477,085 Shares in Cleveland-Cliffs Inc. $CLF Bought by Quantbot Technologies LP

Key Points

• Quantbot Technologies LP acquired 477,085 shares of Cleveland-Cliffs Inc. for approximately $3.92 million, representing 0.10% ownership at the end of the reporting period.
• A variety of hedge funds increased their stakes in Cleveland-Cliffs, with Raymond James Financial Inc. investing $7.83 million and Guggenheim Capital LLC boosting their holdings by 70.4% during the fourth quarter.
• Analysts have been adjusting their target price for Cleveland-Cliffs, with Morgan Stanley raising it from $8 to $10.50, while KeyCorp set a new target at $14, indicating positive sentiment despite some downgrades.

Quantbot Technologies LP purchased a new position in shares of Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 477,085 shares of the mining company's stock, valued at approximately $3,922,000. Quantbot Technologies LP owned 0.10% of Cleveland-Cliffs at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of CLF. Raymond James Financial Inc. acquired a new stake in shares of Cleveland-Cliffs during the fourth quarter worth $7,835,000. Guggenheim Capital LLC lifted its holdings in shares of Cleveland-Cliffs by 70.4% during the fourth quarter. Guggenheim Capital LLC now owns 55,730 shares of the mining company's stock worth $524,000 after purchasing an additional 23,018 shares during the period. CANADA LIFE ASSURANCE Co lifted its holdings in shares of Cleveland-Cliffs by 17.8% during the fourth quarter. CANADA LIFE ASSURANCE Co now owns 407,136 shares of the mining company's stock worth $3,826,000 after purchasing an additional 61,604 shares during the period. Freedom Investment Management Inc. lifted its holdings in shares of Cleveland-Cliffs by 29.7% during the fourth quarter. Freedom Investment Management Inc. now owns 29,453 shares of the mining company's stock worth $277,000 after purchasing an additional 6,745 shares during the period. Finally, First Trust Advisors LP lifted its holdings in shares of Cleveland-Cliffs by 14.5% during the fourth quarter. First Trust Advisors LP now owns 1,316,695 shares of the mining company's stock worth $12,377,000 after purchasing an additional 166,785 shares during the period. 67.68% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms have commented on CLF. Morgan Stanley raised their target price on Cleveland-Cliffs from $8.00 to $10.50 and gave the company an "equal weight" rating in a report on Tuesday, July 22nd. Citigroup raised their target price on Cleveland-Cliffs from $7.50 to $11.00 and gave the company a "neutral" rating in a report on Monday, July 21st. KeyCorp raised Cleveland-Cliffs from a "sector weight" rating to an "overweight" rating and set a $14.00 target price for the company in a report on Tuesday, July 22nd. Wells Fargo & Company raised Cleveland-Cliffs to a "hold" rating in a report on Thursday, August 14th. Finally, Glj Research downgraded Cleveland-Cliffs from a "strong-buy" rating to a "strong sell" rating and set a $3.91 target price for the company. in a report on Wednesday, May 28th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, Cleveland-Cliffs presently has a consensus rating of "Hold" and a consensus price target of $10.96.

Insider Buying and Selling

In related news, EVP James D. Graham sold 120,000 shares of Cleveland-Cliffs stock in a transaction dated Friday, May 23rd. The stock was sold at an average price of $6.85, for a total transaction of $822,000.00. Following the completion of the sale, the executive vice president owned 492,249 shares in the company, valued at approximately $3,371,905.65. This trade represents a 19.60% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 1.76% of the company's stock.

Cleveland-Cliffs Trading Down 1.5%

Shares of CLF stock opened at $10.4230 on Wednesday. Cleveland-Cliffs Inc. has a fifty-two week low of $5.63 and a fifty-two week high of $14.34. The stock has a market cap of $5.16 billion, a P/E ratio of -3.06 and a beta of 1.99. The business has a fifty day simple moving average of $9.15 and a 200-day simple moving average of $8.84. The company has a quick ratio of 0.61, a current ratio of 2.04 and a debt-to-equity ratio of 1.28.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last announced its quarterly earnings results on Monday, July 21st. The mining company reported ($0.50) earnings per share for the quarter, beating analysts' consensus estimates of ($0.68) by $0.18. Cleveland-Cliffs had a negative return on equity of 17.97% and a negative net margin of 9.03%.The business had revenue of $4.93 billion during the quarter, compared to analysts' expectations of $4.90 billion. During the same quarter last year, the business posted $0.11 earnings per share. The business's revenue for the quarter was up 7.5% on a year-over-year basis. On average, analysts forecast that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current fiscal year.

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.

Want to see what other hedge funds are holding CLF? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cleveland-Cliffs Inc. (NYSE:CLF - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.