Scopus Asset Management L.P. Makes New Investment in Cleveland-Cliffs Inc. (NYSE:CLF)

Scopus Asset Management L.P. bought a new position in shares of Cleveland-Cliffs Inc. (NYSE:CLF) in the first quarter, HoldingsChannel.com reports. The institutional investor bought 775,000 shares of the mining company’s stock, valued at approximately $15,585,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Kennedy Capital Management Inc. grew its holdings in shares of Cleveland-Cliffs by 9.5% in the 1st quarter. Kennedy Capital Management Inc. now owns 946,391 shares of the mining company’s stock valued at $19,032,000 after acquiring an additional 82,385 shares in the last quarter. BNP Paribas Arbitrage SA grew its holdings in shares of Cleveland-Cliffs by 116.8% in the 1st quarter. BNP Paribas Arbitrage SA now owns 266,834 shares of the mining company’s stock valued at $5,366,000 after acquiring an additional 143,741 shares in the last quarter. State of Michigan Retirement System bought a new position in shares of Cleveland-Cliffs in the 1st quarter valued at about $3,419,000. Pekin Hardy Strauss Inc. bought a new position in shares of Cleveland-Cliffs in the 1st quarter valued at about $332,000. Finally, Winch Advisory Services LLC bought a new position in shares of Cleveland-Cliffs in the 1st quarter valued at about $35,000. Institutional investors own 64.64% of the company’s stock.

CLF stock traded up $0.05 during mid-day trading on Thursday, hitting $21.23. 848,456 shares of the company were exchanged, compared to its average volume of 25,078,352. The business has a 50 day simple moving average of $20.87. The company has a quick ratio of 0.66, a current ratio of 2.00 and a debt-to-equity ratio of 2.11. The firm has a market cap of $10.60 billion, a PE ratio of -163.08, a PEG ratio of 0.16 and a beta of 2.32. Cleveland-Cliffs Inc. has a 1-year low of $5.16 and a 1-year high of $24.77.

Cleveland-Cliffs (NYSE:CLF) last issued its quarterly earnings data on Wednesday, April 21st. The mining company reported $0.19 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.33 by ($0.14). The company had revenue of $4 billion for the quarter, compared to analyst estimates of $3.92 billion. Cleveland-Cliffs had a positive return on equity of 10.98% and a negative net margin of 0.32%. The company’s revenue was up 1014.2% on a year-over-year basis. During the same quarter last year, the business earned ($0.18) earnings per share. Sell-side analysts predict that Cleveland-Cliffs Inc. will post 5.67 earnings per share for the current year.

In other news, Director John T. Baldwin sold 12,800 shares of Cleveland-Cliffs stock in a transaction that occurred on Thursday, June 10th. The shares were sold at an average price of $23.38, for a total value of $299,264.00. Following the completion of the sale, the director now directly owns 120,927 shares in the company, valued at $2,827,273.26. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Susan Miranda Green sold 18,000 shares of Cleveland-Cliffs stock in a transaction that occurred on Tuesday, May 18th. The shares were sold at an average price of $20.39, for a total transaction of $367,020.00. Following the completion of the sale, the director now owns 91,082 shares of the company’s stock, valued at $1,857,161.98. The disclosure for this sale can be found here. Company insiders own 1.34% of the company’s stock.

CLF has been the subject of several analyst reports. B. Riley raised their price objective on Cleveland-Cliffs from $22.00 to $24.00 and gave the company a “buy” rating in a report on Monday, April 26th. Credit Suisse Group upgraded Cleveland-Cliffs from a “neutral” rating to an “outperform” rating and raised their price objective for the company from $21.00 to $24.00 in a report on Tuesday, May 4th. Bank of America assumed coverage on Cleveland-Cliffs in a report on Monday, May 17th. They set a “buy” rating and a $25.00 price target for the company. JPMorgan Chase & Co. assumed coverage on Cleveland-Cliffs in a report on Wednesday, June 16th. They set an “overweight” rating and a $39.00 price target for the company. Finally, Argus assumed coverage on Cleveland-Cliffs in a report on Thursday, July 8th. They set a “buy” rating and a $26.00 price target for the company. Three investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. Cleveland-Cliffs has a consensus rating of “Buy” and an average price target of $25.06.

About Cleveland-Cliffs

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.

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Institutional Ownership by Quarter for Cleveland-Cliffs (NYSE:CLF)

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