209,645 Shares in Cleveland-Cliffs Inc. $CLF Purchased by BlueCrest Capital Management Ltd

Key Points

• BlueCrest Capital Management acquired 209,645 Cleveland-Cliffs shares during the second quarter, valued at approximately $1.97 million. Institutional investors collectively own 67.68% of the company.
• Analyst sentiment remains mixed, with a consensus rating of “Hold” and an average price target of $12.06; ratings include two Buys, seven Holds, and two Sells.
• Cleveland-Cliffs reported quarterly revenue of $5.23 billion, up 5.9% year over year, while adjusted earnings of negative $0.20 per share slightly exceeded analysts’ estimates.

BlueCrest Capital Management Ltd acquired a new position in Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 209,645 shares of the mining company's stock, valued at approximately $1,969,000.

A number of other institutional investors and hedge funds have also made changes to their positions in CLF. Public Employees Retirement System of Ohio boosted its holdings in Cleveland-Cliffs by 0.6% in the third quarter. Public Employees Retirement System of Ohio now owns 152,009 shares of the mining company's stock worth $1,855,000 after acquiring an additional 943 shares in the last quarter. Moors & Cabot Inc. raised its position in shares of Cleveland-Cliffs by 3.0% in the 3rd quarter. Moors & Cabot Inc. now owns 33,118 shares of the mining company's stock worth $404,000 after purchasing an additional 960 shares during the last quarter. Rexford Capital Inc. boosted its stake in Cleveland-Cliffs by 11.8% in the 4th quarter. Rexford Capital Inc. now owns 9,500 shares of the mining company's stock worth $126,000 after purchasing an additional 1,000 shares in the last quarter. IFP Advisors Inc boosted its stake in Cleveland-Cliffs by 117.5% in the 4th quarter. IFP Advisors Inc now owns 2,221 shares of the mining company's stock worth $29,000 after purchasing an additional 1,200 shares in the last quarter. Finally, Caitong International Asset Management Co. Ltd grew 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 last quarter. Institutional investors own 67.68% of the company's stock.

Wall Street Analyst Weigh In

CLF has been the subject of a number of analyst reports. Morgan Stanley restated an "equal weight" rating and set a $12.50 price objective (up from $12.00) on shares of Cleveland-Cliffs in a research note on Monday, June 22nd. Barclays increased their price target on shares of Cleveland-Cliffs from $9.00 to $10.00 and gave the company an "underweight" rating in a report on Friday, July 24th. Weiss Ratings reissued a "sell (d-)" rating on shares of Cleveland-Cliffs in a research report on Tuesday, July 21st. Citigroup restated a "positive" rating on shares of Cleveland-Cliffs in a report on Friday, July 24th. Finally, Wells Fargo & Company upped their price objective on Cleveland-Cliffs from $11.00 to $12.00 and gave the company an "equal weight" rating in a research report on Monday, August 24th. Two equities research 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's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $12.06.

Cleveland-Cliffs Stock Down 1.7%

CLF opened at $12.08 on Thursday. Cleveland-Cliffs Inc. has a 1-year low of $7.73 and a 1-year high of $16.70. The firm's 50 day simple moving average is $11.18 and its two-hundred day simple moving average is $10.74. The company has a current ratio of 1.89, a quick ratio of 0.63 and a debt-to-equity ratio of 1.32. The company has a market capitalization of $6.89 billion, a PE ratio of -7.46 and a beta of 2.10.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last announced its earnings results on Thursday, July 23rd. The mining company reported ($0.20) EPS for the quarter, topping analysts' consensus estimates 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 for the quarter, compared to analysts' expectations of $5.15 billion. During the same period last year, the firm earned ($0.50) EPS. Cleveland-Cliffs's revenue for the quarter was up 5.9% compared to the same quarter last year. As a group, equities analysts forecast that Cleveland-Cliffs Inc. will post -0.11 EPS for the current 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.

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