Readystate Asset Management LP Has $5.16 Million Stock Position in Cleveland-Cliffs Inc. $CLF

Key Points

• Readystate Asset Management increased its Cleveland-Cliffs position by 160.8% in the second quarter, adding 338,608 shares to hold 549,184 shares worth approximately $5.16 million.
• Institutional interest remains substantial, with hedge funds and other institutional investors owning 67.68% of Cleveland-Cliffs. BlackRock and several other firms established or significantly expanded positions.
• Analysts have a consensus “Hold” rating with an average price target of $11.96. Cleveland-Cliffs 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.

Readystate Asset Management LP lifted its position in Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 160.8% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 549,184 shares of the mining company's stock after acquiring an additional 338,608 shares during the period. Readystate Asset Management LP owned about 0.10% of Cleveland-Cliffs worth $5,157,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in CLF. BlackRock Inc. purchased a new stake in shares of Cleveland-Cliffs in the second quarter valued at $522,766,000. Castle Hook Partners LP grew its holdings in shares of 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 buying an additional 15,393,507 shares in the last quarter. Turiya Advisors Asia Ltd acquired a new position in Cleveland-Cliffs during the fourth quarter valued at $96,280,000. PointState Capital LP acquired a new position in Cleveland-Cliffs during the second quarter valued at $61,805,000. Finally, Avala Global LP purchased a new stake in Cleveland-Cliffs in the 2nd quarter worth about $58,325,000. Hedge funds and other institutional investors own 67.68% of the company's stock.

Wall Street Analyst Weigh In

CLF has been the topic of several research analyst reports. Morgan Stanley reaffirmed an "equal weight" rating and set a $12.50 target price (up from $12.00) on shares of Cleveland-Cliffs in a research note on Monday, June 22nd. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Cleveland-Cliffs in a research report on Tuesday, July 21st. Barclays increased their target price on shares of Cleveland-Cliffs from $9.00 to $10.00 and gave the stock an "underweight" rating in a research report on Friday, July 24th. Wells Fargo & Company lifted their target price on shares of Cleveland-Cliffs from $11.00 to $12.00 and gave the company an "equal weight" rating in a research note on Monday, August 24th. Finally, JPMorgan Chase & Co. dropped their price target on shares of Cleveland-Cliffs from $13.00 to $10.00 and set a "neutral" rating on the stock in a research note on Wednesday, July 15th. Two investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $11.96.

Cleveland-Cliffs Stock Performance

Shares of CLF opened at $12.49 on Monday. The firm has a market cap of $7.13 billion, a price-to-earnings ratio of -7.71 and a beta of 2.10. The company's fifty day moving average is $11.01 and its 200-day moving average is $10.70. The company has a quick ratio of 0.63, a current ratio of 1.89 and a debt-to-equity ratio of 1.32. Cleveland-Cliffs Inc. has a 12 month low of $7.73 and a 12 month high of $16.70.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last issued its quarterly earnings data on Thursday, July 23rd. The mining company reported ($0.20) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.21) by $0.01. The firm 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 revenue for the quarter was up 5.9% on a year-over-year basis. During the same period in the prior year, the company posted ($0.50) earnings per share. Equities analysts expect 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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