Legal & General Group Plc Invests $8.21 Million in Cleveland-Cliffs Inc. $CLF

Legal & General Group Plc bought a new stake in Cleveland-Cliffs Inc. (NYSE:CLF) in the second quarter, HoldingsChannel.com reports. The institutional investor bought 874,210 shares of the mining company’s stock, valued at approximately $8,209,000.

Other institutional investors have also made changes to their positions in the company. Los Angeles Capital Management LLC acquired a new position in Cleveland-Cliffs during the 4th quarter worth about $25,000. Center for Financial Planning Inc. increased its position in Cleveland-Cliffs by 119.0% in the 1st quarter. Center for Financial Planning Inc. now owns 3,322 shares of the mining company’s stock valued at $28,000 after acquiring an additional 1,805 shares in the last quarter. IFP Advisors Inc increased its position in Cleveland-Cliffs by 117.5% in the 4th quarter. IFP Advisors Inc now owns 2,221 shares of the mining company’s stock valued at $29,000 after acquiring an additional 1,200 shares in the last quarter. Johnson Financial Group Inc. acquired a new stake in Cleveland-Cliffs in the 2nd quarter valued at about $30,000. Finally, Caitong International Asset Management Co. Ltd raised its stake in shares of Cleveland-Cliffs by 94.0% in 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 last quarter. 67.68% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the stock. Glj Research upgraded shares of Cleveland-Cliffs from a “hold” rating to a “buy” rating and upped their target price for the stock from $15.01 to $15.60 in a research report on Friday, July 24th. JPMorgan Chase & Co. lowered their price target on shares of Cleveland-Cliffs from $13.00 to $10.00 and set a “neutral” rating for the company in a report on Wednesday, July 15th. Weiss Ratings restated a “sell (d-)” rating on shares of Cleveland-Cliffs in a research report on Tuesday, July 21st. Morgan Stanley reaffirmed an “equal weight” rating and set a $12.50 price objective (up from $12.00) on shares of Cleveland-Cliffs in a report on Monday, June 22nd. Finally, Barclays increased their price objective on Cleveland-Cliffs from $9.00 to $10.00 and gave the company an “underweight” rating in a research report on Friday, July 24th. Two analysts have rated the stock with a Buy rating, seven have given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, Cleveland-Cliffs presently has a consensus rating of “Hold” and an average target price of $11.96.

Cleveland-Cliffs Price Performance

CLF opened at $11.53 on Wednesday. The company has a fifty day moving average price of $10.89 and a two-hundred day moving average price of $10.66. The company has a debt-to-equity ratio of 1.32, a quick ratio of 0.63 and a current ratio of 1.89. Cleveland-Cliffs Inc. has a 52 week low of $7.73 and a 52 week high of $16.70. The firm has a market capitalization of $6.58 billion, a PE ratio of -7.12 and a beta of 2.10.

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

Insider Transactions at Cleveland-Cliffs

In other news, EVP Celso L. Goncalves, Jr. sold 214,308 shares of the business’s stock in a transaction dated 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.95% of the company’s stock.

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.