Quantinno Capital Management LP Buys 86,036 Shares of Cleveland-Cliffs Inc. $CLF

Quantinno Capital Management LP lifted its stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 68.0% during the first quarter, Holdings Channel.com reports. The firm owned 212,522 shares of the mining company’s stock after buying an additional 86,036 shares during the period. Quantinno Capital Management LP’s holdings in Cleveland-Cliffs were worth $1,796,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Los Angeles Capital Management LLC acquired a new stake in shares of Cleveland-Cliffs in the fourth quarter valued at approximately $25,000. Center for Financial Planning Inc. lifted its holdings in Cleveland-Cliffs by 119.0% during the 1st quarter. Center for Financial Planning Inc. now owns 3,322 shares of the mining company’s stock worth $28,000 after buying an additional 1,805 shares in the last quarter. IFP Advisors Inc lifted its holdings in Cleveland-Cliffs by 117.5% during 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 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 valued at $33,000 after buying an additional 1,214 shares during the last quarter. Finally, CIBC Private Wealth Group LLC boosted its position 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 buying an additional 1,855 shares during the last quarter. 67.68% of the stock is owned by institutional investors.

Insider Buying and Selling at Cleveland-Cliffs

In other news, EVP Celso L. Goncalves, Jr. sold 214,308 shares of the stock in a transaction on Friday, June 5th. The stock was sold at an average price of $13.41, for a total value of $2,873,870.28. Following the transaction, the executive vice president owned 184,542 shares of the company’s stock, valued at $2,474,708.22. This represents a 53.73% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.95% of the stock is currently owned by company insiders.

Cleveland-Cliffs Trading Down 1.1%

Shares of NYSE CLF opened at $12.35 on Wednesday. The company’s 50 day simple moving average is $11.29 and its 200 day simple moving average is $10.89. Cleveland-Cliffs Inc. has a fifty-two week low of $7.73 and a fifty-two week high of $16.70. The firm has a market capitalization of $7.05 billion, a P/E ratio of -7.63 and a beta of 2.09. The company has a debt-to-equity ratio of 1.32, a current ratio of 1.89 and a quick ratio of 0.63.

Cleveland-Cliffs (NYSE:CLF) last released its earnings results on Thursday, July 23rd. The mining company reported ($0.20) EPS for the quarter, topping analysts’ consensus estimates of ($0.21) by $0.01. Cleveland-Cliffs had a negative net margin of 4.56% and a negative return on equity of 13.37%. The firm had revenue of $5.23 billion during the quarter, compared to analyst estimates of $5.15 billion. During the same quarter in the previous year, the business earned ($0.50) EPS. The business’s quarterly revenue was up 5.9% compared to the same quarter last year. On average, analysts predict that Cleveland-Cliffs Inc. will post -0.11 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the company. Morgan Stanley reissued an “equal weight” rating and issued a $12.50 target price (up from $12.00) on shares of Cleveland-Cliffs in a research note on Monday, June 22nd. Wells Fargo & Company reaffirmed a “positive” rating on shares of Cleveland-Cliffs in a research note on Friday, July 24th. Barclays raised their price target on Cleveland-Cliffs from $9.00 to $10.00 and gave the company an “underweight” rating in a report on Friday, July 24th. The Goldman Sachs Group reissued a “neutral” rating and set a $10.00 price objective on shares of Cleveland-Cliffs in a report on Friday, May 1st. Finally, JPMorgan Chase & Co. cut their target price on shares of Cleveland-Cliffs from $13.00 to $10.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 15th. Two investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, Cleveland-Cliffs has a consensus rating of “Hold” and a consensus target price of $11.86.

Cleveland-Cliffs Company 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.