Quantinno Capital Management LP Buys 86,036 Shares of Cleveland-Cliffs Inc. $CLF

Key Points

• Quantinno Capital Management increased its Cleveland-Cliffs stake by 68% in the first quarter, purchasing 86,036 additional shares for a total of 212,522 shares valued at approximately $1.8 million.
• Institutional investors own 67.68% of Cleveland-Cliffs, with major holders including Vanguard, State Street, Castle Hook Partners and Maple Rock Capital increasing their positions.
• Analysts maintain a generally cautious outlook, with a consensus “Hold” rating and an average price target of $11.86. The company recently beat quarterly EPS expectations by one cent and reported $5.23 billion in revenue, up 5.9% year over year.

Quantinno Capital Management LP increased its stake in Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 68.0% in the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 212,522 shares of the mining company's stock after purchasing an additional 86,036 shares during the quarter. Quantinno Capital Management LP's holdings in Cleveland-Cliffs were worth $1,796,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the stock. Castle Hook Partners LP boosted its position in shares of Cleveland-Cliffs by 572.4% in 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 bought a new position in Cleveland-Cliffs during the fourth quarter worth $96,280,000. Vanguard Group Inc. increased its position in Cleveland-Cliffs by 13.4% during the fourth quarter. Vanguard Group Inc. now owns 54,391,397 shares of the mining company's stock worth $722,318,000 after acquiring an additional 6,447,462 shares during the period. Maple Rock Capital Partners Inc. increased its position in 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 worth $164,117,000 after acquiring an additional 5,855,830 shares during the period. Finally, State Street Corp raised its stake in Cleveland-Cliffs by 20.2% during the 2nd 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 last quarter. Institutional investors own 67.68% of the company's stock.

Insiders Place Their Bets

In related news, EVP Celso L. Goncalves, Jr. sold 214,308 shares of the firm's 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 completion of the sale, the executive vice president directly owned 184,542 shares of the company's stock, valued at $2,474,708.22. This trade represents a 53.73% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.95% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on CLF. Bank of America reduced their target price on shares of Cleveland-Cliffs from $14.00 to $11.50 and set a "neutral" rating for the company in a research note on Thursday, July 9th. Citigroup restated a "positive" rating on shares of Cleveland-Cliffs in a research note on Friday, July 24th. Glj Research raised Cleveland-Cliffs from a "hold" rating to a "buy" rating and upped their price target for the company from $15.01 to $15.60 in a report on Friday, July 24th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Cleveland-Cliffs in a research report on Tuesday, July 21st. Finally, Morgan Stanley reissued an "equal weight" rating and set a $12.50 price objective (up from $12.00) on shares of Cleveland-Cliffs in a report on Monday, June 22nd. Two research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, Cleveland-Cliffs currently has an average rating of "Hold" and a consensus target price of $11.86.

Cleveland-Cliffs Stock Down 1.1%

CLF opened at $12.35 on Wednesday. The firm has a market cap of $7.05 billion, a price-to-earnings ratio of -7.63 and a beta of 2.09. The company has a debt-to-equity ratio of 1.32, a quick ratio of 0.63 and a current ratio of 1.89. The firm's 50-day simple moving average is $11.29 and its 200-day simple moving average is $10.89. Cleveland-Cliffs Inc. has a twelve month low of $7.73 and a twelve month high of $16.70.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last posted its earnings results on Thursday, July 23rd. The mining company reported ($0.20) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.21) by $0.01. The company had revenue of $5.23 billion during the quarter, compared to analysts' expectations of $5.15 billion. Cleveland-Cliffs had a negative net margin of 4.56% and a negative return on equity of 13.37%. Cleveland-Cliffs's quarterly revenue was up 5.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.50) earnings per share. Equities research analysts anticipate that Cleveland-Cliffs Inc. will post -0.11 EPS for the current fiscal year.

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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