Assenagon Asset Management S.A. Acquires 4,067,994 Shares of Cleveland-Cliffs Inc. $CLF

Key Points

• Assenagon Asset Management increased its Cleveland-Cliffs stake by 208.2% in the second quarter, purchasing 4.07 million additional shares and bringing its holdings to 6.02 million shares, or about 1.06% 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—slightly better than analysts’ expectations. The stock was trading at $12.27, above its 50-day and 200-day moving averages.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $11.86. Meanwhile, executive Celso L. Goncalves Jr. sold 214,308 shares, reducing his direct ownership by 53.73%.

Assenagon Asset Management S.A. grew its stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 208.2% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 6,021,829 shares of the mining company's stock after purchasing an additional 4,067,994 shares during the period. Assenagon Asset Management S.A. owned approximately 1.06% of Cleveland-Cliffs worth $56,545,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Focus Partners Wealth bought a new stake in shares of Cleveland-Cliffs in the 1st quarter worth approximately $339,000. Prudential Financial Inc. lifted its position in Cleveland-Cliffs by 27.4% during the second quarter. Prudential Financial Inc. now owns 49,955 shares of the mining company's stock valued at $380,000 after purchasing an additional 10,733 shares during the period. Russell Investments Group Ltd. grew its stake in shares of Cleveland-Cliffs by 4.4% during the 2nd quarter. Russell Investments Group Ltd. now owns 143,264 shares of the mining company's stock valued at $1,088,000 after purchasing an additional 6,073 shares during the period. CW Advisors LLC grew its position in shares of Cleveland-Cliffs by 47.4% during the 2nd quarter. CW Advisors LLC now owns 22,167 shares of the mining company's stock valued at $168,000 after acquiring an additional 7,127 shares during the period. Finally, Invesco Ltd. raised its stake in Cleveland-Cliffs by 20.3% during the 2nd quarter. Invesco Ltd. now owns 3,081,241 shares of the mining company's stock worth $23,417,000 after acquiring an additional 520,120 shares during the period. 67.68% of the stock is currently owned by hedge funds and other institutional investors.

Cleveland-Cliffs Trading Up 0.3%

CLF opened at $12.27 on Friday. The company's 50 day simple moving average is $11.36 and its two-hundred day simple moving average is $10.94. Cleveland-Cliffs Inc. has a 1-year low of $7.73 and a 1-year high of $16.70. The company has a debt-to-equity ratio of 1.32, a current ratio of 1.89 and a quick ratio of 0.63. The firm has a market capitalization of $7.00 billion, a price-to-earnings ratio of -7.57 and a beta of 2.09.

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 for the quarter, compared to the consensus estimate of $5.15 billion. Cleveland-Cliffs had a negative net margin of 4.56% and a negative return on equity of 13.37%. The business's revenue was up 5.9% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.50) EPS. Analysts expect that Cleveland-Cliffs Inc. will post -0.11 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. The Goldman Sachs Group reiterated a "neutral" rating and set a $10.00 price objective on shares of Cleveland-Cliffs in a research report on Friday, May 1st. JPMorgan Chase & Co. dropped their price objective on shares of Cleveland-Cliffs from $13.00 to $10.00 and set a "neutral" rating on the stock in a research note on Wednesday, July 15th. Morgan Stanley reissued an "equal weight" rating and set a $12.50 price target (up from $12.00) on shares of Cleveland-Cliffs in a research report on Monday, June 22nd. Glj Research raised shares of Cleveland-Cliffs from a "hold" rating to a "buy" rating and raised their price target for the stock from $15.01 to $15.60 in a report on Friday, July 24th. Finally, Citigroup reissued a "positive" rating on shares of Cleveland-Cliffs in a report on Friday, July 24th. Two investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, Cleveland-Cliffs currently has a consensus rating of "Hold" and an average price target of $11.86.

Insiders Place Their Bets

In other Cleveland-Cliffs news, EVP Celso L. Goncalves, Jr. sold 214,308 shares of the stock in a transaction that occurred on 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 transaction, the executive vice president directly owned 184,542 shares in the company, valued at $2,474,708.22. This represents a 53.73% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.95% of the stock is currently owned by insiders.

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.

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