MRP Capital Investments LLC Increases Stake in Cleveland-Cliffs Inc. (NYSE:CLF)

MRP Capital Investments LLC increased its holdings in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 31.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 14,500 shares of the mining company’s stock after purchasing an additional 3,500 shares during the quarter. MRP Capital Investments LLC’s holdings in Cleveland-Cliffs were worth $119,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Pinpoint Asset Management Ltd purchased a new stake in Cleveland-Cliffs during the fourth quarter worth approximately $25,000. Estabrook Capital Management lifted its stake in Cleveland-Cliffs by 207.7% in the fourth quarter. Estabrook Capital Management now owns 4,000 shares of the mining company’s stock valued at $38,000 after buying an additional 2,700 shares during the last quarter. Migdal Insurance & Financial Holdings Ltd. purchased a new stake in Cleveland-Cliffs in the first quarter valued at approximately $36,000. Fifth Third Bancorp lifted its stake in Cleveland-Cliffs by 36.6% in the first quarter. Fifth Third Bancorp now owns 6,216 shares of the mining company’s stock valued at $51,000 after buying an additional 1,664 shares during the last quarter. Finally, Byrne Asset Management LLC lifted its stake in Cleveland-Cliffs by 38.1% in the first quarter. Byrne Asset Management LLC now owns 6,353 shares of the mining company’s stock valued at $52,000 after buying an additional 1,753 shares during the last quarter. Hedge funds and other institutional investors own 67.68% of the company’s stock.

Cleveland-Cliffs Stock Up 4.8%

CLF opened at $11.44 on Friday. The business’s fifty day moving average is $8.06 and its two-hundred day moving average is $8.83. The company has a debt-to-equity ratio of 1.28, a quick ratio of 0.64 and a current ratio of 2.04. The company has a market cap of $5.66 billion, a price-to-earnings ratio of -3.35 and a beta of 1.91. Cleveland-Cliffs Inc. has a one year low of $5.63 and a one year high of $15.71.

Cleveland-Cliffs (NYSE:CLF) last issued its quarterly earnings data on Monday, July 21st. The mining company reported ($0.50) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.68) by $0.18. Cleveland-Cliffs had a negative return on equity of 17.97% and a negative net margin of 9.03%. The business had revenue of $4.93 billion for the quarter, compared to the consensus estimate of $4.90 billion. During the same period in the prior year, the business earned $0.11 earnings per share. The business’s revenue was up 7.5% on a year-over-year basis. Analysts anticipate that Cleveland-Cliffs Inc. will post -0.79 EPS for the current fiscal year.

Insiders Place Their Bets

In other Cleveland-Cliffs news, EVP James D. Graham sold 120,000 shares of the company’s stock in a transaction dated Friday, May 23rd. The stock was sold at an average price of $6.85, for a total transaction of $822,000.00. Following the completion of the sale, the executive vice president directly owned 492,249 shares in the company, valued at $3,371,905.65. This represents a 19.60% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 1.71% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on CLF. The Goldman Sachs Group dropped their target price on Cleveland-Cliffs from $13.00 to $11.25 and set a “buy” rating on the stock in a report on Monday, May 12th. Citigroup boosted their target price on Cleveland-Cliffs from $7.50 to $11.00 and gave the company a “neutral” rating in a report on Monday, July 21st. Glj Research lowered Cleveland-Cliffs from a “strong-buy” rating to a “strong sell” rating and set a $3.91 target price on the stock. in a report on Wednesday, May 28th. KeyCorp raised Cleveland-Cliffs from a “sector weight” rating to an “overweight” rating and set a $14.00 target price on the stock in a report on Tuesday, July 22nd. Finally, JPMorgan Chase & Co. upped their price objective on Cleveland-Cliffs from $7.50 to $10.00 and gave the stock a “neutral” rating in a report on Thursday. Two research analysts have rated the stock with a sell rating, three have issued a hold rating, three have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Cleveland-Cliffs has a consensus rating of “Hold” and an average target price of $11.09.

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.