Engineers Gate Manager LP Has $13.22 Million Stake in Cleveland-Cliffs Inc. $CLF

Engineers Gate Manager LP increased its stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 212.9% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,407,953 shares of the mining company’s stock after purchasing an additional 958,049 shares during the quarter. Engineers Gate Manager LP’s holdings in Cleveland-Cliffs were worth $13,221,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Los Angeles Capital Management LLC bought a new position in Cleveland-Cliffs in the 4th quarter worth approximately $25,000. Center for Financial Planning Inc. boosted 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 buying an additional 1,805 shares during the last quarter. IFP Advisors Inc boosted 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 buying an additional 1,200 shares during the last quarter. Johnson Financial Group Inc. bought a new position in Cleveland-Cliffs in the 2nd quarter valued at $30,000. Finally, Caitong International Asset Management Co. Ltd increased its stake in shares of Cleveland-Cliffs by 94.0% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 2,505 shares of the mining company’s stock valued at $33,000 after buying an additional 1,214 shares during the period. Institutional investors and hedge funds own 67.68% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. Bank of America dropped their target price on Cleveland-Cliffs from $14.00 to $11.50 and set a “neutral” rating for the company in a research report on Thursday, July 9th. Barclays raised their price target on Cleveland-Cliffs from $9.00 to $10.00 and gave the company an “underweight” rating in a report on Friday, July 24th. Morgan Stanley reiterated an “equal weight” rating and issued a $12.50 price objective (up from $12.00) on shares of Cleveland-Cliffs in a research report on Monday, June 22nd. JPMorgan Chase & Co. boosted their price objective on Cleveland-Cliffs from $11.00 to $13.00 and gave the stock a “neutral” rating in a report on Wednesday. Finally, Glj Research raised shares of Cleveland-Cliffs from a “hold” rating to a “buy” rating and raised their target price for the company from $15.01 to $15.60 in a research note on Friday, July 24th. Two investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, Cleveland-Cliffs presently has an average rating of “Hold” and a consensus price target of $12.06.

Cleveland-Cliffs Stock Down 2.3%

NYSE:CLF opened at $11.81 on Friday. The company has a quick ratio of 0.63, a current ratio of 1.89 and a debt-to-equity ratio of 1.32. Cleveland-Cliffs Inc. has a 12-month low of $7.73 and a 12-month high of $16.70. The stock’s fifty day simple moving average is $11.22 and its 200-day simple moving average is $10.75. The firm has a market capitalization of $6.74 billion, a P/E ratio of -7.29 and a beta of 2.10.

Cleveland-Cliffs (NYSE:CLF) last released its quarterly earnings data on Thursday, July 23rd. The mining company reported ($0.20) EPS 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 business had revenue of $5.23 billion during the quarter, compared to the consensus estimate of $5.15 billion. During the same quarter in the prior year, the company posted ($0.50) earnings per share. The firm’s revenue was up 5.9% on a year-over-year basis. Equities research analysts expect that Cleveland-Cliffs Inc. will post -0.11 earnings per share for the current year.

About Cleveland-Cliffs

Cleveland-Cliffs Inc is a vertically integrated steel producer headquartered in Cleveland, Ohio. The company mines and processes iron ore, produces iron ore pellets, and manufactures steel products for customers primarily in North America. Its operations include integrated steel mills, electric arc furnaces, finishing facilities, and related processing and distribution capabilities.

The company produces a broad range of flat-rolled carbon steel products, including hot-rolled, cold-rolled, and coated steel.