Readystate Asset Management LP Purchases 338,608 Shares of Cleveland-Cliffs Inc. $CLF

Readystate Asset Management LP grew its holdings in Cleveland-Cliffs Inc. (NYSE:CLF) by 160.8% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 549,184 shares of the mining company’s stock after purchasing an additional 338,608 shares during the quarter. Readystate Asset Management LP’s holdings in Cleveland-Cliffs were worth $5,157,000 as of its most recent filing with the SEC.

Several other large investors have also made changes to their positions in CLF. Public Employees Retirement System of Ohio increased its position in Cleveland-Cliffs by 0.6% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 152,009 shares of the mining company’s stock worth $1,855,000 after buying an additional 943 shares during the period. Moors & Cabot Inc. grew its stake in shares of Cleveland-Cliffs by 3.0% in the third quarter. Moors & Cabot Inc. now owns 33,118 shares of the mining company’s stock worth $404,000 after acquiring an additional 960 shares during the last quarter. Rexford Capital Inc. increased its position in Cleveland-Cliffs by 11.8% during the fourth quarter. Rexford Capital Inc. now owns 9,500 shares of the mining company’s stock worth $126,000 after acquiring an additional 1,000 shares during the period. IFP Advisors Inc increased its position in Cleveland-Cliffs by 117.5% during the fourth quarter. IFP Advisors Inc now owns 2,221 shares of the mining company’s stock worth $29,000 after acquiring an additional 1,200 shares during the period. Finally, Caitong International Asset Management Co. Ltd raised its stake in Cleveland-Cliffs by 94.0% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 2,505 shares of the mining company’s stock valued at $33,000 after purchasing an additional 1,214 shares during the last quarter. Institutional investors and hedge funds own 67.68% of the company’s stock.

Cleveland-Cliffs Stock Performance

Shares of NYSE:CLF opened at $12.49 on Monday. The business has a fifty day moving average of $11.01 and a 200-day moving average of $10.70. The company has a debt-to-equity ratio of 1.32, a quick ratio of 0.63 and a current ratio of 1.89. Cleveland-Cliffs Inc. has a twelve month low of $7.73 and a twelve month high of $16.70. The firm has a market cap of $7.13 billion, a PE ratio of -7.71 and a beta of 2.10.

Cleveland-Cliffs (NYSE:CLF) last released its quarterly earnings results on Thursday, July 23rd. The mining company reported ($0.20) EPS for the quarter, beating the consensus estimate of ($0.21) by $0.01. The business had revenue of $5.23 billion for 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%. Cleveland-Cliffs’s revenue was up 5.9% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.50) earnings per share. On average, equities research analysts predict that Cleveland-Cliffs Inc. will post -0.11 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on CLF shares. Glj Research upgraded shares of 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 research report on Friday, July 24th. Citigroup reiterated a “positive” rating on shares of Cleveland-Cliffs in a research note on Friday, July 24th. Barclays boosted their price target on Cleveland-Cliffs from $9.00 to $10.00 and gave the company an “underweight” rating in a research note on Friday, July 24th. Wells Fargo & Company lifted their price objective on Cleveland-Cliffs from $11.00 to $12.00 and gave the stock an “equal weight” rating in a report on Monday, August 24th. Finally, Bank of America cut 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. Two equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $11.96.

Cleveland-Cliffs 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.