Cleveland-Cliffs Inc. $CLF Shares Acquired by Readystate Asset Management LP

Readystate Asset Management LP boosted its holdings in Cleveland-Cliffs Inc. (NYSE:CLF) by 961.9% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 454,213 shares of the mining company’s stock after acquiring an additional 411,438 shares during the quarter. Readystate Asset Management LP owned 0.09% of Cleveland-Cliffs worth $5,541,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the business. Strengthening Families & Communities LLC grew its stake in shares of Cleveland-Cliffs by 4,315.6% in the third quarter. Strengthening Families & Communities LLC now owns 1,987 shares of the mining company’s stock worth $25,000 after purchasing an additional 1,942 shares in the last quarter. Winch Advisory Services LLC raised its stake in shares of Cleveland-Cliffs by 131.3% during the second 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 lifted its holdings in Cleveland-Cliffs by 72.6% in the third 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 bought a new position in Cleveland-Cliffs in the 2nd quarter valued at about $38,000. Finally, MTM Investment Management LLC bought a new position in Cleveland-Cliffs in the 2nd quarter valued at about $40,000. Institutional investors own 67.68% of the company’s stock.

Cleveland-Cliffs Trading Up 1.3%

Shares of NYSE:CLF opened at $10.51 on Wednesday. The company has a debt-to-equity ratio of 1.15, a quick ratio of 0.50 and a current ratio of 1.95. The stock has a market capitalization of $5.99 billion, a price-to-earnings ratio of -3.60 and a beta of 1.93. Cleveland-Cliffs Inc. has a 1-year low of $5.63 and a 1-year high of $16.70. The company has a 50 day moving average price of $13.29 and a 200 day moving average price of $12.27.

Cleveland-Cliffs (NYSE:CLF) last posted its quarterly earnings results on Monday, February 9th. The mining company reported ($0.43) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.62) by $0.19. Cleveland-Cliffs had a negative return on equity of 18.94% and a negative net margin of 7.91%.The company had revenue of $4.31 billion for the quarter, compared to analysts’ expectations of $4.60 billion. During the same quarter in the prior year, the company earned ($0.68) earnings per share. The firm’s revenue was down .3% on a year-over-year basis. On average, research analysts anticipate that Cleveland-Cliffs Inc. will post -0.79 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts have commented on CLF shares. KeyCorp downgraded shares of Cleveland-Cliffs from an “overweight” rating to a “sector weight” rating in a research report on Wednesday, January 7th. UBS Group set a $15.00 target price on Cleveland-Cliffs in a report on Monday, October 27th. Citigroup upped their target price on Cleveland-Cliffs from $11.00 to $13.00 and gave the stock a “neutral” rating in a research report on Monday, February 9th. Bank of America increased their price target on Cleveland-Cliffs from $12.50 to $14.50 and gave the company a “neutral” rating in a research note on Tuesday, October 21st. Finally, Wall Street Zen raised Cleveland-Cliffs from a “sell” rating to a “hold” rating in a research note on Saturday. Three research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, Cleveland-Cliffs has a consensus rating of “Hold” and a consensus target price of $13.89.

Insiders Place Their Bets

In related news, CEO Lourenco Goncalves sold 3,000,000 shares of the stock in a transaction on Wednesday, February 11th. The stock was sold at an average price of $12.42, for a total value of $37,260,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Edilson Camara purchased 19,700 shares of the company’s stock in a transaction that occurred on Friday, February 13th. The stock was bought at an average cost of $10.13 per share, for a total transaction of $199,561.00. Following the purchase, the director directly owned 41,983 shares in the company, valued at $425,287.79. This represents a 88.41% increase in their position. The SEC filing for this purchase provides additional information. 1.71% of the stock is owned by insiders.

Cleveland-Cliffs Company 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.