2,741,569 Shares in Cleveland-Cliffs Inc. $CLF Bought by Senator Investment Group LP

Senator Investment Group LP acquired a new position in Cleveland-Cliffs Inc. (NYSE:CLF) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 2,741,569 shares of the mining company’s stock, valued at approximately $25,743,000.

Several other institutional investors have also recently added to or reduced their stakes in CLF. Los Angeles Capital Management LLC bought a new position in shares of Cleveland-Cliffs in the 4th quarter worth about $25,000. Center for Financial Planning Inc. grew its position in shares of Cleveland-Cliffs by 119.0% during the 1st quarter. Center for Financial Planning Inc. now owns 3,322 shares of the mining company’s stock valued at $28,000 after buying an additional 1,805 shares during the last quarter. IFP Advisors Inc raised its stake in Cleveland-Cliffs by 117.5% during the fourth quarter. IFP Advisors Inc now owns 2,221 shares of the mining company’s stock worth $29,000 after acquiring an additional 1,200 shares during the period. Johnson Financial Group Inc. acquired a new stake in Cleveland-Cliffs during the second quarter worth about $30,000. Finally, Caitong International Asset Management Co. Ltd raised its stake in Cleveland-Cliffs by 94.0% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 2,505 shares of the mining company’s stock worth $33,000 after acquiring an additional 1,214 shares during the period. Institutional investors own 67.68% of the company’s stock.

Cleveland-Cliffs Trading Down 0.1%

Shares of NYSE:CLF opened at $11.61 on Monday. The company has a market cap of $6.62 billion, a PE ratio of -7.17 and a beta of 2.09. The company’s 50-day moving average price is $10.89 and its 200 day moving average price is $10.67. Cleveland-Cliffs Inc. has a fifty-two week low of $7.73 and a fifty-two week high of $16.70. The company has a quick ratio of 0.63, a current ratio of 1.89 and a debt-to-equity ratio of 1.32.

Cleveland-Cliffs (NYSE:CLF) last posted its earnings results on Thursday, July 23rd. The mining company reported ($0.20) EPS for the quarter, topping the consensus estimate of ($0.21) by $0.01. Cleveland-Cliffs had a negative net margin of 4.56% and a negative return on equity of 13.37%. The firm had revenue of $5.23 billion during the quarter, compared to analysts’ expectations of $5.15 billion. During the same quarter in the prior year, the firm earned ($0.50) EPS. Cleveland-Cliffs’s quarterly revenue was up 5.9% on a year-over-year basis. Sell-side analysts anticipate that Cleveland-Cliffs Inc. will post -0.11 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities analysts have commented on the company. Wells Fargo & Company lifted their target price on Cleveland-Cliffs from $11.00 to $12.00 and gave the company an “equal weight” rating in a research note on Monday, August 24th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Cleveland-Cliffs in a research report on Tuesday, July 21st. Bank of America cut their price target on Cleveland-Cliffs from $14.00 to $11.50 and set a “neutral” rating on the stock in a report on Thursday, July 9th. Glj Research upgraded Cleveland-Cliffs from a “hold” rating to a “buy” rating and boosted their price objective for the company from $15.01 to $15.60 in a research report on Friday, July 24th. Finally, Citigroup restated a “positive” rating on shares of Cleveland-Cliffs in a research note on Friday, July 24th. Two research analysts have rated the stock with a Buy rating, seven have given a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $11.96.

Insider Activity

In other 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 transaction of $2,873,870.28. Following the completion of the transaction, the executive vice president directly owned 184,542 shares in the company, valued at approximately $2,474,708.22. The trade was a 53.73% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 0.95% of the company’s stock.

Cleveland-Cliffs Company 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.