PointState Capital LP Acquires New Position in Cleveland-Cliffs Inc. $CLF

PointState Capital LP acquired a new position in shares of Cleveland-Cliffs Inc. (NYSE:CLF) in the 2nd quarter, HoldingsChannel reports. The firm acquired 6,582,026 shares of the mining company’s stock, valued at approximately $61,805,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. BlackRock Inc. acquired a new position in Cleveland-Cliffs in the 2nd quarter valued at about $522,766,000. Castle Hook Partners LP increased its holdings in shares of Cleveland-Cliffs by 572.4% during the 4th quarter. Castle Hook Partners LP now owns 18,083,029 shares of the mining company’s stock worth $240,143,000 after buying an additional 15,393,507 shares during the last quarter. Turiya Advisors Asia Ltd acquired a new stake in shares of Cleveland-Cliffs during the 4th quarter worth approximately $96,280,000. Vanguard Group Inc. raised its position in shares of Cleveland-Cliffs by 13.4% during the 4th quarter. Vanguard Group Inc. now owns 54,391,397 shares of the mining company’s stock valued at $722,318,000 after buying an additional 6,447,462 shares during the period. Finally, Avala Global LP purchased a new stake in shares of Cleveland-Cliffs during the 2nd quarter valued at approximately $58,325,000. 67.68% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on CLF. Morgan Stanley reiterated an “equal weight” rating and issued a $12.50 price objective (up from $12.00) on shares of Cleveland-Cliffs in a research report on Monday, June 22nd. Wells Fargo & Company lifted their target price on Cleveland-Cliffs from $11.00 to $12.00 and gave the company an “equal weight” rating in a research report on Monday. The Goldman Sachs Group reaffirmed a “neutral” rating and issued a $10.00 price target on shares of Cleveland-Cliffs in a research note on Friday, May 1st. Barclays increased their price target on Cleveland-Cliffs from $9.00 to $10.00 and gave the stock an “underweight” rating in a report on Friday, July 24th. Finally, Citigroup reissued a “positive” rating on shares of Cleveland-Cliffs in a research report on Friday, July 24th. Two equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, Cleveland-Cliffs currently has an average rating of “Hold” and a consensus price target of $11.96.

Insider Activity

In other news, EVP Celso L. Goncalves, Jr. sold 214,308 shares of Cleveland-Cliffs stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $13.41, for a total value 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 trade represents a 53.73% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 0.95% of the company’s stock.

Cleveland-Cliffs Stock Up 0.5%

Shares of NYSE CLF opened at $11.58 on Thursday. The stock has a market cap of $6.61 billion, a P/E ratio of -7.15 and a beta of 2.09. The business’s fifty day simple moving average is $10.91 and its 200-day simple moving average is $10.70. Cleveland-Cliffs Inc. has a 12-month low of $7.73 and a 12-month high of $16.70. 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 (NYSE:CLF) last released its earnings results on Thursday, July 23rd. The mining company reported ($0.20) EPS for the quarter, topping the consensus estimate 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 analysts’ expectations of $5.15 billion. During the same period in the previous year, the firm posted ($0.50) EPS. Cleveland-Cliffs’s revenue for the quarter was up 5.9% on a year-over-year basis. As a group, equities analysts predict that Cleveland-Cliffs Inc. will post -0.11 EPS for the current fiscal year.

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.