Cleveland-Cliffs Inc. (NYSE:CLF) Shares Purchased by Intech Investment Management LLC

Intech Investment Management LLC raised its position in Cleveland-Cliffs Inc. (NYSE:CLF) by 815.7% during the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 131,148 shares of the mining company’s stock after purchasing an additional 116,826 shares during the period. Intech Investment Management LLC’s holdings in Cleveland-Cliffs were worth $2,018,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Dimensional Fund Advisors LP grew its stake in Cleveland-Cliffs by 54.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 15,906,597 shares of the mining company’s stock valued at $244,794,000 after acquiring an additional 5,621,797 shares during the last quarter. Peconic Partners LLC acquired a new stake in shares of Cleveland-Cliffs in the fourth quarter valued at approximately $42,370,000. Bank of Nova Scotia acquired a new position in shares of Cleveland-Cliffs during the 4th quarter worth approximately $22,937,000. Bank of New York Mellon Corp raised its position in shares of Cleveland-Cliffs by 23.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 5,597,662 shares of the mining company’s stock worth $86,148,000 after purchasing an additional 1,069,907 shares during the last quarter. Finally, WINTON GROUP Ltd lifted its stake in Cleveland-Cliffs by 1,650.8% in the 2nd quarter. WINTON GROUP Ltd now owns 874,464 shares of the mining company’s stock valued at $13,458,000 after buying an additional 824,518 shares in the last quarter. Hedge funds and other institutional investors own 67.68% of the company’s stock.

Cleveland-Cliffs Stock Up 0.8 %

Shares of NYSE CLF opened at $11.87 on Tuesday. The company has a quick ratio of 0.60, a current ratio of 1.87 and a debt-to-equity ratio of 0.48. The stock has a market capitalization of $5.64 billion, a PE ratio of 16.04, a P/E/G ratio of 21.57 and a beta of 1.97. The firm has a fifty day moving average of $13.25 and a 200-day moving average of $16.43. Cleveland-Cliffs Inc. has a 52-week low of $10.21 and a 52-week high of $22.97.

Cleveland-Cliffs (NYSE:CLF) last released its quarterly earnings data on Monday, July 22nd. The mining company reported $0.11 EPS for the quarter. The company had revenue of $5.09 billion for the quarter, compared to the consensus estimate of $5.18 billion. Cleveland-Cliffs had a return on equity of 4.94% and a net margin of 0.21%. The company’s quarterly revenue was down 14.9% compared to the same quarter last year. During the same period last year, the business posted $0.69 EPS. On average, analysts anticipate that Cleveland-Cliffs Inc. will post 0.01 EPS for the current year.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on CLF shares. Morgan Stanley cut their price target on Cleveland-Cliffs from $15.00 to $13.50 and set an “equal weight” rating for the company in a report on Wednesday, September 18th. B. Riley restated a “buy” rating and issued a $23.00 target price on shares of Cleveland-Cliffs in a report on Tuesday, June 25th. Seaport Res Ptn upgraded shares of Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a report on Tuesday, August 27th. Citigroup reduced their price objective on shares of Cleveland-Cliffs from $18.00 to $12.50 and set a “neutral” rating on the stock in a research note on Tuesday, September 10th. Finally, JPMorgan Chase & Co. cut shares of Cleveland-Cliffs from an “overweight” rating to a “neutral” rating and lowered their target price for the stock from $23.00 to $17.00 in a research note on Tuesday, June 11th. Two research analysts have rated the stock with a sell rating, six have given a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $17.56.

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.