CenterBook Partners LP Has $3.42 Million Stock Holdings in Cleveland-Cliffs Inc. $CLF

CenterBook Partners LP grew its stake in Cleveland-Cliffs Inc. (NYSE:CLF) by 39.5% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 257,571 shares of the mining company’s stock after buying an additional 72,883 shares during the period. CenterBook Partners LP owned 0.05% of Cleveland-Cliffs worth $3,421,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Investors Towarzystwo Funduszy Inwestycyjnych Spolka Akcyjna acquired a new stake in shares of Cleveland-Cliffs in the fourth quarter valued at about $59,000. Los Angeles Capital Management LLC acquired a new stake in shares of Cleveland-Cliffs in the fourth quarter valued at about $25,000. Havemeyer Place LP acquired a new stake in shares of Cleveland-Cliffs in the fourth quarter valued at about $1,331,000. State of Wyoming increased its stake in shares of Cleveland-Cliffs by 29.9% in the fourth quarter. State of Wyoming now owns 37,140 shares of the mining company’s stock valued at $493,000 after buying an additional 8,545 shares during the period. Finally, CIBC Asset Management Inc increased its stake in shares of Cleveland-Cliffs by 18.4% in the fourth quarter. CIBC Asset Management Inc now owns 19,419 shares of the mining company’s stock valued at $258,000 after buying an additional 3,015 shares during the period. Institutional investors and hedge funds own 67.68% of the company’s stock.

Cleveland-Cliffs Trading Down 6.5%

NYSE CLF opened at $12.65 on Tuesday. The business has a 50 day simple moving average of $10.55 and a 200 day simple moving average of $11.52. Cleveland-Cliffs Inc. has a one year low of $6.72 and a one year high of $16.70. The stock has a market capitalization of $7.22 billion, a P/E ratio of -5.41 and a beta of 2.08. The company has a debt-to-equity ratio of 1.29, a current ratio of 2.02 and a quick ratio of 0.64.

Cleveland-Cliffs (NYSE:CLF) last released its earnings results on Monday, April 20th. The mining company reported ($0.40) EPS for the quarter, topping the consensus estimate of ($0.44) by $0.04. Cleveland-Cliffs had a negative return on equity of 15.48% and a negative net margin of 6.42%.The business had revenue of $4.92 billion during the quarter, compared to analysts’ expectations of $4.84 billion. During the same quarter last year, the firm posted ($0.92) earnings per share. The firm’s revenue was up 6.3% on a year-over-year basis. Research analysts expect that Cleveland-Cliffs Inc. will post -0.46 earnings per share for the current year.

Insider Buying and Selling

In related news, EVP Celso L. Goncalves, Jr. sold 214,308 shares of the firm’s stock in a transaction that occurred on Friday, June 5th. The stock was 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 $2,474,708.22. This trade represents a 53.73% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 0.95% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. Citigroup increased their price target on Cleveland-Cliffs from $11.00 to $13.00 and gave the company a “neutral” rating in a research note on Monday, February 9th. Wells Fargo & Company increased their price target on Cleveland-Cliffs from $9.00 to $14.00 and gave the company an “equal weight” rating in a research note on Thursday. KeyCorp began coverage on Cleveland-Cliffs in a research note on Wednesday, March 25th. They issued a “sector weight” rating for the company. The Goldman Sachs Group reaffirmed a “neutral” rating and set a $10.00 target price on shares of Cleveland-Cliffs in a research note on Friday, May 1st. Finally, JPMorgan Chase & Co. decreased their target price on Cleveland-Cliffs from $13.00 to $10.00 and set a “neutral” rating for the company in a research note on Tuesday, April 14th. One equities research analyst has rated the stock with a Buy rating, seven have given a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat.com, Cleveland-Cliffs has an average rating of “Reduce” and an average target price of $11.99.

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.