Jupiter Topco LLC Acquires Shares of 249,700 Cleveland-Cliffs Inc. $CLF

Jupiter Topco LLC bought a new stake in Cleveland-Cliffs Inc. (NYSE:CLF) in the 2nd quarter, Holdings Channel.com reports. The fund bought 249,700 shares of the mining company’s stock, valued at approximately $2,346,000.

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

Insider Activity at Cleveland-Cliffs

In related news, EVP Celso L. Goncalves, Jr. sold 214,308 shares of the company’s stock in a transaction on Friday, June 5th. The shares were sold at an average price of $13.41, for a total value of $2,873,870.28. Following the completion of the sale, the executive vice president owned 184,542 shares in the company, valued at $2,474,708.22. This represents a 53.73% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.95% of the stock is currently owned by corporate insiders.

Cleveland-Cliffs Stock Performance

Shares of CLF stock opened at $12.43 on Thursday. The stock has a market cap of $7.09 billion, a PE ratio of -7.67 and a beta of 2.10. The stock has a 50-day moving average of $10.93 and a 200-day moving average of $10.67. The company has a debt-to-equity ratio of 1.32, a current ratio of 1.89 and a quick ratio of 0.63. Cleveland-Cliffs Inc. has a one year low of $7.73 and a one year high of $16.70.

Cleveland-Cliffs (NYSE:CLF) last issued its quarterly earnings data 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. The firm had revenue of $5.23 billion during the quarter, compared to analysts’ expectations of $5.15 billion. Cleveland-Cliffs had a negative net margin of 4.56% and a negative return on equity of 13.37%. The business’s revenue for the quarter was up 5.9% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.50) earnings per share. As a group, sell-side analysts expect that Cleveland-Cliffs Inc. will post -0.11 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on CLF shares. JPMorgan Chase & Co. reduced their target price on shares of Cleveland-Cliffs from $13.00 to $10.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 15th. Wells Fargo & Company boosted their price target on shares of Cleveland-Cliffs from $11.00 to $12.00 and gave the stock an “equal weight” rating in a research note on Monday, August 24th. Bank of America cut their price objective on shares of Cleveland-Cliffs from $14.00 to $11.50 and set a “neutral” rating on the stock in a report on Thursday, July 9th. Citigroup reaffirmed a “positive” rating on shares of Cleveland-Cliffs in a research note on Friday, July 24th. Finally, Barclays lifted their target price on shares of Cleveland-Cliffs from $9.00 to $10.00 and gave the stock an “underweight” rating in a report on Friday, July 24th. Two investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, Cleveland-Cliffs has a consensus rating of “Hold” and a consensus price target of $11.96.

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.