GAMMA Investing LLC Has $582,000 Position in Cleveland-Cliffs Inc. (NYSE:CLF)

GAMMA Investing LLC lifted its holdings in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 1,228.6% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 70,815 shares of the mining company’s stock after purchasing an additional 65,485 shares during the quarter. GAMMA Investing LLC’s holdings in Cleveland-Cliffs were worth $582,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of CLF. Pinpoint Asset Management Ltd acquired a new stake in Cleveland-Cliffs in the 4th quarter valued at approximately $25,000. Estabrook Capital Management raised its position in Cleveland-Cliffs by 207.7% in the 4th quarter. Estabrook Capital Management now owns 4,000 shares of the mining company’s stock valued at $38,000 after buying an additional 2,700 shares during the last quarter. AllSquare Wealth Management LLC raised its position in Cleveland-Cliffs by 24.4% in the 4th quarter. AllSquare Wealth Management LLC now owns 5,100 shares of the mining company’s stock valued at $48,000 after buying an additional 1,000 shares during the last quarter. Farther Finance Advisors LLC raised its position in Cleveland-Cliffs by 487.8% in the 4th quarter. Farther Finance Advisors LLC now owns 5,990 shares of the mining company’s stock valued at $56,000 after buying an additional 4,971 shares during the last quarter. Finally, Jones Financial Companies Lllp raised its position in Cleveland-Cliffs by 21.3% in the 4th quarter. Jones Financial Companies Lllp now owns 6,723 shares of the mining company’s stock valued at $63,000 after buying an additional 1,182 shares during the last quarter. Institutional investors and hedge funds own 67.68% of the company’s stock.

Analyst Ratings Changes

A number of research firms have weighed in on CLF. The Goldman Sachs Group decreased their price target on Cleveland-Cliffs from $13.00 to $11.25 and set a “buy” rating for the company in a research note on Monday, May 12th. B. Riley restated a “buy” rating and issued a $17.00 price target (down from $20.00) on shares of Cleveland-Cliffs in a research note on Wednesday, April 23rd. Finally, Glj Research downgraded Cleveland-Cliffs from a “strong-buy” rating to a “strong sell” rating and set a $3.91 price target for the company. in a research note on Wednesday, May 28th. Two analysts have rated the stock with a sell rating, three have issued a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $12.03.

Insider Activity at Cleveland-Cliffs

In related news, EVP James D. Graham sold 120,000 shares of the business’s stock in a transaction on Friday, May 23rd. The stock was sold at an average price of $6.85, for a total value of $822,000.00. Following the completion of the sale, the executive vice president now directly owns 492,249 shares in the company, valued at $3,371,905.65. The trade was a 19.60% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 1.71% of the stock is currently owned by corporate insiders.

Cleveland-Cliffs Stock Performance

Shares of NYSE CLF opened at $7.33 on Thursday. The company has a current ratio of 2.13, a quick ratio of 0.64 and a debt-to-equity ratio of 1.17. Cleveland-Cliffs Inc. has a 12 month low of $5.63 and a 12 month high of $16.47. The stock has a 50 day moving average of $7.42 and a 200-day moving average of $9.12. The company has a market capitalization of $3.63 billion, a P/E ratio of -3.00 and a beta of 1.85.

Cleveland-Cliffs (NYSE:CLF) last issued its earnings results on Wednesday, May 7th. The mining company reported ($0.92) EPS for the quarter, missing the consensus estimate of ($0.78) by ($0.14). Cleveland-Cliffs had a negative return on equity of 12.84% and a negative net margin of 6.35%. The business had revenue of $4.63 billion for the quarter, compared to the consensus estimate of $4.71 billion. During the same quarter in the prior year, the firm posted $0.18 earnings per share. The business’s revenue was down 11.0% compared to the same quarter last year. As a group, equities research analysts predict that Cleveland-Cliffs Inc. will post -0.79 EPS for the current 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.