Empowered Funds LLC Takes Position in Cleveland-Cliffs Inc. $CLF

Key Points

• Empowered Funds LLC acquired 487,015 Cleveland-Cliffs shares worth approximately $4.6 million, giving it a 0.09% stake. Institutional investors collectively own 67.68% of the company.
• Cleveland-Cliffs reported a quarterly loss of $0.20 per share, narrowly beating estimates, while revenue rose 5.9% year over year to $5.23 billion. Analysts expect a full-year loss of $0.11 per share.
• Analyst sentiment remains cautious, with a consensus “Hold” rating and an average price target of $11.96; the stock recently opened at $11.55. An executive also sold 214,308 shares, reducing his holdings by 53.73%.

Empowered Funds LLC purchased a new position in shares of Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund purchased 487,015 shares of the mining company's stock, valued at approximately $4,573,000. Empowered Funds LLC owned 0.09% of Cleveland-Cliffs at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Los Angeles Capital Management LLC bought a new position in Cleveland-Cliffs in the fourth quarter valued at approximately $25,000. IFP Advisors Inc lifted its stake in shares of Cleveland-Cliffs by 117.5% in the 4th quarter. IFP Advisors Inc now owns 2,221 shares of the mining company's stock valued at $29,000 after purchasing an additional 1,200 shares during the period. CIBC Private Wealth Group LLC lifted its stake in shares of Cleveland-Cliffs by 306.1% in the 4th quarter. CIBC Private Wealth Group LLC now owns 2,461 shares of the mining company's stock valued at $33,000 after purchasing an additional 1,855 shares during the period. Caitong International Asset Management Co. Ltd boosted its position in shares of Cleveland-Cliffs by 94.0% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 2,505 shares of the mining company's stock worth $33,000 after purchasing an additional 1,214 shares during the last quarter. Finally, Larson Financial Group LLC boosted its position in shares of Cleveland-Cliffs by 819.2% in the 3rd quarter. Larson Financial Group LLC now owns 2,684 shares of the mining company's stock worth $33,000 after purchasing an additional 2,392 shares during the last quarter. 67.68% of the stock is owned by institutional investors.

Cleveland-Cliffs Price Performance

Shares of CLF stock opened at $11.55 on Tuesday. Cleveland-Cliffs Inc. has a 12-month low of $7.73 and a 12-month high of $16.70. The firm has a market capitalization of $6.59 billion, a price-to-earnings ratio of -7.13 and a beta of 2.09. The company has a quick ratio of 0.63, a current ratio of 1.89 and a debt-to-equity ratio of 1.32. The firm has a fifty day moving average of $10.88 and a 200-day moving average of $10.66.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last released its quarterly earnings data on Thursday, July 23rd. The mining company reported ($0.20) EPS for the quarter, beating analysts' consensus estimates of ($0.21) by $0.01. The business 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 quarterly revenue was up 5.9% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.50) EPS. On average, equities research analysts forecast that Cleveland-Cliffs Inc. will post -0.11 earnings per share for the current year.

Insider Activity

In other Cleveland-Cliffs news, EVP Celso L. Goncalves, Jr. sold 214,308 shares of the stock in a transaction dated Friday, June 5th. The stock was 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 directly owned 184,542 shares in the company, valued at $2,474,708.22. This 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 owned by company insiders.

Analysts Set New Price Targets

CLF has been the subject of a number of analyst reports. Barclays lifted their price objective on Cleveland-Cliffs from $9.00 to $10.00 and gave the stock an "underweight" rating in a research note on Friday, July 24th. Wells Fargo & Company raised their target price on Cleveland-Cliffs from $11.00 to $12.00 and gave the stock an "equal weight" rating in a report on Monday, August 24th. Weiss Ratings restated a "sell (d-)" rating on shares of Cleveland-Cliffs in a research report on Tuesday, July 21st. JPMorgan Chase & Co. decreased their target price 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, Bank of America lowered their price target 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. Two equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $11.96.

Cleveland-Cliffs 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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