United Capital Financial Advisors LLC Makes New $490,000 Investment in Cleveland-Cliffs Inc. $CLF

United Capital Financial Advisors LLC bought a new stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF) in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund bought 52,166 shares of the mining company’s stock, valued at approximately $490,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. BlackRock Inc. acquired a new position in Cleveland-Cliffs in the second quarter valued at about $522,766,000. Castle Hook Partners LP grew its position in shares of Cleveland-Cliffs by 572.4% during the 4th quarter. Castle Hook Partners LP now owns 18,083,029 shares of the mining company’s stock worth $240,143,000 after buying an additional 15,393,507 shares during the period. Turiya Advisors Asia Ltd acquired a new position in shares of Cleveland-Cliffs during the 4th quarter worth about $96,280,000. PointState Capital LP bought a new stake in shares of Cleveland-Cliffs in the 2nd quarter valued at about $61,805,000. Finally, Vanguard Group Inc. increased its stake in shares of Cleveland-Cliffs by 13.4% in the 4th quarter. Vanguard Group Inc. now owns 54,391,397 shares of the mining company’s stock valued at $722,318,000 after acquiring an additional 6,447,462 shares during the last quarter. 67.68% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, EVP Celso L. Goncalves, Jr. sold 214,308 shares of the stock in a transaction dated Friday, June 5th. The shares were 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 $2,474,708.22. This represents a 53.73% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 0.95% of the stock is owned by company insiders.

Analysts Set New Price Targets

CLF has been the subject of a number of analyst reports. Citigroup restated a “positive” rating on shares of Cleveland-Cliffs in a report on Friday, July 24th. Morgan Stanley reiterated an “equal weight” rating and issued a $12.50 target price (up from $12.00) on shares of Cleveland-Cliffs in a report on Monday, June 22nd. JPMorgan Chase & Co. lowered their price objective on shares of Cleveland-Cliffs from $13.00 to $10.00 and set a “neutral” rating for the company in a research report on Wednesday, July 15th. Barclays raised their price objective on Cleveland-Cliffs from $9.00 to $10.00 and gave the stock an “underweight” rating in a research note on Friday, July 24th. Finally, Wells Fargo & Company boosted 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. Two research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, Cleveland-Cliffs presently has an average rating of “Hold” and an average target price of $11.96.

Cleveland-Cliffs Price Performance

Shares of CLF opened at $11.55 on Tuesday. 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 Inc. has a twelve month low of $7.73 and a twelve month high of $16.70. The stock has a market capitalization of $6.59 billion, a P/E ratio of -7.13 and a beta of 2.09. The company has a 50 day moving average of $10.88 and a 200-day moving average of $10.66.

Cleveland-Cliffs (NYSE:CLF) last announced its quarterly earnings data on Thursday, July 23rd. The mining company reported ($0.20) EPS for the quarter, topping analysts’ consensus estimates of ($0.21) by $0.01. The business had revenue of $5.23 billion for the quarter, compared to analyst estimates of $5.15 billion. Cleveland-Cliffs had a negative net margin of 4.56% and a negative return on equity of 13.37%. The firm’s revenue for the quarter was up 5.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.50) earnings per share. As a group, equities research analysts forecast that Cleveland-Cliffs Inc. will post -0.11 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.