Old West Investment Management LLC Invests $5.78 Million in Cleveland-Cliffs Inc. $CLF

Old West Investment Management LLC bought a new stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 616,022 shares of the mining company’s stock, valued at approximately $5,784,000. Old West Investment Management LLC owned about 0.11% of Cleveland-Cliffs as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently bought and sold shares of CLF. Public Employees Retirement System of Ohio boosted its stake in Cleveland-Cliffs by 0.6% during the third quarter. Public Employees Retirement System of Ohio now owns 152,009 shares of the mining company’s stock worth $1,855,000 after buying an additional 943 shares during the period. Moors & Cabot Inc. raised its stake 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 acquiring an additional 960 shares during the period. Rexford Capital Inc. lifted its holdings in shares of Cleveland-Cliffs by 11.8% in the 4th quarter. Rexford Capital Inc. now owns 9,500 shares of the mining company’s stock worth $126,000 after acquiring an additional 1,000 shares during the last quarter. IFP Advisors Inc boosted its stake in shares of Cleveland-Cliffs by 117.5% during the 4th quarter. IFP Advisors Inc now owns 2,221 shares of the mining company’s stock worth $29,000 after purchasing an additional 1,200 shares during the period. Finally, Caitong International Asset Management Co. Ltd boosted its stake in shares of Cleveland-Cliffs by 94.0% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 2,505 shares of the mining company’s stock worth $33,000 after purchasing an additional 1,214 shares during the period. Hedge funds and other institutional investors own 67.68% of the company’s stock.

Insider Buying and Selling at Cleveland-Cliffs

In other news, EVP Celso L. Goncalves, Jr. sold 214,308 shares of Cleveland-Cliffs 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 completion of the sale, the executive vice president owned 184,542 shares of the company’s stock, valued at approximately $2,474,708.22. The trade was a 53.73% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 0.95% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. JPMorgan Chase & Co. reduced their price objective on shares of Cleveland-Cliffs from $13.00 to $10.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 15th. Bank of America dropped their target price on Cleveland-Cliffs from $14.00 to $11.50 and set a “neutral” rating for the company in a research report on Thursday, July 9th. Citigroup reaffirmed a “positive” rating on shares of Cleveland-Cliffs in a research note on Friday, July 24th. Glj Research upgraded Cleveland-Cliffs from a “hold” rating to a “buy” rating and increased their price target for the stock from $15.01 to $15.60 in a report on Friday, July 24th. Finally, Morgan Stanley reissued an “equal weight” rating and set a $12.50 price target (up from $12.00) on shares of Cleveland-Cliffs in a research note on Monday, June 22nd. Two analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, Cleveland-Cliffs has a consensus rating of “Hold” and an average target price of $11.86.

Cleveland-Cliffs Trading Up 0.1%

CLF stock opened at $11.91 on Monday. Cleveland-Cliffs Inc. has a 12 month low of $7.73 and a 12 month high of $16.70. The firm’s 50-day moving average is $11.17 and its 200 day moving average is $10.84. The company has a market capitalization of $6.80 billion, a PE ratio of -7.35 and a beta of 2.09. The company has a debt-to-equity ratio of 1.32, a current ratio of 1.89 and a quick ratio of 0.63.

Cleveland-Cliffs (NYSE:CLF) last released its quarterly earnings data on Thursday, July 23rd. The mining company reported ($0.20) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.21) by $0.01. The company had revenue of $5.23 billion during the quarter, compared to analysts’ expectations of $5.15 billion. Cleveland-Cliffs had a negative net margin of 4.56% and a negative return on equity of 13.37%. The firm’s quarterly revenue was up 5.9% on a year-over-year basis. During the same period in the previous year, the company earned ($0.50) EPS. On average, research analysts anticipate that Cleveland-Cliffs Inc. will post -0.11 EPS for the current year.

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.