The Manufacturers Life Insurance Company Buys Shares of 410,836 Cleveland-Cliffs Inc. $CLF

The Manufacturers Life Insurance Company purchased a new position in shares of Cleveland-Cliffs Inc. (NYSE:CLF) in the second quarter, HoldingsChannel.com reports. The fund purchased 410,836 shares of the mining company’s stock, valued at approximately $3,858,000.

Other large investors have also made changes to their positions in the company. Sei Investments Co. raised its position in Cleveland-Cliffs by 95.4% during the first quarter. Sei Investments Co. now owns 302,972 shares of the mining company’s stock valued at $2,560,000 after purchasing an additional 147,899 shares in the last quarter. Quantinno Capital Management LP boosted its holdings in shares of Cleveland-Cliffs by 68.0% in the 1st quarter. Quantinno Capital Management LP now owns 212,522 shares of the mining company’s stock valued at $1,796,000 after purchasing an additional 86,036 shares in the last quarter. SFE Investment Counsel acquired a new stake in shares of Cleveland-Cliffs in the 2nd quarter valued at $8,562,000. Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Cleveland-Cliffs in the 2nd quarter valued at $505,000. Finally, California State Teachers Retirement System increased its stake in shares of Cleveland-Cliffs by 23.0% in the 1st quarter. California State Teachers Retirement System now owns 662,180 shares of the mining company’s stock valued at $5,595,000 after purchasing an additional 123,660 shares during the last quarter. Institutional investors and hedge funds own 67.68% of the company’s stock.

Insider Buying and Selling at Cleveland-Cliffs

In related news, EVP Celso L. Goncalves, Jr. sold 214,308 shares of the business’s stock in a transaction on Friday, June 5th. The shares were sold at an average price of $13.41, for a total value of $2,873,870.28. Following the sale, the executive vice president owned 184,542 shares of the company’s stock, valued at $2,474,708.22. The trade was a 53.73% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 0.95% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

CLF has been the subject of several recent analyst reports. Weiss Ratings restated a “sell (d-)” rating on shares of Cleveland-Cliffs in a research report on Tuesday, July 21st. Bank of America decreased their target price on Cleveland-Cliffs from $14.00 to $11.50 and set a “neutral” rating on the stock in a research report on Thursday, July 9th. Morgan Stanley reissued an “equal weight” rating and set a $12.50 target price (up from $12.00) on shares of Cleveland-Cliffs in a research note on Monday, June 22nd. Citigroup reissued a “positive” rating on shares of Cleveland-Cliffs in a report on Friday, July 24th. Finally, Glj Research upgraded shares of Cleveland-Cliffs from a “hold” rating to a “buy” rating and raised their price target for the company from $15.01 to $15.60 in a research note on Friday, July 24th. Two equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $11.96.

Cleveland-Cliffs Stock Down 0.2%

Shares of NYSE CLF opened at $11.53 on Wednesday. The company has a 50 day simple moving average of $10.89 and a 200 day simple moving average of $10.66. The company has a debt-to-equity ratio of 1.32, a current ratio of 1.89 and a quick ratio of 0.63. Cleveland-Cliffs Inc. has a 1 year low of $7.73 and a 1 year high of $16.70. The firm has a market cap of $6.58 billion, a PE ratio of -7.12 and a beta of 2.10.

Cleveland-Cliffs (NYSE:CLF) last posted its earnings results on Thursday, July 23rd. The mining company reported ($0.20) earnings per share for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $5.15 billion. During the same period in the previous year, the firm posted ($0.50) EPS. The company’s revenue for the quarter was up 5.9% compared to the same quarter last year. On average, research analysts forecast that Cleveland-Cliffs Inc. will post -0.11 EPS for the current 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.