1,073,045 Shares in Cleveland-Cliffs Inc. $CLF Acquired by Assenagon Asset Management S.A.

Key Points

• Assenagon Asset Management S.A. acquired over 1 million shares of Cleveland-Cliffs Inc., worth approximately $8.16 million, representing a 0.22% stake in the company.
• Cleveland-Cliffs reported a quarterly EPS of -$0.50, beating analysts' estimates, with a revenue of $4.93 billion, reflecting a 7.5% year-over-year increase.
• Recent analyst ratings include three "Buy," five "Hold," and one "Sell" rating, with an average price target of $11.24 for Cleveland-Cliffs stock.

Assenagon Asset Management S.A. bought a new stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 1,073,045 shares of the mining company's stock, valued at approximately $8,155,000. Assenagon Asset Management S.A. owned 0.22% of Cleveland-Cliffs at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in CLF. Woodline Partners LP purchased a new stake in shares of Cleveland-Cliffs in the first quarter valued at approximately $22,696,000. Jump Financial LLC grew its position in shares of Cleveland-Cliffs by 362.5% during the 1st quarter. Jump Financial LLC now owns 3,000,102 shares of the mining company's stock worth $24,661,000 after buying an additional 2,351,372 shares in the last quarter. Allianz Asset Management GmbH raised its holdings in shares of Cleveland-Cliffs by 168.8% in the first quarter. Allianz Asset Management GmbH now owns 3,555,383 shares of the mining company's stock valued at $29,225,000 after acquiring an additional 2,232,799 shares in the last quarter. Nuveen LLC purchased a new stake in Cleveland-Cliffs in the first quarter worth about $9,416,000. Finally, Connor Clark & Lunn Investment Management Ltd. grew its holdings in Cleveland-Cliffs by 231.2% during the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,561,774 shares of the mining company's stock worth $12,838,000 after acquiring an additional 1,090,237 shares in the last quarter. 67.68% of the stock is owned by hedge funds and other institutional investors.

Cleveland-Cliffs Trading Down 2.1%

NYSE CLF opened at $11.51 on Wednesday. Cleveland-Cliffs Inc. has a 1 year low of $5.63 and a 1 year high of $14.34. The company has a debt-to-equity ratio of 1.28, a current ratio of 2.04 and a quick ratio of 0.61. The company has a market capitalization of $5.69 billion, a PE ratio of -3.38 and a beta of 1.93. The company has a fifty day moving average of $10.65 and a 200 day moving average of $8.88.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last issued its earnings results on Monday, July 21st. The mining company reported ($0.50) EPS for the quarter, topping analysts' consensus estimates of ($0.68) by $0.18. The firm had revenue of $4.93 billion for the quarter, compared to the consensus estimate of $4.90 billion. Cleveland-Cliffs had a negative return on equity of 17.97% and a negative net margin of 9.03%.The company's revenue was up 7.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.11 earnings per share. Research analysts forecast that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current year.

Analyst Ratings Changes

Several research analysts have recently commented on the company. Glj Research lowered Cleveland-Cliffs from a "strong-buy" rating to a "strong sell" rating and set a $3.91 price target for the company. in a research report on Wednesday, May 28th. Morgan Stanley upped their price target on Cleveland-Cliffs from $8.00 to $10.50 and gave the stock an "equal weight" rating in a research report on Tuesday, July 22nd. JPMorgan Chase & Co. raised their price objective on Cleveland-Cliffs from $7.50 to $10.00 and gave the stock a "neutral" rating in a research report on Thursday, July 24th. Citigroup upped their target price on Cleveland-Cliffs from $7.50 to $11.00 and gave the company a "neutral" rating in a research report on Monday, July 21st. Finally, Bank of America raised their price target on Cleveland-Cliffs from $9.50 to $12.50 and gave the stock a "neutral" rating in a report on Monday, September 15th. Three research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $11.24.

Cleveland-Cliffs Profile

Cleveland-Cliffs is the largest flat-rolled steel company and the largest iron ore pellet producer in North America. The company is vertically integrated from mining through iron making, steelmaking, rolling, finishing and downstream with hot and cold stamping of steel parts and components. The company was formerly known as Cliffs Natural Resources Inc and changed its name to Cleveland-Cliffs Inc in August 2017.

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