Readystate Asset Management LP Has $5.54 Million Stake in Cleveland-Cliffs Inc. $CLF

Readystate Asset Management LP raised its position in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 961.9% during the 3rd quarter, Holdings Channel.com reports. The firm owned 454,213 shares of the mining company’s stock after acquiring an additional 411,438 shares during the period. Readystate Asset Management LP’s holdings in Cleveland-Cliffs were worth $5,541,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Strengthening Families & Communities LLC grew its holdings in shares of Cleveland-Cliffs by 4,315.6% during the third quarter. Strengthening Families & Communities LLC now owns 1,987 shares of the mining company’s stock valued at $25,000 after buying an additional 1,942 shares in the last quarter. Deseret Mutual Benefit Administrators boosted its position in Cleveland-Cliffs by 72.6% during the 3rd quarter. Deseret Mutual Benefit Administrators now owns 2,768 shares of the mining company’s stock worth $34,000 after acquiring an additional 1,164 shares during the period. Winch Advisory Services LLC boosted its position in Cleveland-Cliffs by 131.3% during the 2nd quarter. Winch Advisory Services LLC now owns 4,070 shares of the mining company’s stock worth $31,000 after acquiring an additional 2,310 shares during the period. Islay Capital Management LLC purchased a new position in Cleveland-Cliffs during the 2nd quarter valued at about $38,000. Finally, MTM Investment Management LLC acquired a new position in shares of Cleveland-Cliffs in the 2nd quarter valued at about $40,000. Hedge funds and other institutional investors own 67.68% of the company’s stock.

Cleveland-Cliffs Price Performance

NYSE CLF opened at $10.51 on Wednesday. The company has a quick ratio of 0.50, a current ratio of 1.95 and a debt-to-equity ratio of 1.15. The stock has a market capitalization of $5.99 billion, a PE ratio of -3.60 and a beta of 1.93. Cleveland-Cliffs Inc. has a 12-month low of $5.63 and a 12-month high of $16.70. The company has a 50 day moving average price of $13.29 and a two-hundred day moving average price of $12.27.

Cleveland-Cliffs (NYSE:CLF) last announced its quarterly earnings results on Monday, February 9th. The mining company reported ($0.43) EPS for the quarter, topping the consensus estimate of ($0.62) by $0.19. Cleveland-Cliffs had a negative net margin of 7.91% and a negative return on equity of 18.94%. The company had revenue of $4.31 billion for the quarter, compared to analyst estimates of $4.60 billion. During the same quarter in the prior year, the business posted ($0.68) EPS. Cleveland-Cliffs’s quarterly revenue was down .3% on a year-over-year basis. As a group, equities analysts predict that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current fiscal year.

Insider Buying and Selling at Cleveland-Cliffs

In related news, Director Edilson Camara purchased 19,700 shares of the firm’s stock in a transaction dated Friday, February 13th. The stock was bought at an average price of $10.13 per share, for a total transaction of $199,561.00. Following the purchase, the director owned 41,983 shares in the company, valued at $425,287.79. The trade was a 88.41% increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Lourenco Goncalves sold 3,000,000 shares of the stock in a transaction dated Wednesday, February 11th. The shares were sold at an average price of $12.42, for a total value of $37,260,000.00. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 1.71% of the company’s stock.

Wall Street Analyst Weigh In

CLF has been the subject of several research reports. Glj Research decreased their price target on shares of Cleveland-Cliffs from $9.52 to $9.42 and set a “sell” rating for the company in a report on Tuesday, February 10th. KeyCorp lowered shares of Cleveland-Cliffs from an “overweight” rating to a “sector weight” rating in a research note on Wednesday, January 7th. UBS Group set a $15.00 target price on shares of Cleveland-Cliffs in a research note on Monday, October 27th. Wall Street Zen upgraded shares of Cleveland-Cliffs from a “sell” rating to a “hold” rating in a report on Saturday. Finally, Morgan Stanley raised shares of Cleveland-Cliffs from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $12.80 to $17.00 in a research note on Friday, January 9th. Three equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $13.89.

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.