47,000 Shares in Cleveland-Cliffs Inc. $CLF Purchased by Summit Securities Group LLC

Key Points

• Summit Securities Group LLC acquired a new position in Cleveland-Cliffs Inc. by purchasing 47,000 shares in the first quarter, valued at approximately $386,000.
• Several hedge funds, including Slate Path Capital and UBS AM, have significantly increased their stakes in Cleveland-Cliffs, indicating heightened institutional interest in the company.
• Analysts have issued various ratings on Cleveland-Cliffs, with price targets ranging from $3.91 to $17.00, reflecting a range of investor sentiment regarding the stock's future performance.

Summit Securities Group LLC purchased a new position in shares of Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 47,000 shares of the mining company's stock, valued at approximately $386,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Fairfax Financial Holdings Ltd. Can purchased a new stake in Cleveland-Cliffs during the 4th quarter worth approximately $55,453,000. Slate Path Capital LP increased its holdings in Cleveland-Cliffs by 35.4% during the 4th quarter. Slate Path Capital LP now owns 16,208,000 shares of the mining company's stock worth $152,355,000 after purchasing an additional 4,239,000 shares during the last quarter. Allianz Asset Management GmbH increased its holdings in Cleveland-Cliffs by 168.8% during the 1st quarter. Allianz Asset Management GmbH now owns 3,555,383 shares of the mining company's stock worth $29,225,000 after purchasing an additional 2,232,799 shares during the last quarter. Deutsche Bank AG increased its holdings in Cleveland-Cliffs by 69.5% during the 4th quarter. Deutsche Bank AG now owns 3,552,516 shares of the mining company's stock worth $33,394,000 after purchasing an additional 1,456,236 shares during the last quarter. Finally, Nuveen LLC purchased a new stake in Cleveland-Cliffs during the 1st quarter worth approximately $9,416,000. 67.68% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Cleveland-Cliffs

In other 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 completion of the sale, the executive vice president directly owned 492,249 shares of the company's stock, valued at $3,371,905.65. This represents a 19.60% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 1.76% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

CLF has been the subject of a number of research analyst reports. KeyCorp upgraded Cleveland-Cliffs from a "sector weight" rating to an "overweight" rating and set a $14.00 price target for the company in a report on Tuesday, July 22nd. B. Riley restated a "buy" rating and set a $17.00 price objective (down previously from $20.00) on shares of Cleveland-Cliffs in a research report on Wednesday, April 23rd. Glj Research lowered Cleveland-Cliffs from a "strong-buy" rating to a "strong sell" rating and set a $3.91 price objective for the company. in a research report on Wednesday, May 28th. JPMorgan Chase & Co. boosted their price objective on Cleveland-Cliffs from $7.50 to $10.00 and gave the company a "neutral" rating in a research report on Thursday, July 24th. Finally, The Goldman Sachs Group reduced their price objective on Cleveland-Cliffs from $13.00 to $11.25 and set a "buy" rating for the company in a research report on Monday, May 12th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $10.96.

Cleveland-Cliffs Stock Performance

CLF stock traded down $0.1570 during trading on Tuesday, reaching $10.4230. 14,001,513 shares of the company's stock were exchanged, compared to its average volume of 22,982,138. The company has a quick ratio of 0.61, a current ratio of 2.04 and a debt-to-equity ratio of 1.28. The firm has a market cap of $5.16 billion, a PE ratio of -3.06 and a beta of 1.99. The company's fifty day moving average price is $9.15 and its 200-day moving average price is $8.84. Cleveland-Cliffs Inc. has a 1-year low of $5.63 and a 1-year high of $14.34.

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. The business had revenue of $4.93 billion during the quarter, compared to analyst estimates of $4.90 billion. Cleveland-Cliffs had a negative return on equity of 17.97% and a negative net margin of 9.03%.The company's revenue was up 7.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.11 earnings per share. On average, research analysts expect that Cleveland-Cliffs Inc. will post -0.79 EPS for the current fiscal year.

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.