Pelham Capital Ltd. lessened its holdings in Cleveland-Cliffs Inc (NYSE:CLF) by 21.0% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,128,184 shares of the mining company’s stock after selling 565,000 shares during the period. Cleveland-Cliffs makes up 2.5% of Pelham Capital Ltd.’s portfolio, making the stock its 7th biggest position. Pelham Capital Ltd.’s holdings in Cleveland-Cliffs were worth $22,708,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. AJO LP acquired a new stake in shares of Cleveland-Cliffs during the first quarter worth approximately $28,321,000. Norges Bank acquired a new stake in shares of Cleveland-Cliffs during the fourth quarter worth approximately $21,011,000. Fisher Asset Management LLC increased its holdings in shares of Cleveland-Cliffs by 4.6% during the second quarter. Fisher Asset Management LLC now owns 12,872,970 shares of the mining company’s stock worth $137,355,000 after buying an additional 565,102 shares in the last quarter. Picton Mahoney Asset Management acquired a new stake in shares of Cleveland-Cliffs during the first quarter worth approximately $4,707,000. Finally, Brightline Capital Management LLC acquired a new stake in shares of Cleveland-Cliffs during the first quarter worth approximately $3,596,000. 84.31% of the stock is owned by hedge funds and other institutional investors.

In related news, Director John T. Baldwin purchased 6,000 shares of the stock in a transaction that occurred on Thursday, August 8th. The stock was acquired at an average price of $8.70 per share, with a total value of $52,200.00. Following the completion of the acquisition, the director now directly owns 107,727 shares in the company, valued at approximately $937,224.90. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Keith Koci purchased 30,000 shares of the stock in a transaction that occurred on Wednesday, August 7th. The stock was bought at an average cost of $8.39 per share, with a total value of $251,700.00. Following the acquisition, the chief financial officer now owns 74,349 shares of the company’s stock, valued at $623,788.11. The disclosure for this purchase can be found here. In the last three months, insiders purchased 54,000 shares of company stock valued at $472,510. 1.32% of the stock is currently owned by company insiders.

CLF has been the subject of several recent analyst reports. ValuEngine lowered shares of Cleveland-Cliffs from a “sell” rating to a “strong sell” rating in a report on Thursday, August 1st. B. Riley raised their price objective on shares of Cleveland-Cliffs from $14.00 to $15.00 and gave the stock a “buy” rating in a report on Thursday, April 25th. Jefferies Financial Group set a $14.00 price objective on shares of Cleveland-Cliffs and gave the stock a “buy” rating in a report on Tuesday, April 23rd. Finally, Credit Suisse Group raised shares of Cleveland-Cliffs from a “neutral” rating to an “outperform” rating and raised their price objective for the stock from $13.00 to $14.00 in a report on Friday, April 26th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and five have given a buy rating to the company. Cleveland-Cliffs has a consensus rating of “Hold” and an average price target of $12.44.

Shares of Cleveland-Cliffs stock traded up $0.15 during midday trading on Friday, reaching $8.16. The company had a trading volume of 8,686,700 shares, compared to its average volume of 12,030,631. The company has a current ratio of 2.56, a quick ratio of 1.81 and a debt-to-equity ratio of 7.37. The company has a market capitalization of $2.20 billion, a price-to-earnings ratio of 3.83 and a beta of 1.98. The stock has a fifty day simple moving average of $10.14 and a 200 day simple moving average of $10.13. Cleveland-Cliffs Inc has a 1-year low of $7.40 and a 1-year high of $13.10.

Cleveland-Cliffs (NYSE:CLF) last issued its quarterly earnings results on Friday, July 19th. The mining company reported $0.63 earnings per share for the quarter, beating analysts’ consensus estimates of $0.52 by $0.11. The business had revenue of $697.40 million during the quarter, compared to analyst estimates of $624.23 million. Cleveland-Cliffs had a net margin of 50.72% and a return on equity of 238.16%. Cleveland-Cliffs’s revenue for the quarter was up 3.8% compared to the same quarter last year. During the same quarter last year, the business posted $0.55 earnings per share. Sell-side analysts expect that Cleveland-Cliffs Inc will post 1.77 earnings per share for the current year.

About Cleveland-Cliffs

Cleveland-Cliffs Inc operates as an iron ore mining company in the United States. The company operates four iron ore mines in Michigan and Minnesota. It sells its products to integrated steel companies and steel producers in the United States and the Asia Pacific. The company was formerly known as Cliffs Natural Resources Inc and changed its name to Cleveland-Cliffs Inc in August 2017.

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Institutional Ownership by Quarter for Cleveland-Cliffs (NYSE:CLF)

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