Edgestream Partners L.P. Buys 236,031 Shares of Cleveland-Cliffs Inc. $CLF

Edgestream Partners L.P. boosted its position in Cleveland-Cliffs Inc. (NYSE:CLF) by 73.5% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 557,261 shares of the mining company’s stock after purchasing an additional 236,031 shares during the period. Edgestream Partners L.P.’s holdings in Cleveland-Cliffs were worth $4,709,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of CLF. Los Angeles Capital Management LLC purchased a new stake in Cleveland-Cliffs during the fourth quarter valued at about $25,000. Center for Financial Planning Inc. increased its stake in shares of 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 purchasing an additional 1,805 shares in the last quarter. IFP Advisors Inc raised its position in shares of Cleveland-Cliffs by 117.5% in the fourth quarter. IFP Advisors Inc now owns 2,221 shares of the mining company’s stock valued at $29,000 after purchasing an additional 1,200 shares during the period. Caitong International Asset Management Co. Ltd raised its position in shares of Cleveland-Cliffs by 94.0% in the fourth 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. Finally, CIBC Private Wealth Group LLC raised its position in shares of Cleveland-Cliffs by 306.1% in the fourth quarter. CIBC Private Wealth Group LLC now owns 2,461 shares of the mining company’s stock valued at $33,000 after purchasing an additional 1,855 shares during the period. 67.68% of the stock is owned by institutional investors.

Analyst Ratings Changes

CLF has been the subject of several analyst reports. JPMorgan Chase & Co. cut their price objective on shares of Cleveland-Cliffs from $13.00 to $10.00 and set a “neutral” rating for the company in a report on Wednesday, July 15th. Barclays lifted their price objective on shares of Cleveland-Cliffs from $9.00 to $10.00 and gave the company an “underweight” rating in a research note on Friday, July 24th. Glj Research upgraded Cleveland-Cliffs from a “hold” rating to a “buy” rating and increased their target price for the stock from $15.01 to $15.60 in a research report on Friday, July 24th. The Goldman Sachs Group restated a “neutral” rating and set a $10.00 target price on shares of Cleveland-Cliffs in a research report on Friday, May 1st. Finally, Weiss Ratings reaffirmed 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 assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, Cleveland-Cliffs presently has an average rating of “Hold” and an average price target of $11.86.

Insider Buying and Selling

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

Cleveland-Cliffs Trading Down 0.7%

Shares of Cleveland-Cliffs stock opened at $11.54 on Friday. The company’s 50-day moving average price is $11.40 and its 200-day moving average price is $11.00. The company has a current ratio of 1.89, a quick ratio of 0.63 and a debt-to-equity ratio of 1.32. Cleveland-Cliffs Inc. has a 12-month low of $7.73 and a 12-month high of $16.70. The company has a market cap of $6.59 billion, a price-to-earnings ratio of -7.13 and a beta of 2.13.

Cleveland-Cliffs (NYSE:CLF) last issued its quarterly earnings data on Thursday, July 23rd. The mining company reported ($0.20) EPS for the quarter, beating the consensus estimate of ($0.21) by $0.01. The company had revenue of $5.23 billion during the quarter, compared to analysts’ expectations of $5.15 billion. Cleveland-Cliffs had a negative net margin of 4.56% and a negative return on equity of 13.37%. Cleveland-Cliffs’s revenue for the quarter was up 5.9% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.50) earnings per share. On average, equities analysts expect that Cleveland-Cliffs Inc. will post -0.11 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.