Woodline Partners LP Acquires New Holdings 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 purchased 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 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 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.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in Cleveland-Cliffs by 22.9% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,298,868 shares of the mining company's stock worth $12,209,000 after purchasing an additional 242,386 shares during the period. Twelve Points Wealth Management LLC increased its holdings in shares of Cleveland-Cliffs by 51.7% during the first quarter. Twelve Points Wealth Management LLC now owns 225,499 shares of the mining company's stock worth $1,854,000 after buying an additional 76,827 shares in the last quarter. Wexford Capital LP increased its holdings in shares of Cleveland-Cliffs by 1,212.0% during the fourth quarter. Wexford Capital LP now owns 1,018,950 shares of the mining company's stock worth $9,578,000 after buying an additional 941,284 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its holdings in shares of Cleveland-Cliffs by 231.2% during the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,561,774 shares of the mining company's stock worth $12,838,000 after buying an additional 1,090,237 shares in the last quarter. Finally, Quantinno Capital Management LP acquired a new stake in shares of Cleveland-Cliffs during the fourth quarter worth approximately $260,000. Institutional investors own 67.68% of the company's stock.

Cleveland-Cliffs Stock Performance

CLF traded up $0.19 on Monday, reaching $11.87. The company had a trading volume of 9,387,369 shares, compared to its average volume of 24,353,391. Cleveland-Cliffs Inc. has a fifty-two week low of $5.63 and a fifty-two week high of $14.34. The stock has a market cap of $5.87 billion, a P/E ratio of -3.48 and a beta of 1.93. The company's fifty day moving average is $10.31 and its 200 day moving average is $8.79. The company has a debt-to-equity ratio of 1.28, a quick ratio of 0.61 and a current ratio of 2.04.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last announced its quarterly earnings results on Monday, July 21st. The mining company reported ($0.50) EPS for the quarter, beating analysts' consensus estimates 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 analyst estimates of $4.90 billion. During the same quarter in the prior year, the business earned $0.11 EPS. Cleveland-Cliffs's quarterly revenue was up 7.5% on a year-over-year basis. As a group, analysts predict that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several analysts have recently weighed in on the stock. 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 report on Wednesday, May 28th. 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, July 24th. Citigroup raised 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. Wells Fargo & Company raised their price target on shares of Cleveland-Cliffs from $10.00 to $11.00 and gave the company an "equal weight" rating in a report on Monday. Finally, Morgan Stanley raised their price target on shares of Cleveland-Cliffs from $8.00 to $10.50 and gave the company an "equal weight" rating in a report on Tuesday, July 22nd. Three research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Cleveland-Cliffs has an average rating of "Hold" and an average target price of $11.08.

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.