Voya Investment Management LLC Has $5.41 Million Holdings in Cleveland-Cliffs Inc. $CLF

Key Points

• Voya Investment Management LLC significantly increased its stake in Cleveland-Cliffs Inc. by 123.1%, owning 657,499 shares worth approximately $5.4 million.
• Wall Street analysts have offered mixed ratings on Cleveland-Cliffs, with predictions of future growth reflected in shifting price targets ranging from $3.91 to $12.50.
• Cleveland-Cliffs reported better-than-expected earnings for the last quarter, posting an EPS of ($0.50), exceeding the consensus estimate of ($0.68), alongside a revenue rise of 7.5% year-over-year.

Voya Investment Management LLC raised its stake in Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 123.1% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 657,499 shares of the mining company's stock after acquiring an additional 362,730 shares during the period. Voya Investment Management LLC owned approximately 0.13% of Cleveland-Cliffs worth $5,405,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the stock. Migdal Insurance & Financial Holdings Ltd. bought a new stake in Cleveland-Cliffs during the first quarter worth about $36,000. Fifth Third Bancorp lifted its holdings in shares of Cleveland-Cliffs by 36.6% during the 1st quarter. Fifth Third Bancorp now owns 6,216 shares of the mining company's stock worth $51,000 after acquiring an additional 1,664 shares during the period. Byrne Asset Management LLC boosted its position in shares of Cleveland-Cliffs by 38.1% during the 1st quarter. Byrne Asset Management LLC now owns 6,353 shares of the mining company's stock worth $52,000 after acquiring an additional 1,753 shares in the last quarter. UMB Bank n.a. increased its stake in Cleveland-Cliffs by 243.2% in the first quarter. UMB Bank n.a. now owns 7,873 shares of the mining company's stock valued at $65,000 after acquiring an additional 5,579 shares during the last quarter. Finally, AlphaQuest LLC raised its position in Cleveland-Cliffs by 408,600.0% during the first quarter. AlphaQuest LLC now owns 8,174 shares of the mining company's stock valued at $67,000 after purchasing an additional 8,172 shares in the last quarter. Institutional investors own 67.68% of the company's stock.

Cleveland-Cliffs Trading Up 1.5%

CLF traded up $0.17 during trading on Friday, reaching $11.60. 25,232,487 shares of the company's stock were exchanged, compared to its average volume of 17,035,764. 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 Inc. has a one year low of $5.63 and a one year high of $14.34. The firm has a fifty day moving average price of $10.56 and a two-hundred day moving average price of $8.86. The stock has a market capitalization of $5.74 billion, a PE ratio of -3.40 and a beta of 1.93.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last issued 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 analyst estimates of $4.90 billion. During the same quarter in the previous year, the business earned $0.11 earnings per share. Cleveland-Cliffs's revenue was up 7.5% compared to the same quarter last year. As a group, equities research analysts forecast that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have weighed in on CLF. Morgan Stanley raised their target price on Cleveland-Cliffs from $8.00 to $10.50 and gave the company an "equal weight" rating in a report on Tuesday, July 22nd. Wells Fargo & Company raised their price objective on Cleveland-Cliffs from $10.00 to $11.00 and gave the company an "equal weight" rating in a research note on Monday. Glj Research cut Cleveland-Cliffs from a "strong-buy" rating to a "strong sell" rating and set a $3.91 target price on the stock. in a research report on Wednesday, May 28th. Bank of America lifted their price target on shares of Cleveland-Cliffs from $9.50 to $12.50 and gave the company a "neutral" rating in a report on Monday. Finally, KeyCorp upgraded shares of Cleveland-Cliffs from a "sector weight" rating to an "overweight" rating and set a $14.00 price objective for the company in a research report on Tuesday, July 22nd. Three analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Cleveland-Cliffs currently has a consensus rating of "Hold" and a consensus price target of $11.24.

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.