Cleveland-Cliffs Inc. $CLF Shares Acquired by Jump Financial LLC

Key Points

• Jump Financial LLC increased its stake in Cleveland-Cliffs Inc. by 362.5% in Q1, owning over 3 million shares valued at approximately $24.7 million.
• Several hedge funds, including UMB Bank and Byrne Asset Management, significantly boosted their holdings in Cleveland-Cliffs during the same period, indicating strong interest from institutional investors.
• Cleveland-Cliffs' stock has a consensus rating of Hold with a target price of around $10.96, showing mixed analyst sentiment amidst recent earnings that exceeded expectations.

Jump Financial LLC grew its stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 362.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,000,102 shares of the mining company's stock after acquiring an additional 2,351,372 shares during the period. Jump Financial LLC owned about 0.61% of Cleveland-Cliffs worth $24,661,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in CLF. Migdal Insurance & Financial Holdings Ltd. acquired a new position in Cleveland-Cliffs during the 1st quarter worth $36,000. Fifth Third Bancorp boosted its holdings in shares of Cleveland-Cliffs by 36.6% in the 1st quarter. Fifth Third Bancorp now owns 6,216 shares of the mining company's stock valued at $51,000 after buying an additional 1,664 shares during the period. Byrne Asset Management LLC boosted its holdings in shares of Cleveland-Cliffs by 38.1% in the 1st quarter. Byrne Asset Management LLC now owns 6,353 shares of the mining company's stock valued at $52,000 after buying an additional 1,753 shares during the period. UMB Bank n.a. boosted its holdings in shares of Cleveland-Cliffs by 243.2% in the 1st quarter. UMB Bank n.a. now owns 7,873 shares of the mining company's stock valued at $65,000 after buying an additional 5,579 shares during the period. Finally, AlphaQuest LLC boosted its holdings in shares of Cleveland-Cliffs by 408,600.0% in the 1st quarter. AlphaQuest LLC now owns 8,174 shares of the mining company's stock valued at $67,000 after buying an additional 8,172 shares during the period. 67.68% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the stock. KeyCorp raised shares of Cleveland-Cliffs from a "sector weight" rating to an "overweight" rating and set a $14.00 price target for the company in a report on Tuesday, July 22nd. The Goldman Sachs Group decreased their price target on shares of Cleveland-Cliffs from $13.00 to $11.25 and set a "buy" rating for the company in a report on Monday, May 12th. Wells Fargo & Company raised shares of Cleveland-Cliffs to a "hold" rating in a report on Thursday, August 14th. Glj Research lowered shares of Cleveland-Cliffs from a "strong-buy" rating to a "strong sell" rating and set a $3.91 target price for the company. in a research note on Wednesday, May 28th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Cleveland-Cliffs from $7.50 to $10.00 and gave the company a "neutral" rating in a research note on Thursday, July 24th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, four have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $10.96.

Cleveland-Cliffs Stock Up 3.6%

CLF stock opened at $10.4350 on Friday. Cleveland-Cliffs Inc. has a 52 week low of $5.63 and a 52 week high of $14.34. The company has a market capitalization of $5.16 billion, a price-to-earnings ratio of -3.06 and a beta of 1.99. The firm's 50-day moving average is $9.33 and its two-hundred day moving average is $8.85. The company has a current ratio of 2.04, a quick ratio of 0.61 and a debt-to-equity ratio of 1.28.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last released its quarterly earnings results on Monday, July 21st. The mining company reported ($0.50) EPS for the quarter, topping analysts' consensus estimates of ($0.68) by $0.18. Cleveland-Cliffs had a negative net margin of 9.03% and a negative return on equity of 17.97%. The company had revenue of $4.93 billion for the quarter, compared to the consensus estimate of $4.90 billion. During the same period in the previous year, the firm earned $0.11 EPS. Cleveland-Cliffs's revenue 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.

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