Envestnet Asset Management Inc. Buys 40,656 Shares of Cleveland-Cliffs Inc. (NYSE:CLF)

Key Points

• Envestnet Asset Management Inc. increased its stake in Cleveland-Cliffs Inc. by 53.6%, acquiring an additional 40,656 shares to own a total of 116,545 shares valued at approximately $958,000.
• Cleveland-Cliffs reported a net loss of ($0.50) EPS for the last quarter, beating analyst expectations, and recorded a revenue rise of 7.5% year-over-year.
• Multiple hedge funds significantly increased their positions in Cleveland-Cliffs, with institutional investors now holding 67.68% of the company's stock.

Envestnet Asset Management Inc. boosted its holdings in shares of Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 53.6% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 116,545 shares of the mining company's stock after acquiring an additional 40,656 shares during the quarter. Envestnet Asset Management Inc.'s holdings in Cleveland-Cliffs were worth $958,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Capital Investment Advisory Services LLC grew its position in Cleveland-Cliffs by 7.1% during the first quarter. Capital Investment Advisory Services LLC now owns 24,125 shares of the mining company's stock valued at $198,000 after buying an additional 1,600 shares during the period. D.A. Davidson & CO. lifted its holdings in shares of Cleveland-Cliffs by 54.7% during the first quarter. D.A. Davidson & CO. now owns 181,350 shares of the mining company's stock worth $1,491,000 after purchasing an additional 64,090 shares during the period. Teacher Retirement System of Texas purchased a new position in shares of Cleveland-Cliffs during the 1st quarter valued at approximately $593,000. Private Trust Co. NA boosted its holdings in Cleveland-Cliffs by 33.7% in the 1st quarter. Private Trust Co. NA now owns 53,531 shares of the mining company's stock valued at $440,000 after purchasing an additional 13,500 shares during the last quarter. Finally, Clear Creek Financial Management LLC raised its holdings in Cleveland-Cliffs by 71.4% in the first quarter. Clear Creek Financial Management LLC now owns 25,200 shares of the mining company's stock valued at $207,000 after acquiring an additional 10,500 shares in the last quarter. 67.68% of the stock is owned by institutional investors and hedge funds.

Cleveland-Cliffs Stock Performance

CLF stock traded down $0.18 during trading on Wednesday, hitting $9.47. 8,363,770 shares of the company's stock traded hands, compared to its average volume of 25,720,600. Cleveland-Cliffs Inc. has a 52 week low of $5.63 and a 52 week high of $14.34. The stock has a market capitalization of $4.68 billion, a price-to-earnings ratio of -2.77 and a beta of 1.99. The company has a quick ratio of 0.61, a current ratio of 2.04 and a debt-to-equity ratio of 1.28. The stock has a fifty day moving average price of $8.55 and a two-hundred day moving average price of $8.84.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last posted its quarterly earnings results 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. The business had revenue of $4.93 billion during the quarter, compared to analyst estimates of $4.90 billion. Cleveland-Cliffs had a negative net margin of 9.03% and a negative return on equity of 17.97%. The firm's revenue was up 7.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.11 earnings per share. As a group, equities analysts anticipate that Cleveland-Cliffs Inc. will post -0.79 EPS for the current fiscal year.

Analysts Set New Price Targets

CLF has been the subject of a number of recent research reports. The Goldman Sachs Group dropped their price objective on Cleveland-Cliffs from $13.00 to $11.25 and set a "buy" rating for the company in a research report on Monday, May 12th. KeyCorp raised Cleveland-Cliffs from a "sector weight" rating to an "overweight" rating and set a $14.00 target price on the stock in a research note on Tuesday, July 22nd. Citigroup upped their price target on Cleveland-Cliffs from $7.50 to $11.00 and gave the stock a "neutral" rating in a report on Monday, July 21st. Morgan Stanley lifted their price objective on Cleveland-Cliffs from $8.00 to $10.50 and gave the company an "equal weight" rating in a research report on Tuesday, July 22nd. Finally, B. Riley restated a "buy" rating and issued a $17.00 price target (down from $20.00) on shares of Cleveland-Cliffs in a report on Wednesday, April 23rd. Two analysts have rated the stock with a sell rating, three have given a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, Cleveland-Cliffs currently has an average rating of "Hold" and an average target price of $11.09.

Insider Transactions at Cleveland-Cliffs

In other news, EVP James D. Graham sold 120,000 shares of the firm's stock in a transaction dated Friday, May 23rd. The stock was sold at an average price of $6.85, for a total value of $822,000.00. Following the completion of the transaction, the executive vice president owned 492,249 shares in the company, valued at $3,371,905.65. This trade represents a 19.60% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 1.76% of the company's stock.

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.