CenterBook Partners LP Has $3.42 Million Holdings in Cleveland-Cliffs Inc. $CLF

CenterBook Partners LP raised its position in Cleveland-Cliffs Inc. (NYSE:CLF) by 39.5% in the fourth quarter, HoldingsChannel reports. The fund owned 257,571 shares of the mining company’s stock after purchasing an additional 72,883 shares during the quarter. CenterBook Partners LP’s holdings in Cleveland-Cliffs were worth $3,421,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Barclays PLC grew its stake in Cleveland-Cliffs by 281.9% in the third quarter. Barclays PLC now owns 2,308,271 shares of the mining company’s stock valued at $28,161,000 after acquiring an additional 1,703,791 shares during the period. Phocas Financial Corp. grew its stake in Cleveland-Cliffs by 47.0% in the fourth quarter. Phocas Financial Corp. now owns 474,862 shares of the mining company’s stock valued at $6,306,000 after acquiring an additional 151,868 shares during the period. Contrarius Group Holdings Ltd acquired a new stake in Cleveland-Cliffs in the third quarter valued at approximately $10,932,000. Lighthouse Investment Partners LLC acquired a new stake in Cleveland-Cliffs in the third quarter valued at approximately $9,171,000. Finally, Citigroup Inc. grew its stake in Cleveland-Cliffs by 17.5% in the third quarter. Citigroup Inc. now owns 8,010,913 shares of the mining company’s stock valued at $97,733,000 after acquiring an additional 1,195,035 shares during the period. Institutional investors and hedge funds own 67.68% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on CLF. Barclays began coverage on Cleveland-Cliffs in a report on Thursday, May 21st. They issued an “underweight” rating and a $9.00 target price on the stock. Wall Street Zen upgraded Cleveland-Cliffs from a “sell” rating to a “hold” rating in a report on Saturday, February 14th. Citigroup raised their target price on Cleveland-Cliffs from $11.00 to $13.00 and gave the company a “neutral” rating in a report on Monday, February 9th. Weiss Ratings restated a “sell (d-)” rating on shares of Cleveland-Cliffs in a report on Friday, April 24th. Finally, The Goldman Sachs Group restated a “neutral” rating and issued a $10.00 target price on shares of Cleveland-Cliffs in a report on Friday, May 1st. One analyst has rated the stock with a Buy rating, seven have assigned a Hold rating and three have issued a Sell rating to the company. According to MarketBeat, the company has an average rating of “Reduce” and a consensus price target of $11.99.

Insider Buying and Selling

In related news, EVP Celso L. Goncalves, Jr. sold 214,308 shares of Cleveland-Cliffs stock in a transaction on Friday, June 5th. The stock was sold at an average price of $13.41, for a total transaction of $2,873,870.28. Following the sale, the executive vice president directly owned 184,542 shares in the company, valued at approximately $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 SEC, which can be accessed through this link. Company insiders own 0.95% of the company’s stock.

Cleveland-Cliffs Stock Down 6.5%

CLF stock opened at $12.65 on Tuesday. Cleveland-Cliffs Inc. has a twelve month low of $6.72 and a twelve month high of $16.70. The company has a quick ratio of 0.64, a current ratio of 2.02 and a debt-to-equity ratio of 1.29. The stock’s 50 day moving average is $10.55 and its 200-day moving average is $11.52. The firm has a market capitalization of $7.22 billion, a PE ratio of -5.41 and a beta of 2.08.

Cleveland-Cliffs (NYSE:CLF) last posted its earnings results on Monday, April 20th. The mining company reported ($0.40) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.44) by $0.04. The company had revenue of $4.92 billion for the quarter, compared to analyst estimates of $4.84 billion. Cleveland-Cliffs had a negative return on equity of 15.48% and a negative net margin of 6.42%.The company’s revenue for the quarter was up 6.3% on a year-over-year basis. During the same quarter last year, the company earned ($0.92) earnings per share. Sell-side analysts expect that Cleveland-Cliffs Inc. will post -0.46 EPS for the current fiscal year.

About Cleveland-Cliffs

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.