Kapitalo Investimentos Ltda Acquires 5,456 Shares of Cleveland-Cliffs Inc. (NYSE:CLF)

Kapitalo Investimentos Ltda grew its holdings in Cleveland-Cliffs Inc. (NYSE:CLF) by 55.9% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 15,209 shares of the mining company’s stock after acquiring an additional 5,456 shares during the period. Kapitalo Investimentos Ltda’s holdings in Cleveland-Cliffs were worth $311,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Norges Bank bought a new stake in shares of Cleveland-Cliffs during the 4th quarter valued at $117,585,000. Sound Shore Management Inc. CT raised its position in shares of Cleveland-Cliffs by 9.0% during the 4th quarter. Sound Shore Management Inc. CT now owns 4,037,507 shares of the mining company’s stock valued at $82,446,000 after purchasing an additional 334,739 shares during the period. Charles Schwab Investment Management Inc. raised its position in shares of Cleveland-Cliffs by 5.8% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,542,004 shares of the mining company’s stock valued at $72,328,000 after purchasing an additional 194,948 shares during the period. AQR Capital Management LLC raised its position in shares of Cleveland-Cliffs by 154.2% during the 3rd quarter. AQR Capital Management LLC now owns 2,586,472 shares of the mining company’s stock valued at $40,181,000 after purchasing an additional 1,568,961 shares during the period. Finally, Douglas Lane & Associates LLC raised its position in shares of Cleveland-Cliffs by 20.6% during the 4th quarter. Douglas Lane & Associates LLC now owns 2,103,314 shares of the mining company’s stock valued at $42,950,000 after purchasing an additional 359,801 shares during the period. 67.68% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts have recently commented on the stock. Jefferies Financial Group assumed coverage on shares of Cleveland-Cliffs in a research report on Monday, May 20th. They set a “buy” rating and a $22.00 price objective on the stock. Morgan Stanley decreased their price objective on shares of Cleveland-Cliffs from $20.00 to $19.00 and set an “equal weight” rating on the stock in a research report on Tuesday, April 30th. JPMorgan Chase & Co. cut shares of Cleveland-Cliffs from an “overweight” rating to a “neutral” rating and cut their target price for the company from $23.00 to $17.00 in a research note on Tuesday, June 11th. StockNews.com cut shares of Cleveland-Cliffs from a “buy” rating to a “hold” rating in a research note on Friday, April 26th. Finally, Citigroup cut shares of Cleveland-Cliffs from a “buy” rating to a “neutral” rating and set a $22.00 target price for the company. in a research note on Wednesday, March 13th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $19.79.

Cleveland-Cliffs Stock Performance

Shares of NYSE:CLF opened at $14.71 on Wednesday. Cleveland-Cliffs Inc. has a 52 week low of $13.84 and a 52 week high of $22.97. The stock has a market capitalization of $6.99 billion, a P/E ratio of 19.87, a PEG ratio of 0.66 and a beta of 2.08. The firm has a fifty day simple moving average of $17.69 and a two-hundred day simple moving average of $19.14. The company has a quick ratio of 0.59, a current ratio of 1.90 and a debt-to-equity ratio of 0.49.

Cleveland-Cliffs (NYSE:CLF) last issued its quarterly earnings data on Monday, April 22nd. The mining company reported $0.18 EPS for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.01). Cleveland-Cliffs had a return on equity of 8.69% and a net margin of 1.78%. The business had revenue of $5.20 billion during the quarter, compared to analysts’ expectations of $5.34 billion. During the same period in the previous year, the business earned ($0.11) earnings per share. The business’s quarterly revenue was down 1.8% on a year-over-year basis. On average, analysts expect that Cleveland-Cliffs Inc. will post 0.48 earnings per share for the current fiscal year.

Cleveland-Cliffs announced that its board has initiated a stock buyback program on Monday, April 22nd that permits the company to repurchase $1.50 billion in shares. This repurchase authorization permits the mining company to buy up to 17.2% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s management believes its shares are undervalued.

Insiders Place Their Bets

In other Cleveland-Cliffs news, CEO Lourenco Goncalves acquired 60,000 shares of the company’s stock in a transaction on Wednesday, May 1st. The stock was acquired at an average cost of $16.76 per share, with a total value of $1,005,600.00. Following the purchase, the chief executive officer now directly owns 2,759,089 shares of the company’s stock, valued at approximately $46,242,331.64. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, CEO Lourenco Goncalves bought 60,000 shares of the stock in a transaction dated Wednesday, May 1st. The stock was purchased at an average price of $16.76 per share, for a total transaction of $1,005,600.00. Following the acquisition, the chief executive officer now owns 2,759,089 shares of the company’s stock, valued at $46,242,331.64. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Ben Oren bought 6,700 shares of the stock in a transaction dated Wednesday, June 12th. The stock was purchased at an average price of $14.99 per share, with a total value of $100,433.00. Following the acquisition, the director now directly owns 14,167 shares in the company, valued at approximately $212,363.33. The disclosure for this purchase can be found here. Insiders acquired 98,950 shares of company stock valued at $1,639,638 in the last three months. Corporate insiders own 1.76% of the company’s stock.

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.