Lighthouse Investment Partners LLC Takes $9.17 Million Position in Cleveland-Cliffs Inc. $CLF

Lighthouse Investment Partners LLC purchased a new position in shares of Cleveland-Cliffs Inc. (NYSE:CLF) in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 751,750 shares of the mining company’s stock, valued at approximately $9,171,000. Lighthouse Investment Partners LLC owned about 0.15% of Cleveland-Cliffs as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Strengthening Families & Communities LLC increased its holdings in Cleveland-Cliffs by 4,315.6% during the 3rd quarter. Strengthening Families & Communities LLC now owns 1,987 shares of the mining company’s stock valued at $25,000 after acquiring an additional 1,942 shares in the last quarter. Deseret Mutual Benefit Administrators grew its position in shares of Cleveland-Cliffs by 72.6% in the third quarter. Deseret Mutual Benefit Administrators now owns 2,768 shares of the mining company’s stock valued at $34,000 after purchasing an additional 1,164 shares during the last quarter. MTM Investment Management LLC acquired a new stake in shares of Cleveland-Cliffs in the second quarter valued at approximately $40,000. N.E.W. Advisory Services LLC purchased a new position in shares of Cleveland-Cliffs during the 2nd quarter worth approximately $40,000. Finally, Westfuller Advisors LLC purchased a new position in shares of Cleveland-Cliffs during the 3rd quarter worth approximately $68,000. 67.68% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Cleveland-Cliffs

In other news, Director Edilson Camara acquired 19,700 shares of the company’s stock in a transaction dated Friday, February 13th. The shares were bought at an average price of $10.13 per share, for a total transaction of $199,561.00. Following the completion of the purchase, the director directly owned 41,983 shares of the company’s stock, valued at approximately $425,287.79. This trade represents a 88.41% increase in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, COO Clifford T. Smith sold 200,000 shares of the business’s stock in a transaction on Tuesday, February 17th. The stock was sold at an average price of $10.46, for a total transaction of $2,092,000.00. Following the transaction, the chief operating officer directly owned 560,529 shares in the company, valued at approximately $5,863,133.34. The trade was a 26.30% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 1.76% of the stock is owned by corporate insiders.

Cleveland-Cliffs Price Performance

Shares of NYSE CLF opened at $8.47 on Monday. The company has a debt-to-equity ratio of 1.15, a current ratio of 1.95 and a quick ratio of 0.50. Cleveland-Cliffs Inc. has a 1-year low of $5.63 and a 1-year high of $16.70. The company has a market capitalization of $4.83 billion, a price-to-earnings ratio of -2.90 and a beta of 1.99. The business has a 50-day moving average of $12.19 and a 200-day moving average of $12.29.

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

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on CLF. The Goldman Sachs Group reaffirmed a “buy” rating and issued a $15.00 target price on shares of Cleveland-Cliffs in a research note on Monday, February 9th. Citigroup boosted their price target on Cleveland-Cliffs from $11.00 to $13.00 and gave the stock a “neutral” rating in a report on Monday, February 9th. Morgan Stanley raised Cleveland-Cliffs from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $12.80 to $17.00 in a research note on Friday, January 9th. Wall Street Zen raised shares of Cleveland-Cliffs from a “sell” rating to a “hold” rating in a research note on Saturday, February 14th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Cleveland-Cliffs in a report on Tuesday, January 27th. Three research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, Cleveland-Cliffs has a consensus rating of “Hold” and an average price target of $13.89.

Cleveland-Cliffs 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.