Pacer Advisors Inc. Sells 660,876 Shares of Cleveland-Cliffs Inc. $CLF

Key Points

• Pacer Advisors cut its Cleveland-Cliffs stake by 91% in the first quarter, selling 660,876 shares and retaining 65,575 shares valued at approximately $554,000.
• Other major institutions increased their positions, including Vanguard, State Street, Castle Hook Partners and Maple Rock Capital. Institutional investors collectively own 67.68% of Cleveland-Cliffs’ stock.
• Analysts maintain a consensus “Hold” rating with an average price target of $11.86. Cleveland-Cliffs recently reported a quarterly loss of $0.20 per share, slightly better than estimates, while revenue rose 5.9% year over year to $5.23 billion.

Pacer Advisors Inc. lowered its stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 91.0% in the first quarter, according to its most recent disclosure with the SEC. The fund owned 65,575 shares of the mining company's stock after selling 660,876 shares during the period. Pacer Advisors Inc.'s holdings in Cleveland-Cliffs were worth $554,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in the stock. Castle Hook Partners LP increased its stake in Cleveland-Cliffs by 572.4% during the fourth quarter. Castle Hook Partners LP now owns 18,083,029 shares of the mining company's stock valued at $240,143,000 after acquiring an additional 15,393,507 shares during the period. Turiya Advisors Asia Ltd acquired a new stake in shares of Cleveland-Cliffs during the 4th quarter worth approximately $96,280,000. Vanguard Group Inc. grew its holdings in shares of Cleveland-Cliffs by 13.4% during the 4th quarter. Vanguard Group Inc. now owns 54,391,397 shares of the mining company's stock worth $722,318,000 after purchasing an additional 6,447,462 shares in the last quarter. Maple Rock Capital Partners Inc. increased its position in shares of Cleveland-Cliffs by 90.1% during the fourth quarter. Maple Rock Capital Partners Inc. now owns 12,358,230 shares of the mining company's stock valued at $164,117,000 after purchasing an additional 5,855,830 shares during the period. Finally, State Street Corp increased its position in shares of Cleveland-Cliffs by 20.2% during the second quarter. State Street Corp now owns 27,450,442 shares of the mining company's stock valued at $208,623,000 after purchasing an additional 4,603,807 shares during the period. Institutional investors own 67.68% of the company's stock.

Wall Street Analyst Weigh In

CLF has been the subject of several research reports. Glj Research raised Cleveland-Cliffs from a "hold" rating to a "buy" rating and raised their target price for the stock from $15.01 to $15.60 in a research report on Friday, July 24th. JPMorgan Chase & Co. dropped their price objective on shares of Cleveland-Cliffs from $13.00 to $10.00 and set a "neutral" rating for the company in a research note on Wednesday, July 15th. Bank of America reduced their price objective on shares of Cleveland-Cliffs from $14.00 to $11.50 and set a "neutral" rating for the company in a report on Thursday, July 9th. Citigroup reiterated a "positive" rating on shares of Cleveland-Cliffs in a research report on Friday, July 24th. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of Cleveland-Cliffs in a research note on Tuesday, July 21st. Two investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $11.86.

Cleveland-Cliffs Stock Performance

NYSE CLF opened at $12.48 on Tuesday. Cleveland-Cliffs Inc. has a 1-year low of $7.73 and a 1-year high of $16.70. The company has a 50 day moving average of $11.34 and a 200-day moving average of $10.91. The company has a current ratio of 1.89, a quick ratio of 0.63 and a debt-to-equity ratio of 1.32. The firm has a market cap of $7.12 billion, a price-to-earnings ratio of -7.70 and a beta of 2.09.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last announced its earnings results on Thursday, July 23rd. The mining company reported ($0.20) EPS for the quarter, topping the consensus estimate of ($0.21) by $0.01. Cleveland-Cliffs had a negative return on equity of 13.37% and a negative net margin of 4.56%.The business had revenue of $5.23 billion for the quarter, compared to the consensus estimate of $5.15 billion. During the same period in the previous year, the business earned ($0.50) EPS. Cleveland-Cliffs's revenue was up 5.9% compared to the same quarter last year. On average, equities analysts forecast that Cleveland-Cliffs Inc. will post -0.11 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, EVP Celso L. Goncalves, Jr. sold 214,308 shares of the stock in a transaction on Friday, June 5th. The stock was sold at an average price of $13.41, for a total transaction of $2,873,870.28. Following the sale, the executive vice president owned 184,542 shares in the company, valued at approximately $2,474,708.22. This represents a 53.73% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.95% of the company's stock.

Cleveland-Cliffs Company 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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