AXQ Capital LP Raises Stake in Cleveland-Cliffs Inc. (NYSE:CLF)

AXQ Capital LP grew its stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 15.4% during the 4th quarter, Holdings Channel.com reports. The firm owned 54,277 shares of the mining company’s stock after acquiring an additional 7,246 shares during the period. AXQ Capital LP’s holdings in Cleveland-Cliffs were worth $510,000 at the end of the most recent reporting period.

Several other institutional investors also recently made changes to their positions in CLF. Truvestments Capital LLC acquired a new position in shares of Cleveland-Cliffs during the 3rd quarter worth $34,000. Byrne Asset Management LLC raised its stake in shares of Cleveland-Cliffs by 130.0% during the 4th quarter. Byrne Asset Management LLC now owns 4,600 shares of the mining company’s stock worth $43,000 after buying an additional 2,600 shares during the last quarter. Stonebridge Financial Group LLC acquired a new position in shares of Cleveland-Cliffs during the 4th quarter worth $44,000. Wilmington Savings Fund Society FSB acquired a new position in shares of Cleveland-Cliffs during the 3rd quarter worth $64,000. Finally, AllSquare Wealth Management LLC raised its stake in shares of Cleveland-Cliffs by 24.4% during the 4th quarter. AllSquare Wealth Management LLC now owns 5,100 shares of the mining company’s stock worth $48,000 after buying an additional 1,000 shares during the last quarter. 67.68% of the stock is currently owned by hedge funds and other institutional investors.

Cleveland-Cliffs Stock Down 0.9 %

CLF opened at $9.45 on Friday. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.85 and a quick ratio of 0.55. The stock has a market capitalization of $4.67 billion, a price-to-earnings ratio of -9.74 and a beta of 1.94. The business has a 50-day moving average of $10.38 and a two-hundred day moving average of $11.29. Cleveland-Cliffs Inc. has a 12 month low of $8.50 and a 12 month high of $22.97.

Cleveland-Cliffs (NYSE:CLF) last posted its quarterly earnings results on Monday, February 24th. The mining company reported ($0.68) EPS for the quarter, missing the consensus estimate of ($0.65) by ($0.03). The business had revenue of $4.33 billion during the quarter, compared to analysts’ expectations of $4.46 billion. Cleveland-Cliffs had a negative net margin of 2.31% and a negative return on equity of 0.59%. On average, research analysts expect that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current year.

Insider Buying and Selling at Cleveland-Cliffs

In other news, EVP Keith Koci bought 9,500 shares of the firm’s stock in a transaction dated Friday, February 28th. The stock was acquired at an average price of $10.81 per share, for a total transaction of $102,695.00. Following the acquisition, the executive vice president now owns 543,475 shares of the company’s stock, valued at $5,874,964.75. This trade represents a 1.78 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director John T. Baldwin bought 4,000 shares of the firm’s stock in a transaction dated Monday, March 10th. The shares were purchased at an average price of $8.70 per share, with a total value of $34,800.00. Following the acquisition, the director now directly owns 133,227 shares in the company, valued at approximately $1,159,074.90. This trade represents a 3.10 % increase in their position. The disclosure for this purchase can be found here. Insiders acquired 23,500 shares of company stock worth $243,095 in the last 90 days. 1.76% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on CLF shares. Glj Research cut their price target on Cleveland-Cliffs from $14.54 to $12.90 and set a “buy” rating for the company in a research note on Thursday, February 27th. B. Riley reaffirmed a “buy” rating on shares of Cleveland-Cliffs in a research note on Tuesday, February 4th. The Goldman Sachs Group cut their target price on shares of Cleveland-Cliffs from $17.00 to $15.00 and set a “buy” rating for the company in a research note on Tuesday, March 4th. Citigroup cut their target price on shares of Cleveland-Cliffs from $12.50 to $11.00 and set a “neutral” rating for the company in a research note on Thursday, December 19th. Finally, Morgan Stanley cut their target price on shares of Cleveland-Cliffs from $13.00 to $11.00 and set an “equal weight” rating for the company in a research note on Monday, February 3rd. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Cleveland-Cliffs currently has a consensus rating of “Hold” and an average target price of $16.43.

Cleveland-Cliffs Company 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.