TT Capital Management LLC Makes New $225,000 Investment in Cleveland-Cliffs Inc. (NYSE:CLF)

TT Capital Management LLC purchased a new stake in Cleveland-Cliffs Inc. (NYSE:CLF) during the 1st quarter, HoldingsChannel reports. The fund purchased 27,425 shares of the mining company’s stock, valued at approximately $225,000.

Several other institutional investors and hedge funds have also recently modified their holdings of CLF. Rhumbline Advisers raised its holdings in shares of Cleveland-Cliffs by 3.4% in the 4th quarter. Rhumbline Advisers now owns 1,366,077 shares of the mining company’s stock valued at $12,841,000 after acquiring an additional 45,522 shares in the last quarter. State of New Jersey Common Pension Fund D raised its holdings in shares of Cleveland-Cliffs by 3.9% in the 4th quarter. State of New Jersey Common Pension Fund D now owns 190,235 shares of the mining company’s stock valued at $1,788,000 after acquiring an additional 7,168 shares in the last quarter. Principal Financial Group Inc. raised its holdings in shares of Cleveland-Cliffs by 2.6% in the 4th quarter. Principal Financial Group Inc. now owns 1,114,888 shares of the mining company’s stock valued at $10,480,000 after acquiring an additional 28,184 shares in the last quarter. D.A. Davidson & CO. raised its holdings in shares of Cleveland-Cliffs by 21.7% in the 4th quarter. D.A. Davidson & CO. now owns 117,260 shares of the mining company’s stock valued at $1,102,000 after acquiring an additional 20,911 shares in the last quarter. Finally, Atria Wealth Solutions Inc. purchased a new stake in shares of Cleveland-Cliffs in the 4th quarter valued at about $108,000. Hedge funds and other institutional investors own 67.68% of the company’s stock.

Cleveland-Cliffs Price Performance

Shares of Cleveland-Cliffs stock opened at $6.99 on Friday. The company has a current ratio of 2.13, a quick ratio of 0.64 and a debt-to-equity ratio of 1.17. The firm has a market capitalization of $3.45 billion, a PE ratio of -2.86 and a beta of 1.85. The business’s 50-day moving average price is $7.41 and its 200-day moving average price is $9.02. Cleveland-Cliffs Inc. has a 12 month low of $5.63 and a 12 month high of $16.47.

Cleveland-Cliffs (NYSE:CLF) last posted its quarterly earnings results on Wednesday, May 7th. The mining company reported ($0.92) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.78) by ($0.14). Cleveland-Cliffs had a negative return on equity of 12.84% and a negative net margin of 6.35%. The company had revenue of $4.63 billion for the quarter, compared to the consensus estimate of $4.71 billion. During the same quarter in the previous year, the business earned $0.18 earnings per share. Cleveland-Cliffs’s revenue was down 11.0% compared to the same quarter last year. Sell-side analysts forecast that Cleveland-Cliffs Inc. will post -0.79 EPS for the current fiscal year.

Insider Buying and Selling

In related news, EVP James D. Graham sold 120,000 shares of the firm’s stock in a transaction that occurred on Friday, May 23rd. The stock was sold at an average price of $6.85, for a total transaction of $822,000.00. Following the transaction, the executive vice president now directly owns 492,249 shares in the company, valued at $3,371,905.65. This trade represents a 19.60% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.71% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

CLF has been the topic of several recent analyst reports. Morgan Stanley raised their price target on Cleveland-Cliffs from $7.50 to $8.00 and gave the company an “equal weight” rating in a report on Friday. B. Riley reiterated a “buy” rating and set a $17.00 price objective (down from $20.00) on shares of Cleveland-Cliffs in a research report on Wednesday, April 23rd. The Goldman Sachs Group reduced their price objective on Cleveland-Cliffs from $13.00 to $11.25 and set a “buy” rating on the stock in a research report on Monday, May 12th. Finally, Glj Research lowered Cleveland-Cliffs from a “strong-buy” rating to a “strong sell” rating and set a $3.91 price objective on the stock. in a research report on Wednesday, May 28th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Cleveland-Cliffs currently has an average rating of “Hold” and a consensus price target of $11.53.

Cleveland-Cliffs Company Profile

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.