36,740 Shares in Cleveland-Cliffs Inc. (NYSE:CLF) Bought by MBB Public Markets I LLC

MBB Public Markets I LLC bought a new stake in Cleveland-Cliffs Inc. (NYSE:CLF) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 36,740 shares of the mining company’s stock, valued at approximately $565,000.

Other large investors have also added to or reduced their stakes in the company. Dark Forest Capital Management LP boosted its stake in Cleveland-Cliffs by 76.6% in the second quarter. Dark Forest Capital Management LP now owns 62,664 shares of the mining company’s stock worth $964,000 after buying an additional 27,178 shares in the last quarter. APG Asset Management N.V. raised its position in Cleveland-Cliffs by 162.3% in the 2nd quarter. APG Asset Management N.V. now owns 58,667 shares of the mining company’s stock worth $842,000 after purchasing an additional 36,300 shares during the period. AQR Capital Management LLC boosted its position in Cleveland-Cliffs by 49.9% during the second quarter. AQR Capital Management LLC now owns 6,093,632 shares of the mining company’s stock valued at $93,172,000 after buying an additional 2,027,757 shares during the period. Aristeia Capital L.L.C. increased its holdings in shares of Cleveland-Cliffs by 40.8% in the second quarter. Aristeia Capital L.L.C. now owns 28,651 shares of the mining company’s stock worth $441,000 after buying an additional 8,306 shares during the period. Finally, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its position in Cleveland-Cliffs by 58.5% during the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 95,510 shares of the mining company’s stock worth $1,470,000 after acquiring an additional 35,256 shares during the last quarter. Hedge funds and other institutional investors own 67.68% of the company’s stock.

Cleveland-Cliffs Price Performance

CLF stock opened at $12.99 on Wednesday. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.60 and a current ratio of 1.87. The firm has a 50 day moving average price of $12.96 and a 200-day moving average price of $16.15. Cleveland-Cliffs Inc. has a 52-week low of $10.21 and a 52-week high of $22.97. The firm has a market capitalization of $6.18 billion, a price-to-earnings ratio of 17.55 and a beta of 1.97.

Cleveland-Cliffs (NYSE:CLF) last issued its quarterly earnings results on Monday, July 22nd. The mining company reported $0.11 earnings per share for the quarter. The firm had revenue of $5.09 billion during 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 revenue was down 14.9% on a year-over-year basis. During the same period last year, the company earned $0.69 earnings per share. Equities research analysts forecast that Cleveland-Cliffs Inc. will post -0.03 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts have weighed in on the company. B. Riley reiterated a “buy” rating and issued a $23.00 price objective on shares of Cleveland-Cliffs in a research report on Tuesday, June 25th. Seaport Res Ptn raised shares of Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, August 27th. JPMorgan Chase & Co. cut shares of Cleveland-Cliffs from an “overweight” rating to a “neutral” rating and decreased their price objective for the company from $23.00 to $17.00 in a research report on Tuesday, June 11th. Citigroup cut their target price on 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, Morgan Stanley lowered their price target on Cleveland-Cliffs from $15.00 to $13.50 and set an “equal weight” rating for the company in a research report on Wednesday, September 18th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Cleveland-Cliffs has an average rating of “Hold” and an average target price of $17.56.

Cleveland-Cliffs 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.