Readystate Asset Management LP Acquires 89,928 Shares of Cleveland-Cliffs Inc. (NYSE:CLF)

Readystate Asset Management LP lifted its holdings in shares of Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 151.9% in the first quarter, according to its most recent filing with the SEC. The firm owned 149,122 shares of the mining company's stock after acquiring an additional 89,928 shares during the period. Readystate Asset Management LP's holdings in Cleveland-Cliffs were worth $1,226,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Pinpoint Asset Management Ltd bought a new position in shares of Cleveland-Cliffs during the 4th quarter worth about $25,000. Estabrook Capital Management lifted its holdings in shares of Cleveland-Cliffs by 207.7% during the 4th 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 during the 1st quarter worth about $36,000. Fifth Third Bancorp lifted its holdings in shares of Cleveland-Cliffs by 36.6% during the 1st 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. Finally, Byrne Asset Management LLC lifted its holdings in shares of Cleveland-Cliffs by 38.1% during the 1st 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. 67.68% of the stock is owned by institutional investors.

Insider Transactions at Cleveland-Cliffs

In other Cleveland-Cliffs news, EVP James D. Graham sold 120,000 shares of the company's stock in a transaction on Friday, May 23rd. The stock was sold at an average price of $6.85, for a total transaction of $822,000.00. Following the transaction, the executive vice president owned 492,249 shares of the company's stock, valued at approximately $3,371,905.65. This represents a 19.60% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 1.71% of the company's stock.

Cleveland-Cliffs Price Performance

CLF traded up $0.53 during midday trading on Friday, hitting $11.44. The company had a trading volume of 28,309,127 shares, compared to its average volume of 30,815,626. Cleveland-Cliffs Inc. has a twelve month low of $5.63 and a twelve month high of $15.71. The company has a market capitalization of $5.66 billion, a PE ratio of -3.35 and a beta of 1.91. The company has a debt-to-equity ratio of 1.28, a quick ratio of 0.64 and a current ratio of 2.04. The firm's 50-day simple moving average is $8.06 and its 200-day simple moving average is $8.83.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last released its quarterly 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. Cleveland-Cliffs had a negative net margin of 9.03% and a negative return on equity of 17.97%. The business had revenue of $4.93 billion for the quarter, compared to analysts' expectations of $4.90 billion. During the same period in the prior year, the firm earned $0.11 earnings per share. Cleveland-Cliffs's revenue was up 7.5% compared to the same quarter last year. Equities research analysts predict that Cleveland-Cliffs Inc. will post -0.79 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on CLF shares. Morgan Stanley raised their price objective on shares of Cleveland-Cliffs from $8.00 to $10.50 and gave the stock an "equal weight" rating in a report on Tuesday. Citigroup lifted their price target on shares of Cleveland-Cliffs from $7.50 to $11.00 and gave the company a "neutral" rating in a report on Monday, July 21st. The Goldman Sachs Group reduced their price target on shares of Cleveland-Cliffs from $13.00 to $11.25 and set a "buy" rating on the stock in a research report on Monday, May 12th. JPMorgan Chase & Co. raised their price objective on shares of Cleveland-Cliffs from $7.50 to $10.00 and gave the stock a "neutral" rating in a report on Thursday. Finally, Glj Research cut shares of Cleveland-Cliffs from a "strong-buy" rating to a "strong sell" rating and set a $3.91 target price for the company. in a research note on Wednesday, May 28th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating, three have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price 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.