Assenagon Asset Management S.A. Increases Stock Holdings in Cleveland-Cliffs Inc. $CLF

Assenagon Asset Management S.A. boosted its position in Cleveland-Cliffs Inc. (NYSE:CLF) by 208.2% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 6,021,829 shares of the mining company’s stock after purchasing an additional 4,067,994 shares during the period. Assenagon Asset Management S.A.’s holdings in Cleveland-Cliffs were worth $56,545,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in CLF. Castle Hook Partners LP increased its holdings in shares of Cleveland-Cliffs by 572.4% in the 4th quarter. Castle Hook Partners LP now owns 18,083,029 shares of the mining company’s stock valued at $240,143,000 after purchasing an additional 15,393,507 shares in the last quarter. Turiya Advisors Asia Ltd purchased a new stake in shares of Cleveland-Cliffs during the 4th quarter worth approximately $96,280,000. Vanguard Group Inc. grew its holdings in shares of Cleveland-Cliffs by 13.4% in the 4th quarter. Vanguard Group Inc. now owns 54,391,397 shares of the mining company’s stock worth $722,318,000 after acquiring an additional 6,447,462 shares during the period. Maple Rock Capital Partners Inc. grew its holdings in shares of Cleveland-Cliffs by 90.1% in the 4th quarter. Maple Rock Capital Partners Inc. now owns 12,358,230 shares of the mining company’s stock worth $164,117,000 after acquiring an additional 5,855,830 shares during the period. Finally, State Street Corp increased its stake in Cleveland-Cliffs by 20.2% in the 2nd quarter. State Street Corp now owns 27,450,442 shares of the mining company’s stock valued at $208,623,000 after purchasing an additional 4,603,807 shares in the last quarter. Institutional investors and hedge funds own 67.68% of the company’s stock.

Insider Transactions at Cleveland-Cliffs

In other news, EVP Celso L. Goncalves, Jr. sold 214,308 shares of the business’s stock in a transaction on 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 transaction, the executive vice president owned 184,542 shares of the company’s stock, valued at approximately $2,474,708.22. The trade was a 53.73% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders own 0.95% of the company’s stock.

Cleveland-Cliffs Stock Performance

Shares of CLF opened at $12.27 on Friday. The firm has a market cap of $7.00 billion, a price-to-earnings ratio of -7.57 and a beta of 2.09. The company has a quick ratio of 0.63, a current ratio of 1.89 and a debt-to-equity ratio of 1.32. The business’s 50 day moving average is $11.36 and its two-hundred day moving average is $10.94. Cleveland-Cliffs Inc. has a 52-week low of $7.73 and a 52-week high of $16.70.

Cleveland-Cliffs (NYSE:CLF) last announced its quarterly earnings data on Thursday, July 23rd. The mining company reported ($0.20) earnings per share for the quarter, beating the consensus estimate of ($0.21) by $0.01. The firm had revenue of $5.23 billion during the quarter, compared to analyst estimates 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 quarterly revenue was up 5.9% on a year-over-year basis. During the same period in the previous year, the company earned ($0.50) earnings per share. Analysts forecast that Cleveland-Cliffs Inc. will post -0.11 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

CLF has been the topic of a number of analyst reports. Wells Fargo & Company reaffirmed a “positive” rating on shares of Cleveland-Cliffs in a research note on Friday, July 24th. Citigroup reissued a “positive” rating on shares of Cleveland-Cliffs in a research 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 research note on Friday, May 1st. Weiss Ratings restated a “sell (d-)” rating on shares of Cleveland-Cliffs in a research report on Tuesday, July 21st. Finally, JPMorgan Chase & Co. cut their price target on Cleveland-Cliffs from $13.00 to $10.00 and set a “neutral” rating for the company in a report on Wednesday, July 15th. Two investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, Cleveland-Cliffs has a consensus rating of “Hold” and an average price target of $11.86.

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.