Maple Rock Capital Partners Inc. Trims Stake in Cleveland-Cliffs Inc. $CLF

Maple Rock Capital Partners Inc. cut its position in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 85.1% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 3,083,157 shares of the mining company’s stock after selling 17,662,400 shares during the period. Maple Rock Capital Partners Inc. owned about 0.54% of Cleveland-Cliffs worth $28,951,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also made changes to their positions in CLF. Los Angeles Capital Management LLC purchased a new position in shares of Cleveland-Cliffs during the fourth quarter valued at $25,000. Center for Financial Planning Inc. lifted its stake in Cleveland-Cliffs by 119.0% in the first quarter. Center for Financial Planning Inc. now owns 3,322 shares of the mining company’s stock worth $28,000 after acquiring an additional 1,805 shares during the period. IFP Advisors Inc grew its holdings in 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 acquiring an additional 1,200 shares in the last quarter. Johnson Financial Group Inc. bought a new position in Cleveland-Cliffs during the 2nd quarter worth about $30,000. Finally, Caitong International Asset Management Co. Ltd increased its position in Cleveland-Cliffs by 94.0% during 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 purchasing an additional 1,214 shares during the period. 67.68% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Cleveland-Cliffs news, EVP Celso L. Goncalves, Jr. sold 214,308 shares of the firm’s 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 completion of the sale, the executive vice president directly owned 184,542 shares in the company, valued at $2,474,708.22. This trade represents a 53.73% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.95% of the stock is currently owned by company insiders.

Cleveland-Cliffs Stock Performance

CLF stock opened at $11.55 on Tuesday. Cleveland-Cliffs Inc. has a one year low of $7.73 and a one year high of $16.70. The firm has a market cap of $6.59 billion, a price-to-earnings ratio of -7.13 and a beta of 2.09. The company has a debt-to-equity ratio of 1.32, a quick ratio of 0.63 and a current ratio of 1.89. The firm has a 50-day simple moving average of $10.88 and a two-hundred day simple moving average of $10.66.

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, topping analysts’ consensus estimates of ($0.21) by $0.01. The firm had revenue of $5.23 billion for the quarter, compared to the consensus estimate of $5.15 billion. Cleveland-Cliffs had a negative net margin of 4.56% and a negative return on equity of 13.37%. The company’s quarterly revenue was up 5.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.50) EPS. On average, equities analysts forecast that Cleveland-Cliffs Inc. will post -0.11 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

CLF has been the subject of several research reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cleveland-Cliffs in a research report on Tuesday, July 21st. Wells Fargo & Company lifted their price objective on shares of Cleveland-Cliffs from $11.00 to $12.00 and gave the company an “equal weight” rating in a report on Monday, August 24th. Bank of America reduced their price objective on shares of Cleveland-Cliffs from $14.00 to $11.50 and set a “neutral” rating for the company in a research note on Thursday, July 9th. Glj Research upgraded Cleveland-Cliffs from a “hold” rating to a “buy” rating and upped their target price for the stock from $15.01 to $15.60 in a report on Friday, July 24th. Finally, Morgan Stanley reaffirmed an “equal weight” rating and set a $12.50 target price (up from $12.00) on shares of Cleveland-Cliffs in a research report on Monday, June 22nd. Two investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $11.96.

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.