Pinpoint Asset Management Ltd Acquires 66,864 Shares of Cleveland-Cliffs Inc. (NYSE:CLF)

Key Points

• Pinpoint Asset Management Ltd significantly increased its holdings in Cleveland-Cliffs Inc. by 2,553.0%, now owning 69,483 shares valued at $571,000.
• Multiple institutional investors have also enhanced their positions, with a notable 243.2% increase in UMB Bank's holdings during Q1.
• Cleveland-Cliffs reported a quarterly EPS of ($0.50), surpassing the consensus estimate, and noted a 7.5% year-over-year revenue increase to $4.93 billion.

Pinpoint Asset Management Ltd boosted its position in Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 2,553.0% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 69,483 shares of the mining company's stock after buying an additional 66,864 shares during the quarter. Pinpoint Asset Management Ltd's holdings in Cleveland-Cliffs were worth $571,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also bought and sold shares of the company. Estabrook Capital Management boosted its holdings in shares of Cleveland-Cliffs by 207.7% in the fourth quarter. Estabrook Capital Management now owns 4,000 shares of the mining company's stock worth $38,000 after acquiring an additional 2,700 shares during the period. Migdal Insurance & Financial Holdings Ltd. bought a new position in shares of Cleveland-Cliffs in the first quarter worth $36,000. Fifth Third Bancorp boosted its holdings in shares of Cleveland-Cliffs by 36.6% in the first quarter. Fifth Third Bancorp now owns 6,216 shares of the mining company's stock worth $51,000 after acquiring an additional 1,664 shares during the period. Byrne Asset Management LLC boosted its holdings in shares of Cleveland-Cliffs by 38.1% in the first quarter. Byrne Asset Management LLC now owns 6,353 shares of the mining company's stock worth $52,000 after acquiring an additional 1,753 shares during the period. Finally, TD Waterhouse Canada Inc. bought a new position in shares of Cleveland-Cliffs in the fourth quarter worth $74,000. 67.68% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Cleveland-Cliffs news, EVP James D. Graham sold 120,000 shares of the stock in a transaction 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 owned 492,249 shares of the company's stock, valued at $3,371,905.65. This represents a 19.60% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 1.71% of the stock is owned by corporate insiders.

Cleveland-Cliffs Trading Up 1.5%

Shares of NYSE CLF traded up $0.14 during midday trading on Friday, reaching $9.56. The company had a trading volume of 13,853,598 shares, compared to its average volume of 26,626,582. The stock has a market cap of $4.73 billion, a PE ratio of -2.80 and a beta of 1.99. Cleveland-Cliffs Inc. has a one year low of $5.63 and a one year high of $14.34. The firm's fifty day moving average price is $8.76 and its 200-day moving average price is $8.83. The company has a quick ratio of 0.61, a current ratio of 2.04 and a debt-to-equity ratio of 1.28.

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

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on CLF shares. B. Riley reaffirmed 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. 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 note on Monday, May 12th. JPMorgan Chase & Co. lifted their price objective on Cleveland-Cliffs from $7.50 to $10.00 and gave the company a "neutral" rating in a research note on Thursday, July 24th. KeyCorp raised Cleveland-Cliffs from a "sector weight" rating to an "overweight" rating and set a $14.00 price target for the company in a research note on Tuesday, July 22nd. Finally, Glj Research lowered Cleveland-Cliffs from a "strong-buy" rating to a "strong sell" rating and set a $3.91 price target for the company. in a research note on Wednesday, May 28th. 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 given a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $11.09.

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.