Y Intercept Hong Kong Ltd Makes New Investment in Cleveland-Cliffs Inc. $CLF

Y Intercept Hong Kong Ltd purchased a new stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 25,901 shares of the mining company’s stock, valued at approximately $197,000.

Several other hedge funds and other institutional investors have also made changes to their positions in CLF. Atwood & Palmer Inc. bought a new position in Cleveland-Cliffs in the 2nd quarter worth approximately $27,000. Trust Co. of Toledo NA OH acquired a new position in Cleveland-Cliffs during the 2nd quarter worth $27,000. Migdal Insurance & Financial Holdings Ltd. bought a new position in shares of Cleveland-Cliffs in the first quarter worth $36,000. AlphaQuest LLC grew its stake in shares of Cleveland-Cliffs by 408,600.0% in the first quarter. AlphaQuest LLC now owns 8,174 shares of the mining company’s stock worth $67,000 after purchasing an additional 8,172 shares in the last quarter. Finally, Byrne Asset Management LLC increased its holdings in shares of Cleveland-Cliffs by 44.2% during the second quarter. Byrne Asset Management LLC now owns 9,159 shares of the mining company’s stock valued at $70,000 after purchasing an additional 2,806 shares during the period. 67.68% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on CLF shares. Morgan Stanley upped their price objective on shares of Cleveland-Cliffs from $8.00 to $10.50 and gave the stock an “equal weight” rating in a report on Tuesday, July 22nd. Citigroup upped their price target on shares of Cleveland-Cliffs from $7.50 to $11.00 and gave the stock a “neutral” rating in a research note on Monday, July 21st. Bank of America increased their price objective on shares of Cleveland-Cliffs from $12.50 to $14.50 and gave the company a “neutral” rating in a report on Tuesday, October 21st. Wells Fargo & Company reissued an “underweight” rating and set a $11.00 target price on shares of Cleveland-Cliffs in a report on Tuesday, October 21st. Finally, UBS Group set a $15.00 target price on Cleveland-Cliffs in a research report on Monday, October 27th. Three research analysts have rated the stock with a Buy rating, four have given a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat.com, Cleveland-Cliffs presently has an average rating of “Hold” and an average target price of $12.88.

Cleveland-Cliffs Trading Up 3.0%

Shares of NYSE:CLF opened at $10.40 on Monday. The company has a debt-to-equity ratio of 1.41, a quick ratio of 0.61 and a current ratio of 2.04. The stock has a market capitalization of $5.14 billion, a price-to-earnings ratio of -3.06 and a beta of 2.07. Cleveland-Cliffs Inc. has a 1-year low of $5.63 and a 1-year high of $16.70. The company has a 50 day moving average price of $12.30 and a 200 day moving average price of $9.94.

Cleveland-Cliffs (NYSE:CLF) last announced its quarterly earnings data on Monday, October 20th. The mining company reported ($0.45) EPS for the quarter, beating analysts’ consensus estimates of ($0.48) by $0.03. The company had revenue of $4.73 billion during the quarter, compared to the consensus estimate of $4.90 billion. Cleveland-Cliffs had a negative return on equity of 20.02% and a negative net margin of 9.00%.The company’s quarterly revenue was up 3.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.33) EPS. On average, research analysts anticipate that Cleveland-Cliffs Inc. will post -0.79 EPS for the current fiscal year.

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.