Castle Hook Partners LP Has $240.14 Million Holdings in Cleveland-Cliffs Inc. $CLF

Castle Hook Partners LP boosted its stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 572.4% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 18,083,029 shares of the mining company’s stock after buying an additional 15,393,507 shares during the period. Cleveland-Cliffs comprises 1.0% of Castle Hook Partners LP’s investment portfolio, making the stock its 12th largest holding. Castle Hook Partners LP’s holdings in Cleveland-Cliffs were worth $240,143,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Los Angeles Capital Management LLC acquired a new stake in Cleveland-Cliffs during the 4th quarter worth about $25,000. IFP Advisors Inc raised its holdings in Cleveland-Cliffs by 117.5% during the 4th quarter. IFP Advisors Inc now owns 2,221 shares of the mining company’s stock worth $29,000 after buying an additional 1,200 shares during the period. CIBC Private Wealth Group LLC raised its holdings in Cleveland-Cliffs by 306.1% during the 4th quarter. CIBC Private Wealth Group LLC now owns 2,461 shares of the mining company’s stock worth $33,000 after buying an additional 1,855 shares during the period. Caitong International Asset Management Co. Ltd grew its stake in Cleveland-Cliffs by 94.0% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 2,505 shares of the mining company’s stock valued at $33,000 after acquiring an additional 1,214 shares in the last quarter. Finally, Larson Financial Group LLC grew its stake in Cleveland-Cliffs by 819.2% during the 3rd quarter. Larson Financial Group LLC now owns 2,684 shares of the mining company’s stock valued at $33,000 after acquiring an additional 2,392 shares in the last quarter. Institutional investors and hedge funds own 67.68% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have weighed in on the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cleveland-Cliffs in a research note on Friday, April 24th. JPMorgan Chase & Co. lifted their target price on Cleveland-Cliffs from $9.00 to $13.00 and gave the company a “neutral” rating in a research note on Wednesday, June 10th. Wells Fargo & Company lifted their target price on Cleveland-Cliffs from $9.00 to $14.00 and gave the company an “equal weight” rating in a research note on Thursday, June 4th. KeyCorp assumed coverage on Cleveland-Cliffs in a research note on Wednesday, March 25th. They set a “sector weight” rating on the stock. Finally, Glj Research raised Cleveland-Cliffs from a “sell” rating to a “hold” rating and lifted their target price for the company from $9.03 to $15.01 in a research note on Tuesday, June 9th. One equities research analyst has rated the stock with a Buy rating, eight have assigned a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Reduce” and an average price target of $12.85.

Insider Activity at Cleveland-Cliffs

In related news, EVP Celso L. Goncalves, Jr. sold 214,308 shares of the business’s stock in a transaction that occurred on 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 sale, the executive vice president owned 184,542 shares of the company’s stock, valued at approximately $2,474,708.22. The trade was a 53.73% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 0.95% of the company’s stock.

Cleveland-Cliffs Trading Down 4.5%

NYSE:CLF opened at $12.67 on Thursday. The company has a debt-to-equity ratio of 1.29, a current ratio of 2.02 and a quick ratio of 0.64. Cleveland-Cliffs Inc. has a fifty-two week low of $6.72 and a fifty-two week high of $16.70. The stock’s 50-day moving average is $11.23 and its two-hundred day moving average is $11.59. The stock has a market cap of $7.23 billion, a PE ratio of -5.42 and a beta of 2.09.

Cleveland-Cliffs (NYSE:CLF) last released its earnings results on Monday, April 20th. The mining company reported ($0.40) earnings per share for the quarter, beating the consensus estimate of ($0.44) by $0.04. The company had revenue of $4.92 billion for the quarter, compared to analysts’ expectations of $4.84 billion. Cleveland-Cliffs had a negative return on equity of 15.48% and a negative net margin of 6.42%.The business’s revenue for the quarter was up 6.3% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.92) EPS. As a group, equities research analysts forecast that Cleveland-Cliffs Inc. will post -0.39 earnings per share for the current fiscal year.

Cleveland-Cliffs 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.