AXQ Capital LP Lowers Stock Position in Cleveland-Cliffs Inc. $CLF

AXQ Capital LP reduced its position in Cleveland-Cliffs Inc. (NYSE:CLF) by 52.5% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 66,766 shares of the mining company’s stock after selling 73,788 shares during the quarter. AXQ Capital LP’s holdings in Cleveland-Cliffs were worth $815,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Strengthening Families & Communities LLC raised its holdings in shares of Cleveland-Cliffs by 4,315.6% in the 3rd quarter. Strengthening Families & Communities LLC now owns 1,987 shares of the mining company’s stock worth $25,000 after purchasing an additional 1,942 shares during the period. Deseret Mutual Benefit Administrators grew its holdings in shares of 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 purchasing an additional 1,164 shares during the period. Winch Advisory Services LLC increased 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 purchasing an additional 2,310 shares in the last quarter. Islay Capital Management LLC acquired a new stake in Cleveland-Cliffs during the 2nd quarter worth approximately $38,000. Finally, MTM Investment Management LLC purchased a new position in Cleveland-Cliffs in the second quarter valued at approximately $40,000. Institutional investors and hedge funds own 67.68% of the company’s stock.

Wall Street Analyst Weigh In

CLF has been the subject of several research reports. Citigroup boosted their price objective on shares of Cleveland-Cliffs from $11.00 to $13.00 and gave the stock a “neutral” rating in a research note on Monday, February 9th. Glj Research reduced their target price on shares of Cleveland-Cliffs from $9.52 to $9.42 and set a “sell” rating on the stock in a report on Tuesday, February 10th. 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 report on Friday, January 9th. Wall Street Zen raised Cleveland-Cliffs from a “sell” rating to a “hold” rating in a research report on Saturday, February 14th. Finally, UBS Group set a $15.00 price objective on Cleveland-Cliffs in a research note on Monday, October 27th. Three research analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $13.89.

Insider Transactions at Cleveland-Cliffs

In related news, Director Edilson Camara acquired 19,700 shares of Cleveland-Cliffs stock in a transaction on Friday, February 13th. The shares were purchased at an average cost of $10.13 per share, for a total transaction of $199,561.00. Following the purchase, the director directly owned 41,983 shares of the company’s stock, valued at $425,287.79. The trade was a 88.41% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Clifford T. Smith sold 200,000 shares of the business’s stock in a transaction dated 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 completion of the sale, the chief operating officer directly owned 560,529 shares of the company’s stock, valued at $5,863,133.34. The trade was a 26.30% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 1.76% of the company’s stock.

Cleveland-Cliffs Stock Performance

Shares of CLF stock opened at $10.79 on Tuesday. The company has a debt-to-equity ratio of 1.15, a current ratio of 1.95 and a quick ratio of 0.50. The company’s fifty day moving average price is $13.10 and its two-hundred day moving average price is $12.30. The firm has a market capitalization of $6.15 billion, a P/E ratio of -3.69 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.

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

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.