Landscape Capital Management L.L.C. Purchases New Stake in Cleveland-Cliffs Inc. $CLF

Key Points

• Landscape Capital Management L.L.C. has purchased 27,876 shares of Cleveland-Cliffs Inc., valued at approximately $229,000, according to its recent SEC filing.
• Analysts have mixed ratings for the stock, with price targets ranging from $3.91 to $14.00, while the consensus rating is a "Hold" with a target of $10.96.
• Cleveland-Cliffs reported a quarterly revenue of $4.93 billion and posted a loss of ($0.50) earnings per share, exceeding analyst expectations.

Landscape Capital Management L.L.C. bought a new stake in Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 27,876 shares of the mining company's stock, valued at approximately $229,000.

Several other hedge funds also recently modified their holdings of CLF. Fairfax Financial Holdings Ltd. Can bought a new position in shares of Cleveland-Cliffs in the 4th quarter valued at about $55,453,000. Jump Financial LLC boosted its stake in shares of Cleveland-Cliffs by 362.5% in the 1st quarter. Jump Financial LLC now owns 3,000,102 shares of the mining company's stock valued at $24,661,000 after purchasing an additional 2,351,372 shares during the last quarter. Allianz Asset Management GmbH grew its position in shares of Cleveland-Cliffs by 168.8% during the 1st quarter. Allianz Asset Management GmbH now owns 3,555,383 shares of the mining company's stock worth $29,225,000 after buying an additional 2,232,799 shares during the period. Deutsche Bank AG grew its position in shares of Cleveland-Cliffs by 69.5% during the 4th quarter. Deutsche Bank AG now owns 3,552,516 shares of the mining company's stock worth $33,394,000 after buying an additional 1,456,236 shares during the period. Finally, Nuveen LLC acquired a new position in shares of Cleveland-Cliffs during the 1st quarter worth about $9,416,000. Institutional investors own 67.68% of the company's stock.

Cleveland-Cliffs Stock Up 8.3%

Shares of NYSE:CLF traded up $0.88 during trading on Friday, hitting $11.40. 22,954,615 shares of the company's stock traded hands, compared to its average volume of 15,368,923. Cleveland-Cliffs Inc. has a 52 week low of $5.63 and a 52 week high of $14.34. The company has a current ratio of 2.04, a quick ratio of 0.61 and a debt-to-equity ratio of 1.28. The company has a market cap of $5.64 billion, a price-to-earnings ratio of -3.34 and a beta of 1.93. The company has a 50-day moving average price of $10.02 and a 200-day moving average price of $8.82.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last released its earnings results on Monday, July 21st. The mining company reported ($0.50) EPS for the quarter, beating the consensus estimate of ($0.68) by $0.18. The firm had revenue of $4.93 billion for the quarter, compared to analysts' expectations of $4.90 billion. Cleveland-Cliffs had a negative return on equity of 17.97% and a negative net margin of 9.03%.The business's quarterly revenue was up 7.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.11 EPS. As a group, research analysts forecast that Cleveland-Cliffs Inc. will post -0.79 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. JPMorgan Chase & Co. boosted their target price on Cleveland-Cliffs from $7.50 to $10.00 and gave the stock a "neutral" rating in a research report on Thursday, July 24th. Wells Fargo & Company upgraded Cleveland-Cliffs to a "hold" rating in a research report on Thursday, August 14th. Citigroup boosted their target price on Cleveland-Cliffs from $7.50 to $11.00 and gave the stock a "neutral" rating in a research report on Monday, July 21st. KeyCorp upgraded Cleveland-Cliffs from a "sector weight" rating to an "overweight" rating and set a $14.00 target price for the company in a research report on Tuesday, July 22nd. Finally, Morgan Stanley boosted their target price on Cleveland-Cliffs from $8.00 to $10.50 and gave the stock an "equal weight" rating in a research report on Tuesday, July 22nd. Three analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and an average target price 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.