Avala Global LP Invests $58.33 Million in Cleveland-Cliffs Inc. $CLF

Avala Global LP purchased a new stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 6,211,390 shares of the mining company's stock, valued at approximately $58,325,000. Cleveland-Cliffs accounts for about 2.2% of Avala Global LP's holdings, making the stock its 22nd biggest holding. Avala Global LP owned 1.09% of Cleveland-Cliffs as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Public Employees Retirement System of Ohio grew its position in shares of Cleveland-Cliffs by 0.6% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 152,009 shares of the mining company's stock valued at $1,855,000 after acquiring an additional 943 shares during the period. Moors & Cabot Inc. grew its holdings in Cleveland-Cliffs by 3.0% during the third quarter. Moors & Cabot Inc. now owns 33,118 shares of the mining company's stock valued at $404,000 after purchasing an additional 960 shares during the period. Rexford Capital Inc. increased its position in Cleveland-Cliffs by 11.8% in the fourth quarter. Rexford Capital Inc. now owns 9,500 shares of the mining company's stock worth $126,000 after buying an additional 1,000 shares in the last quarter. IFP Advisors Inc increased its position in Cleveland-Cliffs by 117.5% in the fourth quarter. IFP Advisors Inc now owns 2,221 shares of the mining company's stock worth $29,000 after buying an additional 1,200 shares in the last quarter. Finally, Caitong International Asset Management Co. Ltd raised its stake in shares of Cleveland-Cliffs by 94.0% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 2,505 shares of the mining company's stock worth $33,000 after buying an additional 1,214 shares during the period. Hedge funds and other institutional investors own 67.68% of the company's stock.

Cleveland-Cliffs Trading Up 0.5%

Shares of NYSE:CLF opened at $11.58 on Thursday. The company has a market capitalization of $6.61 billion, a PE ratio of -7.15 and a beta of 2.09. 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 business's fifty day simple moving average is $10.91 and its 200-day simple moving average is $10.70. Cleveland-Cliffs Inc. has a 12-month low of $7.73 and a 12-month high of $16.70.

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

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on CLF. Citigroup reiterated a "positive" rating on shares of Cleveland-Cliffs in a research note on Friday, July 24th. Morgan Stanley reissued an "equal weight" rating and issued a $12.50 target price (up from $12.00) on shares of Cleveland-Cliffs in a report on Monday, June 22nd. JPMorgan Chase & Co. cut their price target on Cleveland-Cliffs from $13.00 to $10.00 and set a "neutral" rating for the company in a report on Wednesday, July 15th. The Goldman Sachs Group reissued a "neutral" rating and set a $10.00 price objective on shares of Cleveland-Cliffs in a research note on Friday, May 1st. Finally, Glj Research raised 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 research note on Friday, July 24th. Two 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 company has an average rating of "Hold" and a consensus target price of $11.96.

Insider Buying and Selling

In other Cleveland-Cliffs news, EVP Celso L. Goncalves, Jr. sold 214,308 shares of the firm's stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $13.41, for a total value of $2,873,870.28. Following the completion of the sale, the executive vice president owned 184,542 shares of the company's stock, valued at approximately $2,474,708.22. This trade represents a 53.73% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.95% of the company's stock.

About Cleveland-Cliffs

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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