XTX Topco Ltd Makes New $1.14 Million Investment in Cleveland-Cliffs Inc. (NYSE:CLF)

Key Points

• XTX Topco Ltd has made a new investment of approximately $1.14 million in Cleveland-Cliffs Inc., acquiring 138,384 shares during the first quarter.
• Several institutional investors increased their stakes in Cleveland-Cliffs in the fourth quarter, with 67.68% of the company’s stock owned by institutional investors.
• The company recently reported a negative earnings per share (EPS) of ($0.50), beating the consensus estimate, while its revenue increased 7.5% year-over-year, reaching $4.93 billion.

XTX Topco Ltd purchased a new position in shares of Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 138,384 shares of the mining company's stock, valued at approximately $1,138,000.

Several other hedge funds and other institutional investors also recently modified their holdings of CLF. Fairfax Financial Holdings Ltd. Can purchased a new position in shares of Cleveland-Cliffs during the 4th quarter valued at about $55,453,000. Norges Bank purchased a new position in shares of Cleveland-Cliffs during the fourth quarter worth approximately $45,381,000. Slate Path Capital LP lifted its holdings in shares of Cleveland-Cliffs by 35.4% in the 4th quarter. Slate Path Capital LP now owns 16,208,000 shares of the mining company's stock worth $152,355,000 after acquiring an additional 4,239,000 shares during the last quarter. Allianz Asset Management GmbH boosted its stake in shares of Cleveland-Cliffs by 168.8% in the 1st quarter. Allianz Asset Management GmbH now owns 3,555,383 shares of the mining company's stock valued at $29,225,000 after purchasing an additional 2,232,799 shares in the last quarter. Finally, Deutsche Bank AG grew its holdings in shares of Cleveland-Cliffs by 69.5% during the 4th quarter. Deutsche Bank AG now owns 3,552,516 shares of the mining company's stock valued at $33,394,000 after purchasing an additional 1,456,236 shares during the last quarter. Institutional investors own 67.68% of the company's stock.

Cleveland-Cliffs Stock Down 3.1%

NYSE:CLF traded down $0.30 during trading hours on Wednesday, reaching $9.36. 14,226,026 shares of the company traded hands, compared to its average volume of 25,761,098. Cleveland-Cliffs Inc. has a 1 year low of $5.63 and a 1 year high of $14.34. The stock has a market capitalization of $4.63 billion, a P/E ratio of -2.74 and a beta of 1.99. The business's 50-day moving average price is $8.55 and its two-hundred day moving average price is $8.84. The company has a current ratio of 2.04, a quick ratio of 0.61 and a debt-to-equity ratio of 1.28.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last released its quarterly earnings results on Monday, July 21st. The mining company reported ($0.50) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.68) by $0.18. The business had revenue of $4.93 billion during the quarter, compared to the consensus estimate of $4.90 billion. Cleveland-Cliffs had a negative return on equity of 17.97% and a negative net margin of 9.03%. The business's quarterly revenue was up 7.5% compared to the same quarter last year. During the same period in the previous year, the company posted $0.11 EPS. Analysts predict that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current year.

Analyst Ratings Changes

Several research firms have issued reports on CLF. JPMorgan Chase & Co. upped their price target on shares of Cleveland-Cliffs from $7.50 to $10.00 and gave the company a "neutral" rating in a research report on Thursday, July 24th. B. Riley restated a "buy" rating and set a $17.00 price target (down from $20.00) on shares of Cleveland-Cliffs in a research report on Wednesday, April 23rd. Glj Research cut Cleveland-Cliffs from a "strong-buy" rating to a "strong sell" rating and set a $3.91 price target on the stock. in a research note on Wednesday, May 28th. The Goldman Sachs Group cut their target price on shares of Cleveland-Cliffs from $13.00 to $11.25 and set a "buy" rating on the stock in a report on Monday, May 12th. Finally, Citigroup increased their price target 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. Two investment analysts have rated the stock with a sell rating, three have given a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $11.09.

Insiders Place Their Bets

In other Cleveland-Cliffs news, EVP James D. Graham sold 120,000 shares of the business's stock in a transaction on Friday, May 23rd. The shares were 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 in the company, valued at $3,371,905.65. The trade was a 19.60% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 1.71% of the company's stock.

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.