Cleveland-Cliffs Inc. $CLF Shares Purchased by Counterpoint Mutual Funds LLC

Counterpoint Mutual Funds LLC boosted its position in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 155.5% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 97,669 shares of the mining company’s stock after purchasing an additional 59,443 shares during the quarter. Counterpoint Mutual Funds LLC’s holdings in Cleveland-Cliffs were worth $825,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the company. Los Angeles Capital Management LLC purchased a new position in shares of Cleveland-Cliffs in the fourth quarter valued at $25,000. IFP Advisors Inc boosted its position in shares of Cleveland-Cliffs by 117.5% in the 4th quarter. IFP Advisors Inc now owns 2,221 shares of the mining company’s stock worth $29,000 after buying an additional 1,200 shares in the last quarter. Caitong International Asset Management Co. Ltd boosted its position in shares of Cleveland-Cliffs by 94.0% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 2,505 shares of the mining company’s stock worth $33,000 after buying an additional 1,214 shares in the last quarter. CIBC Private Wealth Group LLC grew its stake in Cleveland-Cliffs by 306.1% in the 4th quarter. CIBC Private Wealth Group LLC now owns 2,461 shares of the mining company’s stock valued at $33,000 after acquiring an additional 1,855 shares during the last quarter. Finally, Larson Financial Group LLC grew its stake in Cleveland-Cliffs by 819.2% in the 3rd quarter. Larson Financial Group LLC now owns 2,684 shares of the mining company’s stock valued at $33,000 after acquiring an additional 2,392 shares during the last quarter. Institutional investors and hedge funds own 67.68% of the company’s stock.

Insider Activity

In other news, EVP Celso L. Goncalves, Jr. sold 214,308 shares of Cleveland-Cliffs stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $13.41, for a total transaction of $2,873,870.28. Following the completion of the sale, the executive vice president directly owned 184,542 shares in the company, valued at $2,474,708.22. The trade was a 53.73% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.95% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several equities analysts have weighed in on CLF shares. Barclays assumed coverage on shares of Cleveland-Cliffs in a report on Thursday, May 21st. They set an “underweight” rating and a $9.00 target price for the company. JPMorgan Chase & Co. upped their price target on shares of Cleveland-Cliffs from $9.00 to $13.00 and gave the company a “neutral” rating in a report on Wednesday, June 10th. The Goldman Sachs Group reiterated a “neutral” rating and issued a $10.00 price target on shares of Cleveland-Cliffs in a research report on Friday, May 1st. Argus raised shares of Cleveland-Cliffs to a “hold” rating in a research note on Monday, April 6th. Finally, Glj Research upgraded Cleveland-Cliffs from a “sell” rating to a “hold” rating and lifted their price objective for the stock from $9.03 to $15.01 in a research report on Tuesday, June 9th. Nine investment analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Reduce” and a consensus target price of $12.90.

Cleveland-Cliffs Stock Down 0.4%

CLF opened at $9.82 on Friday. The company has a quick ratio of 0.64, a current ratio of 2.02 and a debt-to-equity ratio of 1.29. The firm has a market cap of $5.60 billion, a P/E ratio of -4.20 and a beta of 2.13. Cleveland-Cliffs Inc. has a 52 week low of $7.73 and a 52 week high of $16.70. The business’s fifty day simple moving average is $11.52 and its 200 day simple moving average is $11.41.

Cleveland-Cliffs (NYSE:CLF) last announced its earnings results on Monday, April 20th. The mining company reported ($0.40) earnings per share for the quarter, beating the consensus estimate of ($0.44) by $0.04. The firm had revenue of $4.92 billion during the quarter, compared to the consensus estimate of $4.84 billion. Cleveland-Cliffs had a negative net margin of 6.42% and a negative return on equity of 15.48%. The firm’s revenue for the quarter was up 6.3% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.92) EPS. As a group, equities research analysts anticipate that Cleveland-Cliffs Inc. will post -0.27 EPS 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.