Fox Run Management L.L.C. Buys New Stake in Cleveland-Cliffs Inc. $CLF

Key Points

• Fox Run Management L.L.C. has acquired a new stake in Cleveland-Cliffs Inc. (NYSE:CLF), purchasing 82,196 shares valued at approximately $676,000 in the first quarter.
• Several institutional investors have adjusted their positions in Cleveland-Cliffs, with notable increases from Dimensional Fund Advisors LP and Slate Path Capital LP, collectively owning over 67.68% of the stock.
• Analysts have set a consensus target price of $10.96 for Cleveland-Cliffs, with a mix of buy, hold, and sell ratings reflecting market sentiment about the company's performance.

Fox Run Management L.L.C. acquired a new position in Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 82,196 shares of the mining company's stock, valued at approximately $676,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Migdal Insurance & Financial Holdings Ltd. purchased a new position in shares of Cleveland-Cliffs in the 1st quarter worth approximately $36,000. Fifth Third Bancorp grew its position in shares of Cleveland-Cliffs by 36.6% in the 1st quarter. Fifth Third Bancorp now owns 6,216 shares of the mining company's stock worth $51,000 after buying an additional 1,664 shares during the last quarter. Byrne Asset Management LLC grew its position in shares of Cleveland-Cliffs by 38.1% in the 1st quarter. Byrne Asset Management LLC now owns 6,353 shares of the mining company's stock worth $52,000 after buying an additional 1,753 shares during the last quarter. TD Waterhouse Canada Inc. purchased a new position in shares of Cleveland-Cliffs in the 4th quarter worth approximately $74,000. Finally, UMB Bank n.a. grew its position in shares of Cleveland-Cliffs by 243.2% in the 1st quarter. UMB Bank n.a. now owns 7,873 shares of the mining company's stock worth $65,000 after buying an additional 5,579 shares during the last quarter. Hedge funds and other institutional investors own 67.68% of the company's stock.

Cleveland-Cliffs Stock Performance

NYSE CLF traded down $0.1570 on Tuesday, hitting $10.4230. 14,001,513 shares of the company's stock traded hands, compared to its average volume of 22,982,138. The company has a current ratio of 2.04, a quick ratio of 0.61 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 firm's 50-day moving average price is $9.15 and its two-hundred day moving average price is $8.84. The firm has a market capitalization of $5.16 billion, a PE ratio of -3.06 and a beta of 1.99.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last announced its quarterly earnings data on Monday, July 21st. The mining company reported ($0.50) EPS for the quarter, beating the consensus estimate 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 business had revenue of $4.93 billion during the quarter, compared to analysts' expectations of $4.90 billion. During the same period in the previous year, the business posted $0.11 EPS. The business's quarterly revenue was up 7.5% compared to the same quarter last year. As a group, analysts expect that Cleveland-Cliffs Inc. will post -0.79 EPS for the current year.

Insider Buying and Selling

In other Cleveland-Cliffs news, EVP James D. Graham sold 120,000 shares of Cleveland-Cliffs 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 completion of the sale, the executive vice president directly owned 492,249 shares in the company, valued at approximately $3,371,905.65. The trade was a 19.60% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 1.76% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on CLF. JPMorgan Chase & Co. lifted their price objective on shares of Cleveland-Cliffs from $7.50 to $10.00 and gave the stock 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. Citigroup boosted their target price on shares of Cleveland-Cliffs from $7.50 to $11.00 and gave the stock a "neutral" rating in a research report on Monday, July 21st. Morgan Stanley boosted their target price on shares of Cleveland-Cliffs from $8.00 to $10.50 and gave the stock an "equal weight" rating in a research report on Tuesday, July 22nd. Finally, Wells Fargo & Company raised shares of Cleveland-Cliffs to a "hold" rating in a research report on Thursday, August 14th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $10.96.

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.