 shares in the company, valued at $2,474,708.22. This trade represents a 53.73% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.95% of the stock is owned by insiders.

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.