1,953,835 Shares in Cleveland-Cliffs Inc. $CLF Purchased by Assenagon Asset Management S.A.

Assenagon Asset Management S.A. acquired a new position in shares of Cleveland-Cliffs Inc. (NYSE:CLF) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 1,953,835 shares of the mining company’s stock, valued at approximately $16,510,000. Assenagon Asset Management S.A. owned about 0.34% of Cleveland-Cliffs as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Los Angeles Capital Management LLC bought a new position in Cleveland-Cliffs in the 4th quarter worth approximately $25,000. IFP Advisors Inc boosted its position in Cleveland-Cliffs by 117.5% in the 4th quarter. IFP Advisors Inc now owns 2,221 shares of the mining company’s stock valued at $29,000 after buying an additional 1,200 shares during the last quarter. Caitong International Asset Management Co. Ltd boosted its position in 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 valued at $33,000 after buying an additional 1,214 shares during the last quarter. CIBC Private Wealth Group LLC increased 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 valued at $33,000 after buying an additional 1,855 shares during the period. Finally, Larson Financial Group LLC increased its stake in shares of Cleveland-Cliffs by 819.2% in the 3rd quarter. Larson Financial Group LLC now owns 2,684 shares of the mining company’s stock valued at $33,000 after buying an additional 2,392 shares during the period. Institutional investors and hedge funds own 67.68% of the company’s stock.

Cleveland-Cliffs Price Performance

Cleveland-Cliffs stock opened at $9.94 on Friday. The firm has a market capitalization of $5.67 billion, a P/E ratio of -4.25 and a beta of 2.09. Cleveland-Cliffs Inc. has a 1 year low of $7.01 and a 1 year high of $16.70. The business has a 50-day moving average of $11.52 and a 200-day moving average of $11.52. The company has a current ratio of 2.02, a quick ratio of 0.64 and a debt-to-equity ratio of 1.29.

Cleveland-Cliffs (NYSE:CLF) last announced its quarterly 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. Cleveland-Cliffs had a negative net margin of 6.42% and a negative return on equity of 15.48%. The business had revenue of $4.92 billion for the quarter, compared to the consensus estimate of $4.84 billion. During the same period last year, the company posted ($0.92) EPS. Cleveland-Cliffs’s revenue for the quarter was up 6.3% on a year-over-year basis. On average, equities analysts anticipate that Cleveland-Cliffs Inc. will post -0.27 EPS for the current year.

Insiders Place Their Bets

In other news, EVP Celso L. Goncalves, Jr. sold 214,308 shares of Cleveland-Cliffs stock in a transaction 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 transaction, the executive vice president directly 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 sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 0.95% of the company’s stock.

Analyst Upgrades and Downgrades

CLF has been the subject of a number of research reports. The Goldman Sachs Group reiterated a “neutral” rating and issued a $10.00 price objective on shares of Cleveland-Cliffs in a research report on Friday, May 1st. Barclays initiated coverage on shares of Cleveland-Cliffs in a research note on Thursday, May 21st. They issued an “underweight” rating and a $9.00 target price on the stock. JPMorgan Chase & Co. lifted their price target on shares of Cleveland-Cliffs from $9.00 to $13.00 and gave the stock a “neutral” rating in a research report on Wednesday, June 10th. Glj Research raised shares of Cleveland-Cliffs from a “sell” rating to a “hold” rating and boosted their price target for the stock from $9.03 to $15.01 in a research note on Tuesday, June 9th. Finally, KeyCorp began coverage on shares of Cleveland-Cliffs in a report on Wednesday, March 25th. They issued a “sector weight” rating on the stock. Nine research analysts have rated the stock with a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Reduce” and a consensus price target of $12.90.

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.