Neo Ivy Capital Management Takes Position in Cleveland-Cliffs Inc. $CLF

Neo Ivy Capital Management acquired a new position in shares of Cleveland-Cliffs Inc. (NYSE:CLF) in the third quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 115,416 shares of the mining company’s stock, valued at approximately $1,408,000.

Other large investors have also made changes to their positions in the company. Strengthening Families & Communities LLC grew its position in Cleveland-Cliffs by 4,315.6% during the third quarter. Strengthening Families & Communities LLC now owns 1,987 shares of the mining company’s stock valued at $25,000 after acquiring an additional 1,942 shares during the period. Winch Advisory Services LLC lifted its stake in shares of Cleveland-Cliffs by 131.3% in the 2nd quarter. Winch Advisory Services LLC now owns 4,070 shares of the mining company’s stock valued at $31,000 after purchasing an additional 2,310 shares in the last quarter. Deseret Mutual Benefit Administrators grew its holdings in shares of Cleveland-Cliffs by 72.6% during the 3rd quarter. Deseret Mutual Benefit Administrators now owns 2,768 shares of the mining company’s stock worth $34,000 after purchasing an additional 1,164 shares during the period. Islay Capital Management LLC purchased a new stake in shares of Cleveland-Cliffs during the 2nd quarter worth about $38,000. Finally, MTM Investment Management LLC acquired a new stake in Cleveland-Cliffs during the 2nd quarter worth approximately $40,000. 67.68% of the stock is owned by hedge funds and other institutional investors.

Cleveland-Cliffs Stock Down 8.0%

NYSE CLF opened at $9.83 on Friday. The company has a quick ratio of 0.50, a current ratio of 1.95 and a debt-to-equity ratio of 1.15. Cleveland-Cliffs Inc. has a fifty-two week low of $5.63 and a fifty-two week high of $16.70. The business has a 50 day moving average price of $12.62 and a two-hundred day moving average price of $12.31. The stock has a market cap of $5.61 billion, a PE ratio of -3.37 and a beta of 1.99.

Cleveland-Cliffs (NYSE:CLF) last posted its quarterly earnings data on Monday, February 9th. The mining company reported ($0.43) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.62) by $0.19. Cleveland-Cliffs had a negative net margin of 7.91% and a negative return on equity of 18.94%. The company had revenue of $4.31 billion for the quarter, compared to analyst estimates of $4.60 billion. During the same quarter last year, the firm posted ($0.68) earnings per share. The business’s quarterly revenue was down .3% on a year-over-year basis. As a group, sell-side analysts predict that Cleveland-Cliffs Inc. will post -0.79 EPS for the current fiscal year.

Insider Activity at Cleveland-Cliffs

In other Cleveland-Cliffs news, COO Clifford T. Smith sold 200,000 shares of the business’s stock in a transaction on Tuesday, February 17th. The shares were sold at an average price of $10.46, for a total value of $2,092,000.00. Following the transaction, the chief operating officer owned 560,529 shares in the company, valued at $5,863,133.34. The trade was a 26.30% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Lourenco Goncalves sold 3,000,000 shares of the company’s stock in a transaction dated Wednesday, February 11th. The shares were sold at an average price of $12.42, for a total transaction of $37,260,000.00. The disclosure for this sale is available in the SEC filing. Company insiders own 1.71% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. The Goldman Sachs Group reaffirmed a “buy” rating and set a $15.00 price target on shares of Cleveland-Cliffs in a research report on Monday, February 9th. Wells Fargo & Company raised shares of Cleveland-Cliffs from an “underweight” rating to an “equal weight” rating and increased their price objective for the stock from $11.00 to $12.00 in a research report on Friday, November 14th. KeyCorp downgraded shares of Cleveland-Cliffs from an “overweight” rating to a “sector weight” rating in a research note on Wednesday, January 7th. Citigroup lifted their target price on shares of Cleveland-Cliffs from $11.00 to $13.00 and gave the company a “neutral” rating in a report on Monday, February 9th. Finally, Glj Research decreased their price target on shares of Cleveland-Cliffs from $9.52 to $9.42 and set a “sell” rating for the company in a research report on Tuesday, February 10th. Three research analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, Cleveland-Cliffs presently has a consensus rating of “Hold” and a consensus target price of $13.89.

Cleveland-Cliffs 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.