Connor Clark & Lunn Investment Management Ltd. Grows Position in Cleveland-Cliffs Inc. (NYSE:CLF)

Key Points

• Connor Clark & Lunn Investment Management Ltd. increased its stake in Cleveland-Cliffs Inc. by 231.2%, owning about 1.56 million shares valued at approximately $12.8 million by the end of the last quarter.
• Multiple institutional investors, including Dimensional Fund Advisors LP and Slate Path Capital LP, have recently increased their holdings in Cleveland-Cliffs, demonstrating strong interest from the investing community.
• Analysts have varying opinions on Cleveland-Cliffs, with target prices ranging from $3.91 to $17.00, resulting in a current consensus rating of "Hold" with an average target price of $11.09.

Connor Clark & Lunn Investment Management Ltd. lifted its position in Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 231.2% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,561,774 shares of the mining company's stock after acquiring an additional 1,090,237 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned 0.32% of Cleveland-Cliffs worth $12,838,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the company. Dimensional Fund Advisors LP lifted its holdings in Cleveland-Cliffs by 3.1% during the 4th quarter. Dimensional Fund Advisors LP now owns 21,247,426 shares of the mining company's stock valued at $199,724,000 after buying an additional 647,282 shares in the last quarter. Slate Path Capital LP lifted its holdings in Cleveland-Cliffs by 35.4% during the 4th quarter. Slate Path Capital LP now owns 16,208,000 shares of the mining company's stock valued at $152,355,000 after buying an additional 4,239,000 shares in the last quarter. Fairfax Financial Holdings Ltd. Can bought a new stake in Cleveland-Cliffs during the 4th quarter valued at about $55,453,000. Charles Schwab Investment Management Inc. lifted its holdings in Cleveland-Cliffs by 10.1% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 4,596,026 shares of the mining company's stock valued at $37,779,000 after buying an additional 419,832 shares in the last quarter. Finally, Drexel Morgan & Co. lifted its holdings in Cleveland-Cliffs by 2.1% during the 1st quarter. Drexel Morgan & Co. now owns 4,389,075 shares of the mining company's stock valued at $36,078,000 after buying an additional 88,680 shares in the last quarter. Institutional investors own 67.68% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on CLF shares. Citigroup raised their target price on shares of Cleveland-Cliffs from $7.50 to $11.00 and gave the company a "neutral" rating in a research report on Monday, July 21st. JPMorgan Chase & Co. raised their target price on shares of Cleveland-Cliffs from $7.50 to $10.00 and gave the company a "neutral" rating in a research report on Thursday, July 24th. B. Riley reissued a "buy" rating and set a $17.00 target price (down previously from $20.00) on shares of Cleveland-Cliffs in a research report on Wednesday, April 23rd. The Goldman Sachs Group cut their target price on shares of Cleveland-Cliffs from $13.00 to $11.25 and set a "buy" rating on the stock in a research report on Monday, May 12th. Finally, Morgan Stanley raised their target price on shares of Cleveland-Cliffs from $8.00 to $10.50 and gave the company an "equal weight" rating in a research report on Tuesday, July 22nd. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating, three have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $11.09.

Insiders Place Their Bets

In other Cleveland-Cliffs news, EVP James D. Graham sold 120,000 shares of the business's stock in a transaction that occurred on Friday, May 23rd. The shares were sold at an average price of $6.85, for a total transaction of $822,000.00. Following the sale, the executive vice president owned 492,249 shares of the company's stock, valued at approximately $3,371,905.65. The trade was a 19.60% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 1.76% of the company's stock.

Cleveland-Cliffs Stock Up 2.1%

Shares of Cleveland-Cliffs stock traded up $0.20 on Tuesday, reaching $9.92. The stock had a trading volume of 19,964,388 shares, compared to its average volume of 26,231,642. The company has a 50 day moving average price of $8.86 and a 200 day moving average price of $8.83. The company has a quick ratio of 0.61, a current ratio of 2.04 and a debt-to-equity ratio of 1.28. Cleveland-Cliffs Inc. has a 1 year low of $5.63 and a 1 year high of $14.34. The stock has a market capitalization of $4.91 billion, a P/E ratio of -2.91 and a beta of 1.99.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last issued its quarterly earnings data on Monday, July 21st. The mining company reported ($0.50) earnings per share (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 firm had revenue of $4.93 billion for the quarter, compared to the consensus estimate of $4.90 billion. During the same quarter in the previous year, the firm earned $0.11 EPS. The company's quarterly 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 EPS for the current year.

About Cleveland-Cliffs

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.