Readystate Asset Management LP Sells 106,517 Shares of Cleveland-Cliffs Inc. $CLF

Readystate Asset Management LP lowered its stake in Cleveland-Cliffs Inc. (NYSE:CLF) by 33.6% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 210,576 shares of the mining company’s stock after selling 106,517 shares during the period. Readystate Asset Management LP’s holdings in Cleveland-Cliffs were worth $1,779,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Focus Partners Wealth bought a new stake in Cleveland-Cliffs in the first quarter worth $339,000. Prudential Financial Inc. increased its holdings in shares of Cleveland-Cliffs by 27.4% during the second quarter. Prudential Financial Inc. now owns 49,955 shares of the mining company’s stock valued at $380,000 after acquiring an additional 10,733 shares in the last quarter. Russell Investments Group Ltd. increased its holdings in shares of Cleveland-Cliffs by 4.4% during the second quarter. Russell Investments Group Ltd. now owns 143,264 shares of the mining company’s stock valued at $1,088,000 after acquiring an additional 6,073 shares in the last quarter. CW Advisors LLC raised its position in shares of Cleveland-Cliffs by 47.4% in the 2nd quarter. CW Advisors LLC now owns 22,167 shares of the mining company’s stock worth $168,000 after purchasing an additional 7,127 shares during the last quarter. Finally, Invesco Ltd. raised its position in shares of Cleveland-Cliffs by 20.3% in the 2nd quarter. Invesco Ltd. now owns 3,081,241 shares of the mining company’s stock worth $23,417,000 after purchasing an additional 520,120 shares during the last quarter. Institutional investors own 67.68% of the company’s stock.

Wall Street Analysts Forecast Growth

CLF has been the topic of several recent analyst reports. Morgan Stanley reissued an “equal weight” rating and set a $12.50 price objective (up from $12.00) on shares of Cleveland-Cliffs in a research report on Monday, June 22nd. The Goldman Sachs Group reaffirmed a “neutral” rating and issued a $10.00 target price on shares of Cleveland-Cliffs in a report on Friday, May 1st. Glj Research upgraded shares of 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 research note on Friday, July 24th. Argus upgraded shares of Cleveland-Cliffs to a “hold” rating in a report on Monday, April 6th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Cleveland-Cliffs in a report on Tuesday, July 21st. Two analysts have rated the stock with a Buy rating, seven have given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, Cleveland-Cliffs has a consensus rating of “Hold” and an average price target of $11.86.

Insider Activity at Cleveland-Cliffs

In related news, EVP Celso L. Goncalves, Jr. sold 214,308 shares of the company’s stock in a transaction on Friday, June 5th. The stock was sold at an average price of $13.41, for a total transaction of $2,873,870.28. Following the completion of the sale, 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.95% of the stock is owned by insiders.

Cleveland-Cliffs Stock Down 2.3%

CLF stock opened at $11.97 on Wednesday. The stock has a market capitalization of $6.83 billion, a P/E ratio of -7.39 and a beta of 2.13. The company has a debt-to-equity ratio of 1.32, a current ratio of 1.89 and a quick ratio of 0.63. Cleveland-Cliffs Inc. has a 1-year low of $7.73 and a 1-year high of $16.70. The business has a fifty day moving average price of $11.36 and a 200-day moving average price of $11.01.

Cleveland-Cliffs (NYSE:CLF) last released its quarterly earnings data on Thursday, July 23rd. The mining company reported ($0.20) EPS for the quarter, topping 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 company had revenue of $5.23 billion during the quarter, compared to the consensus estimate of $5.15 billion. During the same period last year, the company earned ($0.50) EPS. Cleveland-Cliffs’s revenue for the quarter was up 5.9% on a year-over-year basis. Equities analysts forecast that Cleveland-Cliffs Inc. will post -0.16 earnings per share for the current fiscal year.

Cleveland-Cliffs Company 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.