Neo Ivy Capital Management Acquires Shares of 115,416 Cleveland-Cliffs Inc. $CLF

Neo Ivy Capital Management acquired a new position in shares of Cleveland-Cliffs Inc. (NYSE:CLF) during the 3rd quarter, according to its most recent 13F filing with the SEC. The fund acquired 115,416 shares of the mining company’s stock, valued at approximately $1,408,000.

Other institutional investors also recently made changes to their positions in the company. Barclays PLC increased its stake in shares of Cleveland-Cliffs by 281.9% in the third quarter. Barclays PLC now owns 2,308,271 shares of the mining company’s stock worth $28,161,000 after buying an additional 1,703,791 shares during the last quarter. Cresset Asset Management LLC boosted its stake in Cleveland-Cliffs by 91.9% during the 3rd quarter. Cresset Asset Management LLC now owns 24,303 shares of the mining company’s stock valued at $296,000 after acquiring an additional 11,636 shares during the last quarter. Contrarius Group Holdings Ltd bought a new position in Cleveland-Cliffs during the 3rd quarter valued at $10,932,000. Landing Point Financial Group LLC acquired a new position in Cleveland-Cliffs during the 3rd quarter worth $524,000. Finally, Xponance Inc. grew its holdings in Cleveland-Cliffs by 7.4% during the 3rd quarter. Xponance Inc. now owns 60,557 shares of the mining company’s stock worth $739,000 after acquiring an additional 4,158 shares in the last quarter. 67.68% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, COO Clifford T. Smith sold 200,000 shares of the stock in a transaction dated Tuesday, February 17th. The shares were 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 represents a 26.30% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Lourenco Goncalves sold 3,000,000 shares of the firm’s stock in a transaction dated Wednesday, February 11th. The stock was sold at an average price of $12.42, for a total transaction of $37,260,000.00. Additional details regarding this sale are available in the official SEC disclosure. 1.71% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on CLF shares. Citigroup upped their target price on shares of Cleveland-Cliffs from $11.00 to $13.00 and gave the company a “neutral” rating in a research note on Monday, February 9th. Morgan Stanley upgraded Cleveland-Cliffs from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $12.80 to $17.00 in a research note on Friday, January 9th. Wells Fargo & Company raised Cleveland-Cliffs from an “underweight” rating to an “equal weight” rating and boosted their price objective for the company from $11.00 to $12.00 in a report on Friday, November 14th. Glj Research cut their price objective on Cleveland-Cliffs from $9.52 to $9.42 and set a “sell” rating on the stock in a research note on Tuesday, February 10th. Finally, KeyCorp downgraded Cleveland-Cliffs from an “overweight” rating to a “sector weight” rating in a report on Wednesday, January 7th. Three equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Cleveland-Cliffs presently has a consensus rating of “Hold” and a consensus price target of $13.89.

Cleveland-Cliffs Stock Down 8.0%

CLF stock opened at $9.83 on Friday. The firm has a market cap of $5.61 billion, a price-to-earnings ratio of -3.37 and a beta of 1.99. Cleveland-Cliffs Inc. has a 1-year low of $5.63 and a 1-year high of $16.70. The firm has a fifty day moving average price of $12.62 and a two-hundred day moving average price of $12.31. The company has a debt-to-equity ratio of 1.15, a current ratio of 1.95 and a quick ratio of 0.50.

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