Point72 Hong Kong Ltd Acquires New Stake in Cleveland-Cliffs Inc. (NYSE:CLF)

Point72 Hong Kong Ltd acquired a new stake in Cleveland-Cliffs Inc. (NYSE:CLF) during the 4th quarter, HoldingsChannel reports. The firm acquired 108,015 shares of the mining company’s stock, valued at approximately $1,015,000.

Other institutional investors have also bought and sold shares of the company. Slate Path Capital LP lifted its stake in Cleveland-Cliffs by 35.4% in the fourth quarter. Slate Path Capital LP now owns 16,208,000 shares of the mining company’s stock valued at $152,355,000 after purchasing an additional 4,239,000 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in Cleveland-Cliffs by 20.1% during the 4th quarter. Bank of New York Mellon Corp now owns 7,382,769 shares of the mining company’s stock valued at $69,398,000 after acquiring an additional 1,236,247 shares during the period. Franklin Resources Inc. raised its holdings in Cleveland-Cliffs by 105.6% during the 3rd quarter. Franklin Resources Inc. now owns 262,771 shares of the mining company’s stock valued at $3,429,000 after acquiring an additional 134,939 shares during the period. Stonegate Investment Group LLC bought a new stake in Cleveland-Cliffs during the 4th quarter valued at $18,999,000. Finally, Vanguard Group Inc. raised its holdings in Cleveland-Cliffs by 5.5% during the 4th quarter. Vanguard Group Inc. now owns 48,751,789 shares of the mining company’s stock valued at $458,267,000 after acquiring an additional 2,556,332 shares during the period. Hedge funds and other institutional investors own 67.68% of the company’s stock.

Cleveland-Cliffs Trading Down 0.9%

Cleveland-Cliffs stock opened at $7.47 on Friday. The stock has a market cap of $3.69 billion, a P/E ratio of -7.70 and a beta of 2.03. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.55 and a current ratio of 1.85. Cleveland-Cliffs Inc. has a fifty-two week low of $6.17 and a fifty-two week high of $18.03. The firm’s fifty day moving average price is $8.19 and its 200-day moving average price is $9.99.

Cleveland-Cliffs (NYSE:CLF) last released its earnings results on Wednesday, May 7th. The mining company reported ($0.92) EPS for the quarter, missing analysts’ consensus estimates of ($0.78) by ($0.14). The firm had revenue of $4.63 billion during the quarter, compared to the consensus estimate of $4.71 billion. Cleveland-Cliffs had a negative net margin of 2.31% and a negative return on equity of 0.59%. The firm’s revenue was down 11.0% compared to the same quarter last year. During the same period in the prior year, the company earned $0.18 EPS. Equities research analysts forecast that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

CLF has been the topic of a number of analyst reports. The Goldman Sachs Group lowered their target price on shares of Cleveland-Cliffs from $13.00 to $11.25 and set a “buy” rating on the stock in a report on Monday. Glj Research lowered their target price on shares of Cleveland-Cliffs from $14.54 to $12.90 and set a “buy” rating on the stock in a report on Thursday, February 27th. Morgan Stanley lowered their target price on shares of Cleveland-Cliffs from $13.00 to $11.00 and set an “equal weight” rating on the stock in a report on Monday, February 3rd. Finally, B. Riley reissued a “buy” rating and set a $17.00 target price (down previously from $20.00) on shares of Cleveland-Cliffs in a report on Wednesday, April 23rd. One research analyst has rated the stock with a sell rating, four have issued a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $15.02.

Insider Buying and Selling at Cleveland-Cliffs

In other news, Director Jane M. Cronin bought 10,000 shares of the company’s stock in a transaction dated Friday, February 28th. The stock was bought at an average cost of $10.56 per share, for a total transaction of $105,600.00. Following the completion of the acquisition, the director now owns 24,522 shares in the company, valued at approximately $258,952.32. This trade represents a 68.86% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Keith Koci bought 9,500 shares of the company’s stock in a transaction dated Friday, February 28th. The shares were purchased at an average price of $10.81 per share, with a total value of $102,695.00. Following the completion of the acquisition, the executive vice president now owns 543,475 shares of the company’s stock, valued at $5,874,964.75. This trade represents a 1.78% increase in their position. The disclosure for this purchase can be found here. Insiders acquired a total of 23,500 shares of company stock worth $243,095 over the last three months. Company insiders own 1.71% of the company’s stock.

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.