Havemeyer Place LP Buys Shares of 100,247 Cleveland-Cliffs Inc. $CLF

Havemeyer Place LP purchased a new stake in Cleveland-Cliffs Inc. (NYSE:CLF) during the fourth quarter, HoldingsChannel.com reports. The fund purchased 100,247 shares of the mining company’s stock, valued at approximately $1,331,000.

Several other large investors have also modified their holdings of CLF. IFP Advisors Inc boosted its holdings in shares of Cleveland-Cliffs by 117.5% during the 4th quarter. IFP Advisors Inc now owns 2,221 shares of the mining company’s stock worth $29,000 after buying an additional 1,200 shares during the period. Larson Financial Group LLC raised its holdings in Cleveland-Cliffs by 819.2% in the 3rd quarter. Larson Financial Group LLC now owns 2,684 shares of the mining company’s stock worth $33,000 after acquiring an additional 2,392 shares during the period. Eurizon Capital SGR S.p.A. bought a new position in Cleveland-Cliffs in the 4th quarter worth $44,000. JPL Wealth Management LLC bought a new position in Cleveland-Cliffs in the 3rd quarter worth $72,000. Finally, Danske Bank A S bought a new position in Cleveland-Cliffs in the 3rd quarter worth $74,000. 67.68% of the stock is owned by institutional investors.

Insider Activity

In other news, EVP Celso L. Goncalves, Jr. sold 214,308 shares of the 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 completion of the transaction, the executive vice president owned 184,542 shares in the company, valued at approximately $2,474,708.22. This represents a 53.73% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.95% of the company’s stock.

Analyst Ratings Changes

CLF has been the topic of several recent analyst reports. Argus upgraded shares of Cleveland-Cliffs to a “hold” rating in a report on Monday, April 6th. Barclays initiated coverage on shares of Cleveland-Cliffs in a report on Thursday, May 21st. They issued an “underweight” rating and a $9.00 target price on the stock. KeyCorp initiated coverage on shares of Cleveland-Cliffs in a report on Wednesday, March 25th. They issued a “sector weight” rating on the stock. JPMorgan Chase & Co. dropped their target price on shares of Cleveland-Cliffs from $13.00 to $10.00 and set a “neutral” rating on the stock in a report on Tuesday, April 14th. Finally, Wall Street Zen upgraded shares of Cleveland-Cliffs from a “sell” rating to a “hold” rating in a report on Saturday, February 14th. One analyst has rated the stock with a Buy rating, seven have given a Hold rating and three have given a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Reduce” and a consensus price target of $11.99.

Cleveland-Cliffs Trading Up 0.1%

Shares of CLF stock opened at $13.55 on Monday. Cleveland-Cliffs Inc. has a 52-week low of $6.72 and a 52-week high of $16.70. The stock has a market cap of $7.73 billion, a price-to-earnings ratio of -5.79 and a beta of 2.09. The company has a debt-to-equity ratio of 1.29, a quick ratio of 0.64 and a current ratio of 2.02. The firm has a fifty day moving average of $10.47 and a 200-day moving average of $11.51.

Cleveland-Cliffs (NYSE:CLF) last announced its quarterly earnings data on Monday, April 20th. The mining company reported ($0.40) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.44) by $0.04. Cleveland-Cliffs had a negative net margin of 6.42% and a negative return on equity of 15.48%. The company had revenue of $4.92 billion during the quarter, compared to analysts’ expectations of $4.84 billion. During the same quarter in the prior year, the company posted ($0.92) EPS. The business’s revenue was up 6.3% on a year-over-year basis. On average, equities research analysts forecast that Cleveland-Cliffs Inc. will post -0.46 earnings per share for the current fiscal 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.