Cleveland-Cliffs Inc. $CLF Stake Raised by Sei Investments Co.

Sei Investments Co. grew its holdings in shares of Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 95.4% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 302,972 shares of the mining company's stock after purchasing an additional 147,899 shares during the period. Sei Investments Co. owned approximately 0.05% of Cleveland-Cliffs worth $2,560,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently made changes to their positions in CLF. Focus Partners Wealth bought a new stake in shares of Cleveland-Cliffs in the 1st quarter worth approximately $339,000. Prudential Financial Inc. lifted its stake in Cleveland-Cliffs by 27.4% during the second quarter. Prudential Financial Inc. now owns 49,955 shares of the mining company's stock valued at $380,000 after purchasing an additional 10,733 shares during the last quarter. Russell Investments Group Ltd. boosted its holdings in Cleveland-Cliffs by 4.4% during the second quarter. Russell Investments Group Ltd. now owns 143,264 shares of the mining company's stock worth $1,088,000 after buying an additional 6,073 shares in the last quarter. CW Advisors LLC increased its holdings in shares of Cleveland-Cliffs by 47.4% in the second quarter. CW Advisors LLC now owns 22,167 shares of the mining company's stock valued at $168,000 after buying an additional 7,127 shares in the last quarter. Finally, Invesco Ltd. increased its holdings in shares of Cleveland-Cliffs by 20.3% in the second quarter. Invesco Ltd. now owns 3,081,241 shares of the mining company's stock valued at $23,417,000 after buying an additional 520,120 shares in the last quarter. Institutional investors and hedge funds own 67.68% of the company's stock.

Cleveland-Cliffs Trading Up 0.3%

Cleveland-Cliffs stock opened at $12.27 on Friday. The company has a 50 day moving average price of $11.36 and a 200 day moving average price of $10.94. Cleveland-Cliffs Inc. has a 52 week low of $7.73 and a 52 week high of $16.70. 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 firm has a market capitalization of $7.00 billion, a price-to-earnings ratio of -7.57 and a beta of 2.09.

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

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on CLF shares. Bank of America reduced their price objective on Cleveland-Cliffs from $14.00 to $11.50 and set a "neutral" rating for the company in a research note on Thursday, July 9th. Wells Fargo & Company reaffirmed a "positive" rating on shares of Cleveland-Cliffs in a research report on Friday, July 24th. Morgan Stanley reaffirmed an "equal weight" rating and set a $12.50 target price (up from $12.00) on shares of Cleveland-Cliffs in a report on Monday, June 22nd. JPMorgan Chase & Co. decreased their price target on Cleveland-Cliffs from $13.00 to $10.00 and set a "neutral" rating for the company in a research report on Wednesday, July 15th. Finally, Barclays lifted their price target on Cleveland-Cliffs from $9.00 to $10.00 and gave the stock an "underweight" rating in a research note on Friday, July 24th. Two equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, Cleveland-Cliffs has a consensus rating of "Hold" and an average target price of $11.86.

Insiders Place Their Bets

In other Cleveland-Cliffs news, EVP Celso L. Goncalves, Jr. sold 214,308 shares of Cleveland-Cliffs stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $13.41, for a total transaction of $2,873,870.28. Following the transaction, the executive vice president owned 184,542 shares of the company's stock, valued at $2,474,708.22. The trade was a 53.73% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.95% of the stock is currently owned by company insiders.

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.

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