Woodline Partners LP Makes New $22.70 Million Investment in Cleveland-Cliffs Inc. $CLF

Key Points

• Woodline Partners LP acquired a new position in Cleveland-Cliffs Inc., investing approximately $22.70 million to purchase 2,761,111 shares during the first quarter.
• Several institutional investors have increased their stakes in Cleveland-Cliffs, with institutional ownership now at 67.68% of the company's stock.
• Analyst ratings for Cleveland-Cliffs are mixed, with three analysts rating it as a Buy, four as Hold, and one as Sell, while the average price target is $10.96.

Woodline Partners LP bought a new position in shares of Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 2,761,111 shares of the mining company's stock, valued at approximately $22,696,000. Woodline Partners LP owned 0.56% of Cleveland-Cliffs as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. First Dallas Securities Inc. boosted its position in Cleveland-Cliffs by 21.7% during the first quarter. First Dallas Securities Inc. now owns 245,240 shares of the mining company's stock worth $2,016,000 after purchasing an additional 43,740 shares during the period. Scientech Research LLC bought a new position in shares of Cleveland-Cliffs in the first quarter valued at approximately $794,000. NewEdge Advisors LLC boosted its position in shares of Cleveland-Cliffs by 3.6% in the first quarter. NewEdge Advisors LLC now owns 520,716 shares of the mining company's stock valued at $4,280,000 after acquiring an additional 17,993 shares during the period. Edmond DE Rothschild Holding S.A. boosted its position in shares of Cleveland-Cliffs by 9.8% in the first quarter. Edmond DE Rothschild Holding S.A. now owns 1,180,000 shares of the mining company's stock valued at $9,700,000 after acquiring an additional 105,000 shares during the period. Finally, Advisors Asset Management Inc. boosted its position in shares of Cleveland-Cliffs by 6.2% in the first quarter. Advisors Asset Management Inc. now owns 37,066 shares of the mining company's stock valued at $305,000 after acquiring an additional 2,160 shares during the period. Institutional investors own 67.68% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on CLF. Wells Fargo & Company upgraded shares of Cleveland-Cliffs to a "hold" rating in a research report on Thursday, August 14th. Morgan Stanley raised their price objective on shares of Cleveland-Cliffs from $8.00 to $10.50 and gave the company an "equal weight" rating in a research report on Tuesday, July 22nd. Citigroup raised their price objective on shares of Cleveland-Cliffs from $7.50 to $11.00 and gave the company a "neutral" rating in a research report on Monday, July 21st. KeyCorp upgraded shares of Cleveland-Cliffs from a "sector weight" rating to an "overweight" rating and set a $14.00 price objective for the company in a research report on Tuesday, July 22nd. Finally, Glj Research lowered shares of 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. Three research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Cleveland-Cliffs presently has an average rating of "Hold" and a consensus price target of $10.96.

Cleveland-Cliffs Trading Down 1.8%

Shares of CLF opened at $10.82 on Wednesday. The firm's 50 day simple moving average is $10.14 and its 200 day simple moving average is $8.79. The company has a market capitalization of $5.35 billion, a P/E ratio of -3.17 and a beta of 1.93. The company has a debt-to-equity ratio of 1.28, a current ratio of 2.04 and a quick ratio of 0.61. 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 earnings results on Monday, July 21st. The mining company reported ($0.50) earnings per share for the quarter, beating analysts' consensus estimates of ($0.68) by $0.18. The business had revenue of $4.93 billion for the quarter, compared to the consensus estimate of $4.90 billion. Cleveland-Cliffs had a negative net margin of 9.03% and a negative return on equity of 17.97%. Cleveland-Cliffs's quarterly revenue was up 7.5% on a year-over-year basis. During the same period last year, the firm posted $0.11 earnings per share. Sell-side analysts forecast that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current fiscal year.

About Cleveland-Cliffs

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.

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