AXQ Capital LP Boosts Position in Cleveland-Cliffs Inc. $CLF

Key Points

• AXQ Capital increased its Cleveland-Cliffs stake by 14.9% in the second quarter, adding 98,032 shares to own 757,848 shares valued at approximately $7.1 million. CLF now represents 0.8% of AXQ Capital’s portfolio and is its largest holding.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $11.96; ratings range from Sell to Buy.
• Cleveland-Cliffs reported second-quarter revenue of $5.23 billion, up 5.9% year over year, and an adjusted loss of $0.20 per share that slightly beat estimates. The stock opened at $12.32, compared with a 52-week range of $7.73 to $16.70.

AXQ Capital LP increased its position in Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 14.9% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 757,848 shares of the mining company's stock after purchasing an additional 98,032 shares during the quarter. Cleveland-Cliffs makes up 0.8% of AXQ Capital LP's portfolio, making the stock its biggest position. AXQ Capital LP owned 0.13% of Cleveland-Cliffs worth $7,116,000 at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. Los Angeles Capital Management LLC acquired a new stake in shares of Cleveland-Cliffs during the 4th quarter worth approximately $25,000. Center for Financial Planning Inc. lifted its holdings in Cleveland-Cliffs by 119.0% in the first quarter. Center for Financial Planning Inc. now owns 3,322 shares of the mining company's stock valued at $28,000 after buying an additional 1,805 shares during the period. IFP Advisors Inc boosted its stake in Cleveland-Cliffs by 117.5% in the fourth quarter. IFP Advisors Inc now owns 2,221 shares of the mining company's stock valued at $29,000 after acquiring an additional 1,200 shares during the last quarter. Johnson Financial Group Inc. bought a new position in Cleveland-Cliffs in the second quarter valued at approximately $30,000. Finally, Caitong International Asset Management Co. Ltd grew its holdings in Cleveland-Cliffs by 94.0% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 2,505 shares of the mining company's stock worth $33,000 after acquiring an additional 1,214 shares during the period. 67.68% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

CLF has been the topic of a number of analyst reports. Wells Fargo & Company increased their price target on Cleveland-Cliffs from $11.00 to $12.00 and gave the company an "equal weight" rating in a research note on Monday, August 24th. Citigroup reaffirmed a "positive" rating on shares of Cleveland-Cliffs in a research note on Friday, July 24th. Morgan Stanley reiterated an "equal weight" rating and issued a $12.50 price objective (up from $12.00) on shares of Cleveland-Cliffs in a report on Monday, June 22nd. Weiss Ratings reissued a "sell (d-)" rating on shares of Cleveland-Cliffs in a research note on Tuesday, July 21st. Finally, Glj Research upgraded Cleveland-Cliffs from a "hold" rating to a "buy" rating and raised their target price for the stock from $15.01 to $15.60 in a report on Friday, July 24th. Two investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $11.96.

Cleveland-Cliffs Price Performance

NYSE CLF opened at $12.32 on Friday. 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 has a market cap of $7.03 billion, a price-to-earnings ratio of -7.60 and a beta of 2.10. The business has a 50 day simple moving average of $10.96 and a 200 day simple moving average of $10.68. Cleveland-Cliffs Inc. has a 52-week low of $7.73 and a 52-week high of $16.70.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last announced its quarterly earnings results on Thursday, July 23rd. The mining company reported ($0.20) earnings per share for the quarter, beating analysts' consensus estimates of ($0.21) by $0.01. The firm had revenue of $5.23 billion for the quarter, compared to analyst estimates 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 quarter in the previous year, the firm posted ($0.50) earnings per share. Analysts anticipate that Cleveland-Cliffs Inc. will post -0.11 earnings per share for the current fiscal year.

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.

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 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