Assenagon Asset Management S.A. Acquires New Holdings in Cleveland-Cliffs Inc. $CLF

Assenagon Asset Management S.A. bought a new position in shares of Cleveland-Cliffs Inc. (NYSE:CLF) in the first quarter, HoldingsChannel reports. The firm bought 1,953,835 shares of the mining company’s stock, valued at approximately $16,510,000.

Several other hedge funds have also recently bought and sold shares of the stock. Vanguard Group Inc. boosted its holdings in shares of Cleveland-Cliffs by 13.4% in the fourth quarter. Vanguard Group Inc. now owns 54,391,397 shares of the mining company’s stock valued at $722,318,000 after buying an additional 6,447,462 shares during the period. State Street Corp raised its holdings in shares of Cleveland-Cliffs by 14.2% during the fourth quarter. State Street Corp now owns 29,278,156 shares of the mining company’s stock worth $388,814,000 after acquiring an additional 3,632,150 shares during the period. Castle Hook Partners LP raised its holdings in shares of Cleveland-Cliffs by 572.4% during the fourth quarter. Castle Hook Partners LP now owns 18,083,029 shares of the mining company’s stock worth $240,143,000 after acquiring an additional 15,393,507 shares during the period. Maple Rock Capital Partners Inc. raised its holdings in shares of Cleveland-Cliffs by 90.1% during the fourth quarter. Maple Rock Capital Partners Inc. now owns 12,358,230 shares of the mining company’s stock worth $164,117,000 after acquiring an additional 5,855,830 shares during the period. Finally, Geode Capital Management LLC lifted its position in Cleveland-Cliffs by 14.7% in the 4th quarter. Geode Capital Management LLC now owns 10,039,851 shares of the mining company’s stock valued at $133,372,000 after acquiring an additional 1,286,042 shares in the last quarter. 67.68% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Cleveland-Cliffs

In other news, EVP Celso L. Goncalves, Jr. sold 214,308 shares of the business’s stock in a transaction dated 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 transaction, the executive vice president directly owned 184,542 shares in the company, valued at $2,474,708.22. The trade was a 53.73% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.95% of the stock is currently owned by company insiders.

Cleveland-Cliffs Stock Down 7.6%

NYSE:CLF opened at $9.94 on Friday. The firm has a market capitalization of $5.67 billion, a price-to-earnings ratio of -4.25 and a beta of 2.09. Cleveland-Cliffs Inc. has a twelve month low of $7.01 and a twelve month high of $16.70. The stock’s 50 day moving average price is $11.52 and its two-hundred day moving average price is $11.52. The company has a quick ratio of 0.64, a current ratio of 2.02 and a debt-to-equity ratio of 1.29.

Cleveland-Cliffs (NYSE:CLF) last issued its earnings results on Monday, April 20th. The mining company reported ($0.40) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.44) by $0.04. Cleveland-Cliffs had a negative net margin of 6.42% and a negative return on equity of 15.48%. The business had revenue of $4.92 billion for the quarter, compared to the consensus estimate of $4.84 billion. During the same period in the previous year, the company earned ($0.92) earnings per share. The firm’s revenue for the quarter was up 6.3% on a year-over-year basis. Equities research analysts expect that Cleveland-Cliffs Inc. will post -0.27 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on CLF. Glj Research raised shares of Cleveland-Cliffs from a “sell” rating to a “hold” rating and upped their target price for the stock from $9.03 to $15.01 in a research note on Tuesday, June 9th. Barclays initiated coverage on Cleveland-Cliffs in a report on Thursday, May 21st. They issued an “underweight” rating and a $9.00 price target on the stock. KeyCorp started coverage on Cleveland-Cliffs in a research report on Wednesday, March 25th. They set a “sector weight” rating for the company. Argus upgraded Cleveland-Cliffs to a “hold” rating in a report on Monday, April 6th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Cleveland-Cliffs in a report on Friday, April 24th. Nine research analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, Cleveland-Cliffs currently has a consensus rating of “Reduce” and a consensus price target of $12.90.

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.