Turiya Advisors Asia Ltd Acquires New Position in Cleveland-Cliffs Inc. $CLF

Turiya Advisors Asia Ltd acquired a new stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF) in the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor acquired 7,250,000 shares of the mining company’s stock, valued at approximately $96,280,000. Cleveland-Cliffs makes up approximately 14.7% of Turiya Advisors Asia Ltd’s portfolio, making the stock its 3rd largest holding. Turiya Advisors Asia Ltd owned 1.27% of Cleveland-Cliffs at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Los Angeles Capital Management LLC purchased a new stake in Cleveland-Cliffs during the 4th quarter valued at about $25,000. IFP Advisors Inc grew its stake in shares of Cleveland-Cliffs by 117.5% in the 4th quarter. IFP Advisors Inc now owns 2,221 shares of the mining company’s stock valued at $29,000 after buying an additional 1,200 shares during the period. Larson Financial Group LLC grew its stake in shares of Cleveland-Cliffs by 819.2% in the 3rd quarter. Larson Financial Group LLC now owns 2,684 shares of the mining company’s stock valued at $33,000 after buying an additional 2,392 shares during the period. Eurizon Capital SGR S.p.A. purchased a new stake in shares of Cleveland-Cliffs in the 4th quarter valued at approximately $44,000. Finally, Investors Towarzystwo Funduszy Inwestycyjnych Spolka Akcyjna acquired a new stake in shares of Cleveland-Cliffs during the 4th quarter worth approximately $59,000. Hedge funds and other institutional investors own 67.68% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently commented on CLF. Wall Street Zen raised shares of Cleveland-Cliffs from a “sell” rating to a “hold” rating in a research report on Saturday, February 14th. The Goldman Sachs Group reaffirmed a “neutral” rating and set a $10.00 price target on shares of Cleveland-Cliffs in a research report on Friday, May 1st. JPMorgan Chase & Co. lifted their price target on shares of Cleveland-Cliffs from $9.00 to $13.00 and gave the company a “neutral” rating in a research report on Wednesday. Morgan Stanley reduced their price target on shares of Cleveland-Cliffs from $16.80 to $12.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 21st. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cleveland-Cliffs in a research report on Friday, April 24th. One research analyst has rated the stock with a Buy rating, eight have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Reduce” and an average target price of $12.85.

Insider Transactions at Cleveland-Cliffs

In other Cleveland-Cliffs news, EVP Celso L. Goncalves, Jr. sold 214,308 shares of the stock in a transaction that occurred 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 sale, the executive vice president directly owned 184,542 shares in the company, valued at $2,474,708.22. This represents a 53.73% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.95% of the stock is currently owned by company insiders.

Cleveland-Cliffs Price Performance

Cleveland-Cliffs stock opened at $13.70 on Friday. The firm has a market cap of $7.81 billion, a PE ratio of -5.85 and a beta of 2.09. Cleveland-Cliffs Inc. has a 52-week low of $6.72 and a 52-week high of $16.70. The company has a quick ratio of 0.64, a current ratio of 2.02 and a debt-to-equity ratio of 1.29. The company’s 50 day moving average is $10.84 and its two-hundred day moving average is $11.56.

Cleveland-Cliffs (NYSE:CLF) last released its earnings results on Monday, April 20th. The mining company reported ($0.40) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.44) by $0.04. The company had revenue of $4.92 billion for the quarter, compared to analyst estimates of $4.84 billion. Cleveland-Cliffs had a negative net margin of 6.42% and a negative return on equity of 15.48%. The firm’s quarterly revenue was up 6.3% on a year-over-year basis. During the same period in the prior year, the business earned ($0.92) EPS. On average, research analysts expect that Cleveland-Cliffs Inc. will post -0.46 EPS for the current fiscal 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.