95,238 Shares in Cleveland-Cliffs Inc. $CLF Acquired by GSA Capital Partners LLP

GSA Capital Partners LLP purchased a new position in Cleveland-Cliffs Inc. (NYSE:CLF) in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 95,238 shares of the mining company’s stock, valued at approximately $894,000.

Other large investors also recently bought and sold shares of the company. SFE Investment Counsel acquired a new position in shares of Cleveland-Cliffs during the second quarter worth $8,562,000. Assenagon Asset Management S.A. grew its holdings in Cleveland-Cliffs by 208.2% during the 2nd quarter. Assenagon Asset Management S.A. now owns 6,021,829 shares of the mining company’s stock valued at $56,545,000 after purchasing an additional 4,067,994 shares in the last quarter. GAMMA Investing LLC increased its stake in Cleveland-Cliffs by 60.0% during the 2nd quarter. GAMMA Investing LLC now owns 12,149 shares of the mining company’s stock worth $114,000 after buying an additional 4,557 shares during the period. Moody National Bank Trust Division purchased a new stake in Cleveland-Cliffs during the 2nd quarter worth $545,000. Finally, Versant Capital Management Inc lifted its holdings in Cleveland-Cliffs by 24.3% in the 2nd quarter. Versant Capital Management Inc now owns 8,243 shares of the mining company’s stock worth $77,000 after buying an additional 1,614 shares in the last quarter. Institutional investors and hedge funds own 67.68% of the company’s stock.

Insiders Place Their Bets

In other Cleveland-Cliffs news, EVP Celso L. Goncalves, Jr. sold 214,308 shares of the company’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 sale, the executive vice president owned 184,542 shares in the company, valued at $2,474,708.22. This represents a 53.73% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. 0.95% of the stock is currently owned by corporate insiders.

Cleveland-Cliffs Trading Down 3.4%

NYSE CLF opened at $11.89 on Wednesday. Cleveland-Cliffs Inc. has a 12 month low of $7.73 and a 12 month high of $16.70. The company has a debt-to-equity ratio of 1.32, a current ratio of 1.89 and a quick ratio of 0.63. The company has a market capitalization of $6.78 billion, a price-to-earnings ratio of -7.34 and a beta of 2.09. The company’s fifty day moving average price is $11.15 and its two-hundred day moving average price is $10.81.

Cleveland-Cliffs (NYSE:CLF) last announced its quarterly earnings data on Thursday, July 23rd. The mining company reported ($0.20) earnings per share for the quarter, topping the consensus estimate of ($0.21) by $0.01. The company had revenue of $5.23 billion during 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% compared to the same quarter last year. During the same period last year, the business earned ($0.50) EPS. As a group, research analysts predict that Cleveland-Cliffs Inc. will post -0.11 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. Glj Research raised shares of Cleveland-Cliffs from a “hold” rating to a “buy” rating and upped their price objective for the company from $15.01 to $15.60 in a research report on Friday, July 24th. Wells Fargo & Company reaffirmed a “positive” rating on shares of Cleveland-Cliffs in a research report on Friday, July 24th. 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 research note on Thursday, July 9th. Morgan Stanley reissued an “equal weight” rating and issued a $12.50 price target (up from $12.00) on shares of Cleveland-Cliffs in a report on Monday, June 22nd. Finally, JPMorgan Chase & Co. dropped their price objective on Cleveland-Cliffs from $13.00 to $10.00 and set a “neutral” rating on the stock in a report on Wednesday, July 15th. Two research analysts have rated the stock with a Buy rating, seven have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, Cleveland-Cliffs has a consensus rating of “Hold” and an average price target of $11.86.

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.