Man Group plc Purchases New Position in Cleveland-Cliffs Inc. $CLF

Man Group plc purchased a new stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 2,858,706 shares of the mining company’s stock, valued at approximately $26,843,000. Man Group plc owned approximately 0.50% of Cleveland-Cliffs at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. Public Employees Retirement System of Ohio boosted its position in shares of Cleveland-Cliffs by 0.6% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 152,009 shares of the mining company’s stock valued at $1,855,000 after acquiring an additional 943 shares during the last quarter. Moors & Cabot Inc. grew its holdings in shares of Cleveland-Cliffs by 3.0% in the third quarter. Moors & Cabot Inc. now owns 33,118 shares of the mining company’s stock valued at $404,000 after purchasing an additional 960 shares in the last quarter. Rexford Capital Inc. increased its position in Cleveland-Cliffs by 11.8% in the fourth quarter. Rexford Capital Inc. now owns 9,500 shares of the mining company’s stock worth $126,000 after purchasing an additional 1,000 shares during the last quarter. IFP Advisors Inc raised its stake in Cleveland-Cliffs by 117.5% during the fourth quarter. IFP Advisors Inc now owns 2,221 shares of the mining company’s stock valued at $29,000 after purchasing an additional 1,200 shares in the last quarter. Finally, Caitong International Asset Management Co. Ltd lifted its position 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 valued at $33,000 after purchasing an additional 1,214 shares during the last quarter. Institutional investors own 67.68% of the company’s stock.

Cleveland-Cliffs Stock Up 0.5%

NYSE CLF opened at $11.58 on Thursday. The company has a quick ratio of 0.63, a current ratio of 1.89 and a debt-to-equity ratio of 1.32. Cleveland-Cliffs Inc. has a 52 week low of $7.73 and a 52 week high of $16.70. The firm has a market capitalization of $6.61 billion, a price-to-earnings ratio of -7.15 and a beta of 2.09. The company has a fifty day moving average of $10.91 and a two-hundred day moving average of $10.70.

Cleveland-Cliffs (NYSE:CLF) last announced its earnings results 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 business had revenue of $5.23 billion for the quarter, compared to the consensus estimate of $5.15 billion. Cleveland-Cliffs had a negative net margin of 4.56% and a negative return on equity of 13.37%. The business’s revenue for the quarter was up 5.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.50) earnings per share. On average, analysts predict that Cleveland-Cliffs Inc. will post -0.11 earnings per share for the current year.

Insider Buying and Selling

In related news, EVP Celso L. Goncalves, Jr. sold 214,308 shares of the stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $13.41, for a total value of $2,873,870.28. Following the sale, the executive vice president directly 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. Insiders own 0.95% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. JPMorgan Chase & Co. reduced their target price on shares of Cleveland-Cliffs from $13.00 to $10.00 and set a “neutral” rating on the stock in a report on Wednesday, July 15th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cleveland-Cliffs in a report on Tuesday, July 21st. Glj Research upgraded Cleveland-Cliffs from a “hold” rating to a “buy” rating and lifted their price target for the stock from $15.01 to $15.60 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. Finally, Bank of America decreased their price objective on Cleveland-Cliffs from $14.00 to $11.50 and set a “neutral” rating on the stock in a research report on Thursday, July 9th. Two investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, Cleveland-Cliffs has an average rating of “Hold” and an average target price of $11.96.

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.