AXQ Capital LP Acquires 52,682 Shares of Cleveland-Cliffs Inc. $CLF

AXQ Capital LP grew its stake in Cleveland-Cliffs Inc. (NYSE:CLF) by 60.0% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 140,554 shares of the mining company’s stock after acquiring an additional 52,682 shares during the period. AXQ Capital LP’s holdings in Cleveland-Cliffs were worth $1,068,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Envestnet Asset Management Inc. grew its stake in Cleveland-Cliffs by 53.6% in the first quarter. Envestnet Asset Management Inc. now owns 116,545 shares of the mining company’s stock valued at $958,000 after purchasing an additional 40,656 shares in the last quarter. CWM LLC boosted its holdings in shares of Cleveland-Cliffs by 316.2% in the 1st quarter. CWM LLC now owns 53,671 shares of the mining company’s stock valued at $441,000 after buying an additional 40,774 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH bought a new position in shares of Cleveland-Cliffs in the first quarter valued at $1,074,000. Oak Thistle LLC acquired a new position in Cleveland-Cliffs during the first quarter worth $158,000. Finally, Madison Asset Management LLC bought a new stake in Cleveland-Cliffs during the first quarter worth $222,000. Institutional investors and hedge funds own 67.68% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently commented on the stock. JPMorgan Chase & Co. lifted their price objective on shares of Cleveland-Cliffs from $10.00 to $13.00 and gave the company a “neutral” rating in a research report on Monday, October 13th. Citigroup cut their target price on shares of Cleveland-Cliffs from $12.00 to $11.00 and set a “neutral” rating for the company in a research note on Tuesday, November 11th. Wells Fargo & Company raised Cleveland-Cliffs from an “underweight” rating to an “equal weight” rating and boosted their price target for the stock from $11.00 to $12.00 in a research report on Friday, November 14th. The Goldman Sachs Group upped their price objective on Cleveland-Cliffs from $14.50 to $16.00 and gave the company a “buy” rating in a research note on Friday, October 31st. Finally, UBS Group set a $15.00 target price on Cleveland-Cliffs in a research note on Monday, October 27th. Three research analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $12.78.

Cleveland-Cliffs Trading Up 2.0%

Shares of CLF stock opened at $11.20 on Friday. Cleveland-Cliffs Inc. has a 12-month low of $5.63 and a 12-month high of $16.70. The company has a market capitalization of $5.54 billion, a PE ratio of -3.29 and a beta of 2.07. The firm has a 50 day moving average price of $12.26 and a two-hundred day moving average price of $10.09. The company has a quick ratio of 0.61, a current ratio of 2.04 and a debt-to-equity ratio of 1.41.

Cleveland-Cliffs (NYSE:CLF) last announced its earnings results on Monday, October 20th. The mining company reported ($0.45) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.48) by $0.03. The company had revenue of $4.73 billion for the quarter, compared to analyst estimates of $4.90 billion. Cleveland-Cliffs had a negative return on equity of 20.02% and a negative net margin of 9.00%.The firm’s quarterly revenue was up 3.6% compared to the same quarter last year. During the same quarter last year, the company earned ($0.33) earnings per share. As a group, analysts predict that Cleveland-Cliffs Inc. will post -0.79 earnings per share 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.