Headlands Technologies LLC Acquires Shares of 67,765 Cleveland-Cliffs Inc. $CLF

Headlands Technologies LLC acquired a new stake in Cleveland-Cliffs Inc. (NYSE:CLF) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 67,765 shares of the mining company’s stock, valued at approximately $636,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Los Angeles Capital Management LLC bought a new position in shares of Cleveland-Cliffs during the 4th quarter valued at approximately $25,000. Center for Financial Planning Inc. raised 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 valued at $28,000 after buying an additional 1,805 shares during the period. IFP Advisors Inc lifted its position in Cleveland-Cliffs by 117.5% in the fourth 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 during the last quarter. Johnson Financial Group Inc. bought a new stake in Cleveland-Cliffs in the second quarter worth $30,000. Finally, Caitong International Asset Management Co. Ltd boosted its stake in Cleveland-Cliffs by 94.0% during the fourth 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 during the period. Hedge funds and other institutional investors own 67.68% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the stock. JPMorgan Chase & Co. cut their price objective 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. Glj Research upgraded shares of Cleveland-Cliffs from a “hold” rating to a “buy” rating and raised their target price for the stock from $15.01 to $15.60 in a report on Friday, July 24th. Morgan Stanley reaffirmed an “equal weight” rating and set a $12.50 price target (up from $12.00) on shares of Cleveland-Cliffs in a research note on Monday, June 22nd. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cleveland-Cliffs in a research note on Tuesday, July 21st. Finally, Wells Fargo & Company upped their price target on shares of Cleveland-Cliffs from $11.00 to $12.00 and gave the company an “equal weight” rating in a report on Monday, August 24th. Two analysts have rated the stock with a Buy rating, seven have issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $11.96.

Insider Buying and Selling at Cleveland-Cliffs

In other news, EVP Celso L. Goncalves, Jr. sold 214,308 shares of Cleveland-Cliffs stock in a transaction on Friday, June 5th. The stock was 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 approximately $2,474,708.22. This trade represents a 53.73% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.95% of the company’s stock.

Cleveland-Cliffs Trading Up 7.7%

Shares of NYSE CLF opened at $12.43 on Thursday. Cleveland-Cliffs Inc. has a fifty-two week low of $7.73 and a fifty-two week high of $16.70. The company has a debt-to-equity ratio of 1.32, a quick ratio of 0.63 and a current ratio of 1.89. The company has a market cap of $7.09 billion, a price-to-earnings ratio of -7.67 and a beta of 2.10. The business’s 50 day moving average price is $10.93 and its 200-day moving average price is $10.67.

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

About Cleveland-Cliffs

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.