GSA Capital Partners LLP Buys Shares of 95,238 Cleveland-Cliffs Inc. $CLF

GSA Capital Partners LLP bought a new stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF) in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund bought 95,238 shares of the mining company’s stock, valued at approximately $894,000.

Other institutional investors and hedge funds also recently modified their holdings of the company. Focus Partners Wealth acquired a new position in shares of Cleveland-Cliffs in the 1st quarter valued at about $339,000. Prudential Financial Inc. grew its position in shares of Cleveland-Cliffs by 27.4% during the 2nd quarter. Prudential Financial Inc. now owns 49,955 shares of the mining company’s stock valued at $380,000 after buying an additional 10,733 shares during the last quarter. Russell Investments Group Ltd. raised its stake in Cleveland-Cliffs by 4.4% during the second quarter. Russell Investments Group Ltd. now owns 143,264 shares of the mining company’s stock worth $1,088,000 after acquiring an additional 6,073 shares during the period. CW Advisors LLC raised its stake in Cleveland-Cliffs by 47.4% during the second quarter. CW Advisors LLC now owns 22,167 shares of the mining company’s stock worth $168,000 after acquiring an additional 7,127 shares during the period. Finally, Invesco Ltd. lifted its holdings in Cleveland-Cliffs by 20.3% in the second quarter. Invesco Ltd. now owns 3,081,241 shares of the mining company’s stock worth $23,417,000 after acquiring an additional 520,120 shares during the last quarter. 67.68% of the stock is owned by institutional investors and hedge funds.

Cleveland-Cliffs Trading Down 3.4%

Shares of NYSE:CLF opened at $11.89 on Wednesday. The company has a market cap of $6.78 billion, a PE ratio of -7.34 and a beta of 2.09. The company’s 50-day moving average price is $11.15 and its 200 day moving average price is $10.81. Cleveland-Cliffs Inc. has a fifty-two week low of $7.73 and a fifty-two week high of $16.70. The company has a quick ratio of 0.63, a current ratio of 1.89 and a debt-to-equity ratio of 1.32.

Cleveland-Cliffs (NYSE:CLF) last posted its earnings results on Thursday, July 23rd. The mining company reported ($0.20) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.21) by $0.01. Cleveland-Cliffs had a negative net margin of 4.56% and a negative return on equity of 13.37%. The firm had revenue of $5.23 billion during the quarter, compared to analyst estimates of $5.15 billion. During the same period in the previous year, the business posted ($0.50) EPS. Cleveland-Cliffs’s revenue was up 5.9% on a year-over-year basis. Sell-side analysts anticipate that Cleveland-Cliffs Inc. will post -0.11 earnings per share for the current year.

Analyst Upgrades and Downgrades

CLF has been the subject of a number of research reports. Bank of America decreased their target price on Cleveland-Cliffs from $14.00 to $11.50 and set a “neutral” rating for the company in a research note on Thursday, July 9th. Morgan Stanley reiterated an “equal weight” rating and set a $12.50 price target (up from $12.00) on shares of Cleveland-Cliffs in a research report on Monday, June 22nd. Glj Research raised Cleveland-Cliffs from a “hold” rating to a “buy” rating and raised their price target for the stock from $15.01 to $15.60 in a report on Friday, July 24th. Citigroup restated a “positive” rating on shares of Cleveland-Cliffs in a research report on Friday, July 24th. Finally, JPMorgan Chase & Co. lowered their price objective on Cleveland-Cliffs from $13.00 to $10.00 and set a “neutral” rating for the company in a research note on Wednesday, July 15th. Two investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, Cleveland-Cliffs currently has a consensus rating of “Hold” and a consensus target price of $11.86.

Insider Buying and Selling at Cleveland-Cliffs

In other news, EVP Celso L. Goncalves, Jr. sold 214,308 shares of Cleveland-Cliffs stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $13.41, for a total transaction of $2,873,870.28. Following the sale, the executive vice president owned 184,542 shares of the company’s stock, valued at approximately $2,474,708.22. The trade was a 53.73% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 0.95% of the company’s stock.

Cleveland-Cliffs Company Profile

Cleveland-Cliffs Inc is a leading North American producer of iron ore pellets and flat-rolled steel products. Tracing its roots to 1847, the company has evolved from an iron-ore mining concern in the Great Lakes region into a fully integrated steelmaker. Today, Cleveland-Cliffs operates iron ore mining complexes in Michigan and Minnesota as well as steelmaking and finishing facilities across the United States.

The company’s integrated platform begins with direct control of key raw materials, including iron ore and scrap, and extends through every stage of steel production.