249,700 Shares in Cleveland-Cliffs Inc. $CLF Purchased by Jupiter Topco LLC

Key Points

• Jupiter Topco LLC acquired 249,700 Cleveland-Cliffs shares during the second quarter, valued at approximately $2.35 million. Institutional investors collectively own 67.68% of the company.
• Cleveland-Cliffs reported quarterly revenue of $5.23 billion, up 5.9% year over year, and an adjusted loss of $0.20 per share that narrowly beat analyst expectations.
• Analyst sentiment remains cautious: the stock has an average “Hold” rating and an average price target of $11.96, below its reported opening price of $12.43.

Jupiter Topco LLC acquired a new stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 249,700 shares of the mining company's stock, valued at approximately $2,346,000.

Other large investors also recently modified their holdings of the company. BlackRock Inc. acquired a new stake in Cleveland-Cliffs in the 2nd quarter valued at $522,766,000. Castle Hook Partners LP grew its position in Cleveland-Cliffs by 572.4% in the fourth quarter. Castle Hook Partners LP now owns 18,083,029 shares of the mining company's stock valued at $240,143,000 after acquiring an additional 15,393,507 shares during the period. Turiya Advisors Asia Ltd acquired a new position in Cleveland-Cliffs during the fourth quarter worth $96,280,000. Kinetic Partners Management LP bought a new position in shares of Cleveland-Cliffs during the second quarter valued at $56,511,000. Finally, Maple Rock Capital Partners Inc. lifted its holdings in shares of Cleveland-Cliffs by 90.1% during the fourth quarter. Maple Rock Capital Partners Inc. now owns 12,358,230 shares of the mining company's stock valued at $164,117,000 after acquiring an additional 5,855,830 shares during the period. 67.68% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Cleveland-Cliffs news, EVP Celso L. Goncalves, Jr. sold 214,308 shares of the business's stock in a transaction dated 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 approximately $2,474,708.22. The trade was a 53.73% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 0.95% of the company's stock.

Cleveland-Cliffs Price Performance

Shares of CLF stock opened at $12.43 on Thursday. Cleveland-Cliffs Inc. has a 52 week low of $7.73 and a 52 week high of $16.70. The stock has a market capitalization of $7.09 billion, a PE ratio of -7.67 and a beta of 2.10. 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 stock's fifty day moving average is $10.93 and its 200-day moving average is $10.67.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last released its quarterly earnings results on Thursday, July 23rd. The mining company reported ($0.20) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.21) by $0.01. The business had revenue of $5.23 billion during the quarter, compared to analysts' expectations of $5.15 billion. Cleveland-Cliffs had a negative return on equity of 13.37% and a negative net margin of 4.56%.The firm's revenue for the quarter was up 5.9% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.50) earnings per share. Equities research analysts expect that Cleveland-Cliffs Inc. will post -0.11 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research firms have recently weighed in on CLF. JPMorgan Chase & Co. lowered their target price on shares of Cleveland-Cliffs from $13.00 to $10.00 and set a "neutral" rating on the stock in a report on Wednesday, July 15th. Wells Fargo & Company lifted their price target 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. Morgan Stanley restated an "equal weight" rating and issued a $12.50 price target (up from $12.00) on shares of Cleveland-Cliffs in a research report on Monday, June 22nd. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Cleveland-Cliffs in a report on Tuesday, July 21st. Finally, Bank of America cut their target price 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. Two research 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, Cleveland-Cliffs currently has an average rating of "Hold" and an average target price of $11.96.

Cleveland-Cliffs 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source