Aigen Investment Management LP Has $1.14 Million Stock Holdings in Cleveland-Cliffs Inc. $CLF

Aigen Investment Management LP boosted its stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 342.5% in the 4th quarter, HoldingsChannel.com reports. The firm owned 86,106 shares of the mining company’s stock after buying an additional 66,646 shares during the quarter. Aigen Investment Management LP’s holdings in Cleveland-Cliffs were worth $1,143,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of the stock. The Manufacturers Life Insurance Company boosted its position in Cleveland-Cliffs by 8.6% during the fourth quarter. The Manufacturers Life Insurance Company now owns 401,035 shares of the mining company’s stock valued at $5,326,000 after purchasing an additional 31,789 shares during the last quarter. CANADA LIFE ASSURANCE Co raised its stake in Cleveland-Cliffs by 23.1% in the fourth quarter. CANADA LIFE ASSURANCE Co now owns 348,124 shares of the mining company’s stock valued at $4,620,000 after buying an additional 65,228 shares during the period. UMB Bank n.a. increased its stake in shares of Cleveland-Cliffs by 80.1% during the fourth quarter. UMB Bank n.a. now owns 8,215 shares of the mining company’s stock worth $109,000 after purchasing an additional 3,653 shares during the period. Bank of Nova Scotia bought a new position in shares of Cleveland-Cliffs during the fourth quarter worth approximately $14,273,000. Finally, Morgan Stanley increased its stake in shares of Cleveland-Cliffs by 17.3% during the fourth quarter. Morgan Stanley now owns 7,862,669 shares of the mining company’s stock worth $104,416,000 after purchasing an additional 1,157,775 shares during the period. 67.68% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts have commented on the company. Wall Street Zen upgraded Cleveland-Cliffs from a “sell” rating to a “hold” rating in a research note on Saturday, February 14th. Barclays assumed coverage on Cleveland-Cliffs in a research note on Thursday, May 21st. They set an “underweight” rating and a $9.00 price objective on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Cleveland-Cliffs in a research note on Friday, April 24th. Wells Fargo & Company raised their price objective on Cleveland-Cliffs from $9.00 to $14.00 and gave the stock an “equal weight” rating in a research note on Thursday, June 4th. Finally, Glj Research upgraded Cleveland-Cliffs from a “sell” rating to a “hold” rating and raised their price objective for the stock from $9.03 to $15.01 in a research note on Tuesday, June 9th. One research analyst has rated the stock with a Buy rating, eight have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Reduce” and an average price target of $12.85.

Cleveland-Cliffs Trading Up 0.6%

Shares of CLF stock opened at $13.80 on Friday. The stock’s fifty day moving average price is $10.95 and its two-hundred day moving average price is $11.58. The company has a market cap of $7.87 billion, a PE ratio of -5.90 and a beta of 2.09. Cleveland-Cliffs Inc. has a fifty-two week low of $6.72 and a fifty-two week high of $16.70. The company has a debt-to-equity ratio of 1.29, a quick ratio of 0.64 and a current ratio of 2.02.

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, beating analysts’ consensus estimates of ($0.44) by $0.04. The firm had revenue of $4.92 billion for the quarter, compared to the consensus estimate of $4.84 billion. Cleveland-Cliffs had a negative return on equity of 15.48% and a negative net margin of 6.42%.The company’s revenue was up 6.3% compared to the same quarter last year. During the same quarter last year, the business posted ($0.92) EPS. Equities analysts predict that Cleveland-Cliffs Inc. will post -0.41 EPS for the current fiscal year.

Insider Buying and Selling at Cleveland-Cliffs

In other Cleveland-Cliffs news, EVP Celso L. Goncalves, Jr. sold 214,308 shares of the firm’s stock in a transaction on Friday, June 5th. The stock was sold at an average price of $13.41, for a total value of $2,873,870.28. Following the sale, the executive vice president owned 184,542 shares of the company’s stock, valued at approximately $2,474,708.22. This trade represents a 53.73% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.95% of the company’s stock.

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.