Cleveland-Cliffs Inc. $CLF Shares Sold by Algert Global LLC

Key Points

• Algert Global reduced its Cleveland-Cliffs stake by 26.7% in the second quarter, selling 490,135 shares and retaining 1.35 million shares worth approximately $12.7 million. Institutional investors collectively own 67.68% of CLF.
• Cleveland-Cliffs is pursuing a $1 billion upgrade to its Middletown Works facility, with about $500 million in support from the U.S. Department of Energy. The project is expected to improve efficiency and help preserve roughly 2,300 jobs.
• Analysts maintain a cautious outlook, with a consensus “Hold” rating and $11.96 average price target. The company remains unprofitable and leveraged, despite reporting better-than-expected quarterly results and 5.9% year-over-year revenue growth.

Algert Global LLC lessened its stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 26.7% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,348,925 shares of the mining company's stock after selling 490,135 shares during the quarter. Algert Global LLC owned approximately 0.24% of Cleveland-Cliffs worth $12,666,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. BlackRock Inc. acquired a new stake in shares of Cleveland-Cliffs in the second quarter worth approximately $522,766,000. Castle Hook Partners LP increased its position in Cleveland-Cliffs by 572.4% during the fourth quarter. Castle Hook Partners LP now owns 18,083,029 shares of the mining company's stock worth $240,143,000 after purchasing an additional 15,393,507 shares during the last quarter. Turiya Advisors Asia Ltd acquired a new position in Cleveland-Cliffs during the fourth quarter worth approximately $96,280,000. Vanguard Group Inc. raised its stake in Cleveland-Cliffs by 13.4% during the fourth quarter. Vanguard Group Inc. now owns 54,391,397 shares of the mining company's stock worth $722,318,000 after purchasing an additional 6,447,462 shares during the period. Finally, Maple Rock Capital Partners Inc. raised its stake in Cleveland-Cliffs by 90.1% during the fourth quarter. Maple Rock Capital Partners Inc. now owns 12,358,230 shares of the mining company's stock worth $164,117,000 after purchasing an additional 5,855,830 shares during the period. Institutional investors and hedge funds own 67.68% of the company's stock.

More Cleveland-Cliffs News

Here are the key news stories impacting Cleveland-Cliffs this week:

• Positive Sentiment: Trade tensions support domestic steelmakers: The breakdown in U.S.-Canada trade discussions put steel tariffs back in focus, encouraging investors to favor U.S. producers such as Cleveland-Cliffs. Higher barriers to imported steel could improve domestic pricing and demand, although the policy outlook remains volatile. U.S.-Canada trade talks article
• Positive Sentiment: $1 billion Middletown Works upgrade: Cleveland-Cliffs plans to modernize its Ohio facility, with approximately $500 million, or half the project cost, supported by the U.S. Department of Energy. The investment is expected to improve efficiency and help protect about 2,300 jobs. Its auto-sector exposure could also benefit as automakers increasingly seek domestic steel supplies. DOE support article
• Neutral Sentiment: Wells Fargo raised its price target: The firm increased its target from $11 to $12 while maintaining an “equal weight” rating, signaling modest potential upside but no strong change in its investment view. Benzinga analyst action
• Neutral Sentiment: Capital returns have not solved the valuation problem: A recent review highlighted roughly $2.5 billion in cumulative payouts to shareholders, but CLF’s stock has remained a laggard. This underscores that dividends and buybacks have provided limited support while steel-market performance and balance-sheet concerns remain central. Trefis payout analysis
• Negative Sentiment: Financial risks remain: Cleveland-Cliffs remains unprofitable, more leveraged than some domestic peers and dependent on a cyclical automotive market. Benefits from the Middletown project may take years to materialize, leaving near-term results sensitive to steel prices, demand and execution.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on CLF. Morgan Stanley reissued an "equal weight" rating and set a $12.50 price objective (up from $12.00) on shares of Cleveland-Cliffs in a research note on Monday, June 22nd. Bank of America cut their target price on Cleveland-Cliffs from $14.00 to $11.50 and set a "neutral" rating on the stock in a research report on Thursday, July 9th. Citigroup reiterated a "positive" rating on shares of Cleveland-Cliffs in a report on Friday, July 24th. Barclays boosted their price target on Cleveland-Cliffs from $9.00 to $10.00 and gave the company an "underweight" rating in a research report on Friday, July 24th. Finally, Glj Research upgraded Cleveland-Cliffs from a "hold" rating to a "buy" rating and upped their price target for the stock from $15.01 to $15.60 in a research note on Friday, July 24th. Two equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat, Cleveland-Cliffs has a consensus rating of "Hold" and an average target price of $11.96.

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 completion of the sale, the executive vice president owned 184,542 shares of the company's stock, valued at $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 is available through the SEC website. 0.95% of the stock is currently owned by corporate insiders.

Cleveland-Cliffs Stock Performance

NYSE:CLF opened at $11.53 on Wednesday. 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 firm has a market capitalization of $6.58 billion, a price-to-earnings ratio of -7.12 and a beta of 2.09. The firm's fifty day simple moving average is $10.93 and its 200 day simple moving average is $10.71. Cleveland-Cliffs Inc. has a twelve month low of $7.73 and a twelve month 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, topping analysts' consensus estimates of ($0.21) by $0.01. The firm had revenue of $5.23 billion during the quarter, compared to analysts' expectations of $5.15 billion. Cleveland-Cliffs had a negative net margin of 4.56% and a negative return on equity of 13.37%. The firm's revenue was up 5.9% on a year-over-year basis. During the same period in the prior year, the company earned ($0.50) EPS. As a group, equities research analysts expect that Cleveland-Cliffs Inc. will post -0.11 earnings per share for the current fiscal year.

Cleveland-Cliffs Company 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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