Cleveland-Cliffs Inc. $CLF Shares Sold by AXQ Capital LP

AXQ Capital LP decreased its holdings in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 52.5% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 66,766 shares of the mining company’s stock after selling 73,788 shares during the period. AXQ Capital LP’s holdings in Cleveland-Cliffs were worth $815,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in CLF. Hunter Associates Investment Management LLC lifted its holdings in shares of Cleveland-Cliffs by 43.5% during the second quarter. Hunter Associates Investment Management LLC now owns 70,898 shares of the mining company’s stock worth $538,000 after purchasing an additional 21,498 shares during the period. Quantbot Technologies LP raised its holdings in Cleveland-Cliffs by 66.5% during the second quarter. Quantbot Technologies LP now owns 794,437 shares of the mining company’s stock worth $6,038,000 after purchasing an additional 317,352 shares in the last quarter. First Dallas Securities Inc. lifted its position in Cleveland-Cliffs by 27.2% in the second quarter. First Dallas Securities Inc. now owns 312,040 shares of the mining company’s stock valued at $2,372,000 after purchasing an additional 66,800 shares during the period. Y Intercept Hong Kong Ltd boosted its holdings in Cleveland-Cliffs by 1,525.1% in the 3rd quarter. Y Intercept Hong Kong Ltd now owns 420,927 shares of the mining company’s stock valued at $5,135,000 after purchasing an additional 395,026 shares in the last quarter. Finally, Monaco Asset Management SAM increased its position in Cleveland-Cliffs by 79.2% during the 2nd quarter. Monaco Asset Management SAM now owns 430,000 shares of the mining company’s stock worth $3,268,000 after purchasing an additional 190,000 shares during the period. 67.68% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Cleveland-Cliffs

In other news, COO Clifford T. Smith sold 200,000 shares of the firm’s stock in a transaction on Tuesday, February 17th. The stock was sold at an average price of $10.46, for a total transaction of $2,092,000.00. Following the sale, the chief operating officer owned 560,529 shares in the company, valued at $5,863,133.34. This trade represents a 26.30% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Lourenco Goncalves sold 3,000,000 shares of the company’s stock in a transaction on Wednesday, February 11th. The shares were sold at an average price of $12.42, for a total value of $37,260,000.00. The disclosure for this sale is available in the SEC filing. Insiders own 1.76% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on CLF. KeyCorp downgraded Cleveland-Cliffs from an “overweight” rating to a “sector weight” rating in a research note on Wednesday, January 7th. Wall Street Zen upgraded shares of Cleveland-Cliffs from a “sell” rating to a “hold” rating in a research report on Saturday, February 14th. Morgan Stanley upgraded shares of Cleveland-Cliffs from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $12.80 to $17.00 in a report on Friday, January 9th. UBS Group set a $15.00 price objective on shares of Cleveland-Cliffs in a research note on Monday, October 27th. Finally, The Goldman Sachs Group restated a “buy” rating and set a $15.00 target price on shares of Cleveland-Cliffs in a research report on Monday, February 9th. Three analysts have rated the stock with a Buy rating, five have given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, Cleveland-Cliffs presently has an average rating of “Hold” and a consensus target price of $13.89.

Cleveland-Cliffs Trading Up 1.3%

Cleveland-Cliffs stock opened at $10.79 on Tuesday. The stock has a market cap of $6.15 billion, a PE ratio of -3.69 and a beta of 1.93. The stock has a 50-day moving average price of $13.10 and a 200 day moving average price of $12.30. Cleveland-Cliffs Inc. has a 52 week low of $5.63 and a 52 week high of $16.70. The company has a current ratio of 1.95, a quick ratio of 0.50 and a debt-to-equity ratio of 1.15.

Cleveland-Cliffs (NYSE:CLF) last announced its quarterly earnings data on Monday, February 9th. The mining company reported ($0.43) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.62) by $0.19. The business had revenue of $4.31 billion for the quarter, compared to the consensus estimate of $4.60 billion. Cleveland-Cliffs had a negative net margin of 7.91% and a negative return on equity of 18.94%. The company’s quarterly revenue was down .3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.68) earnings per share. Equities research analysts predict that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current fiscal year.

Cleveland-Cliffs Profile

Cleveland-Cliffs Inc is a leading North American producer of iron ore pellets and flat-rolled steel products. Tracing its roots to 1847, the company has evolved from an iron-ore mining concern in the Great Lakes region into a fully integrated steelmaker. Today, Cleveland-Cliffs operates iron ore mining complexes in Michigan and Minnesota as well as steelmaking and finishing facilities across the United States.

The company’s integrated platform begins with direct control of key raw materials, including iron ore and scrap, and extends through every stage of steel production.