Chicago Equity Partners LLC lowered its stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 69.6% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 207,505 shares of the mining company’s stock after selling 475,725 shares during the quarter. Chicago Equity Partners LLC owned about 0.07% of Cleveland-Cliffs worth $1,442,000 at the end of the most recent quarter.
Other institutional investors also recently made changes to their positions in the company. NEXT Financial Group Inc boosted its position in Cleveland-Cliffs by 87.8% during the fourth quarter. NEXT Financial Group Inc now owns 13,905 shares of the mining company’s stock worth $100,000 after purchasing an additional 6,500 shares during the period. Granite Springs Asset Management LLC bought a new stake in Cleveland-Cliffs during the fourth quarter worth approximately $105,000. Quantitative Investment Management LLC bought a new stake in Cleveland-Cliffs during the fourth quarter worth approximately $115,000. Girard Partners LTD. bought a new stake in Cleveland-Cliffs during the fourth quarter worth approximately $142,000. Finally, Capital Wealth Planning LLC bought a new stake in Cleveland-Cliffs during the fourth quarter worth approximately $159,000. 61.00% of the stock is owned by hedge funds and other institutional investors.
Shares of Cleveland-Cliffs opened at $8.95 on Friday, MarketBeat Ratings reports. Cleveland-Cliffs Inc. has a 12 month low of $8.54 and a 12 month high of $8.79. The company has a market cap of $2.55 billion, a PE ratio of 17.90 and a beta of 1.59. The company has a debt-to-equity ratio of -4.76, a current ratio of 3.32 and a quick ratio of 2.37.
Cleveland-Cliffs (NYSE:CLF) last issued its quarterly earnings results on Friday, April 20th. The mining company reported ($0.08) EPS for the quarter, topping analysts’ consensus estimates of ($0.21) by $0.13. Cleveland-Cliffs had a negative return on equity of 40.15% and a net margin of 15.12%. The company had revenue of $239.00 million during the quarter, compared to analyst estimates of $177.93 million. During the same period in the previous year, the company earned $0.16 earnings per share. The company’s quarterly revenue was down 48.2% compared to the same quarter last year. equities analysts anticipate that Cleveland-Cliffs Inc. will post 1.58 earnings per share for the current fiscal year.
A number of equities research analysts have issued reports on the company. Zacks Investment Research raised Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating and set a $9.75 target price for the company in a research report on Monday. Seaport Global Securities assumed coverage on Cleveland-Cliffs in a research report on Wednesday, May 9th. They set a “buy” rating and a $10.00 target price for the company. Morgan Stanley upped their target price on Cleveland-Cliffs from $7.00 to $7.50 and gave the stock an “equal weight” rating in a research report on Tuesday, April 24th. Clarkson Capital upgraded Cleveland-Cliffs from a “neutral” rating to a “buy” rating and upped their price target for the stock from $7.00 to $11.00 in a report on Monday, April 23rd. Finally, Jefferies Group reiterated a “buy” rating and set a $9.50 price target on shares of Cleveland-Cliffs in a report on Friday, April 20th. Three investment analysts have rated the stock with a sell rating, five have given a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. Cleveland-Cliffs has an average rating of “Hold” and a consensus price target of $9.68.
In related news, Director Susan Miranda Green sold 11,305 shares of the company’s stock in a transaction on Tuesday, March 6th. The stock was sold at an average price of $7.62, for a total value of $86,144.10. Following the completion of the transaction, the director now directly owns 60,367 shares in the company, valued at $459,996.54. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Eric M. Rychel bought 5,000 shares of the business’s stock in a transaction that occurred on Friday, April 27th. The stock was purchased at an average price of $7.48 per share, with a total value of $37,400.00. Following the completion of the purchase, the director now directly owns 19,845 shares of the company’s stock, valued at approximately $148,440.60. The disclosure for this purchase can be found here. Corporate insiders own 0.89% of the company’s stock.
Cleveland-Cliffs Inc operates as an iron ore mining company in the United States. The company operates four iron ore mines in Michigan and Minnesota; and Koolyanobbing iron ore mining complex located in Western Australia. It sells its products to integrated steel companies and steel producers in the United States and the Asia Pacific.
Want to see what other hedge funds are holding CLF? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cleveland-Cliffs Inc. (NYSE:CLF).
Receive News & Ratings for Cleveland-Cliffs Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cleveland-Cliffs and related companies with MarketBeat.com's FREE daily email newsletter.