Cleveland-Cliffs Inc. $CLF Shares Acquired by Counterpoint Mutual Funds LLC

Counterpoint Mutual Funds LLC lifted its stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 155.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 97,669 shares of the mining company’s stock after purchasing an additional 59,443 shares during the quarter. Counterpoint Mutual Funds LLC’s holdings in Cleveland-Cliffs were worth $825,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of CLF. Los Angeles Capital Management LLC acquired a new position in Cleveland-Cliffs in the 4th quarter valued at $25,000. IFP Advisors Inc lifted its stake in shares of Cleveland-Cliffs by 117.5% in the 4th quarter. IFP Advisors Inc now owns 2,221 shares of the mining company’s stock worth $29,000 after acquiring an additional 1,200 shares during the period. Caitong International Asset Management Co. Ltd lifted its stake in shares of Cleveland-Cliffs by 94.0% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 2,505 shares of the mining company’s stock worth $33,000 after acquiring an additional 1,214 shares during the period. CIBC Private Wealth Group LLC lifted its stake in shares of Cleveland-Cliffs by 306.1% in the 4th quarter. CIBC Private Wealth Group LLC now owns 2,461 shares of the mining company’s stock worth $33,000 after acquiring an additional 1,855 shares during the period. Finally, Larson Financial Group LLC boosted its holdings in shares of Cleveland-Cliffs by 819.2% in the third quarter. Larson Financial Group LLC now owns 2,684 shares of the mining company’s stock valued at $33,000 after acquiring an additional 2,392 shares in the last quarter. 67.68% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

CLF has been the topic of a number of recent analyst reports. Barclays initiated coverage on shares of Cleveland-Cliffs in a research note on Thursday, May 21st. They set an “underweight” rating and a $9.00 price target on the stock. Morgan Stanley restated an “equal weight” rating and issued a $12.50 price objective (up from $12.00) on shares of Cleveland-Cliffs in a research report on Monday, June 22nd. Argus raised Cleveland-Cliffs to a “hold” rating in a report on Monday, April 6th. Glj Research upgraded Cleveland-Cliffs from a “sell” rating to a “hold” rating and boosted their target price for the stock from $9.03 to $15.01 in a research report on Tuesday, June 9th. Finally, Wells Fargo & Company increased their target price 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. Nine analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Reduce” and an average price target of $12.90.

Cleveland-Cliffs Price Performance

Cleveland-Cliffs stock opened at $9.82 on Friday. The company has a market cap of $5.60 billion, a P/E ratio of -4.20 and a beta of 2.13. Cleveland-Cliffs Inc. has a one year low of $7.73 and a one year high of $16.70. The business has a fifty day moving average of $11.52 and a two-hundred day moving average of $11.41. 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 posted its quarterly 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. The business had revenue of $4.92 billion for the quarter, compared to analysts’ expectations of $4.84 billion. Cleveland-Cliffs had a negative net margin of 6.42% and a negative return on equity of 15.48%. The business’s revenue for the quarter was up 6.3% on a year-over-year basis. During the same period in the prior year, the company posted ($0.92) EPS. As a group, analysts predict that Cleveland-Cliffs Inc. will post -0.27 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Cleveland-Cliffs news, EVP Celso L. Goncalves, Jr. sold 214,308 shares of the company’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 approximately $2,474,708.22. This represents a 53.73% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 0.95% of the company’s stock.

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.