Saba Capital Management L.P. Invests $490,000 in Cleveland-Cliffs Inc. $CLF

Saba Capital Management L.P. acquired a new position in shares of Cleveland-Cliffs Inc. (NYSE:CLF) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 58,004 shares of the mining company’s stock, valued at approximately $490,000.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in CLF. Vanguard Group Inc. boosted its holdings in Cleveland-Cliffs by 13.4% during the fourth quarter. Vanguard Group Inc. now owns 54,391,397 shares of the mining company’s stock worth $722,318,000 after buying an additional 6,447,462 shares during the last quarter. State Street Corp increased its stake in shares of Cleveland-Cliffs by 14.2% in the 4th quarter. State Street Corp now owns 29,278,156 shares of the mining company’s stock valued at $388,814,000 after acquiring an additional 3,632,150 shares during the last quarter. Castle Hook Partners LP increased its stake in shares of Cleveland-Cliffs by 572.4% in the 4th quarter. Castle Hook Partners LP now owns 18,083,029 shares of the mining company’s stock valued at $240,143,000 after acquiring an additional 15,393,507 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Cleveland-Cliffs by 6.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 15,489,207 shares of the mining company’s stock valued at $130,873,000 after acquiring an additional 925,031 shares during the last quarter. Finally, Maple Rock Capital Partners Inc. raised its position in shares of Cleveland-Cliffs by 90.1% in the 4th quarter. Maple Rock Capital Partners Inc. now owns 12,358,230 shares of the mining company’s stock valued at $164,117,000 after acquiring an additional 5,855,830 shares during the period. Institutional investors own 67.68% of the company’s stock.

Insiders Place Their Bets

In other Cleveland-Cliffs news, EVP Celso L. Goncalves, Jr. sold 214,308 shares of Cleveland-Cliffs stock in a transaction that occurred 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 transaction, the executive vice president owned 184,542 shares of the company’s stock, valued at approximately $2,474,708.22. The trade was a 53.73% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 0.95% of the company’s stock.

Cleveland-Cliffs Trading Down 2.3%

NYSE CLF opened at $11.97 on Wednesday. Cleveland-Cliffs Inc. has a one year low of $7.73 and a one year high of $16.70. The company has a debt-to-equity ratio of 1.32, a current ratio of 1.89 and a quick ratio of 0.63. The firm has a market cap of $6.83 billion, a P/E ratio of -7.39 and a beta of 2.13. The stock’s 50-day moving average is $11.36 and its 200-day moving average is $11.01.

Cleveland-Cliffs (NYSE:CLF) last issued its quarterly earnings data on Thursday, July 23rd. The mining company reported ($0.20) earnings per share (EPS) for the quarter, beating the consensus estimate 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 analyst estimates of $5.15 billion. During the same period in the previous year, the firm earned ($0.50) EPS. Cleveland-Cliffs’s quarterly revenue was up 5.9% compared to the same quarter last year. Sell-side analysts anticipate that Cleveland-Cliffs Inc. will post -0.16 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

CLF has been the topic of several recent analyst reports. The Goldman Sachs Group reissued a “neutral” rating and set a $10.00 price objective on shares of Cleveland-Cliffs in a research note on Friday, May 1st. Glj Research raised shares of Cleveland-Cliffs from a “hold” rating to a “buy” rating and upped their target price for the company from $15.01 to $15.60 in a research note on Friday, July 24th. Wells Fargo & Company reiterated a “positive” rating on shares of Cleveland-Cliffs in a report on Friday. Barclays lifted their price target on shares of Cleveland-Cliffs from $9.00 to $10.00 and gave the stock an “underweight” rating in a research report on Friday. Finally, Citigroup reissued a “positive” rating on shares of Cleveland-Cliffs in a report on Friday. Two equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, Cleveland-Cliffs presently has a consensus rating of “Hold” and an average price target of $11.86.

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.