Quantbot Technologies LP Takes Position in Cleveland-Cliffs Inc. $CLF

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 stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 477,085 shares of the mining company's stock, valued at approximately $3,922,000. Quantbot Technologies LP owned about 0.10% of Cleveland-Cliffs at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Louisiana State Employees Retirement System raised its holdings in shares of Cleveland-Cliffs by 0.9% in the 1st quarter. Louisiana State Employees Retirement System now owns 135,600 shares of the mining company's stock valued at $1,115,000 after acquiring an additional 1,200 shares in the last quarter. Pinnacle Holdings LLC raised its holdings in shares of Cleveland-Cliffs by 1.3% in the 1st quarter. Pinnacle Holdings LLC now owns 105,791 shares of the mining company's stock valued at $870,000 after acquiring an additional 1,371 shares in the last quarter. Ancora Advisors LLC raised its holdings in shares of Cleveland-Cliffs by 5.4% in the 4th quarter. Ancora Advisors LLC now owns 28,357 shares of the mining company's stock valued at $267,000 after acquiring an additional 1,450 shares in the last quarter. State of Alaska Department of Revenue raised its holdings in shares of Cleveland-Cliffs by 2.7% in the 1st quarter. State of Alaska Department of Revenue now owns 56,665 shares of the mining company's stock valued at $465,000 after acquiring an additional 1,475 shares in the last quarter. Finally, Hunter Associates Investment Management LLC raised its holdings in shares of Cleveland-Cliffs by 3.1% in the 1st quarter. Hunter Associates Investment Management LLC now owns 49,400 shares of the mining company's stock valued at $406,000 after acquiring an additional 1,500 shares in the last quarter. Hedge funds and other institutional investors own 67.68% of the company's stock.

Cleveland-Cliffs Trading Up 0.3%

Shares of NYSE CLF traded up $0.0350 during mid-day trading on Monday, hitting $10.4750. The stock had a trading volume of 3,726,789 shares, compared to its average volume of 24,975,361. The business has a 50 day moving average price of $9.33 and a two-hundred day moving average price of $8.82. 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 quick ratio of 0.61 and a current ratio of 2.04. The firm has a market cap of $5.18 billion, a P/E ratio of -3.07 and a beta of 1.99.

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 (EPS) for the quarter, topping analysts' consensus estimates of ($0.68) by $0.18. The business had revenue of $4.93 billion for the quarter, compared to analyst estimates of $4.90 billion. Cleveland-Cliffs had a negative net margin of 9.03% and a negative return on equity of 17.97%. The company's revenue was up 7.5% on a year-over-year basis. During the same quarter last year, the firm earned $0.11 EPS. On average, equities analysts anticipate that Cleveland-Cliffs Inc. will post -0.79 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts have weighed in on CLF shares. Glj Research cut Cleveland-Cliffs from a "strong-buy" rating to a "strong sell" rating and set a $3.91 price target on the stock. in a report on Wednesday, May 28th. JPMorgan Chase & Co. raised their price objective on Cleveland-Cliffs from $7.50 to $10.00 and gave the company a "neutral" rating in a report on Thursday, July 24th. Wells Fargo & Company raised Cleveland-Cliffs to a "hold" rating in a research note on Thursday, August 14th. Morgan Stanley lifted their price target on shares of Cleveland-Cliffs from $8.00 to $10.50 and gave the stock an "equal weight" rating in a research note on Tuesday, July 22nd. Finally, Citigroup boosted their price objective on shares of Cleveland-Cliffs from $7.50 to $11.00 and gave the stock a "neutral" rating in a report on Monday, July 21st. One equities research 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. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $10.96.

About Cleveland-Cliffs

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.