Invenomic Capital Management LP Invests $1.27 Million in Cleveland-Cliffs Inc. (NYSE:CLF)

Invenomic Capital Management LP acquired a new position in Cleveland-Cliffs Inc. (NYSE:CLFGet Rating) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 58,103 shares of the mining company’s stock, valued at approximately $1,265,000.

Other large investors have also added to or reduced their stakes in the company. Assetmark Inc. acquired a new stake in Cleveland-Cliffs during the third quarter valued at $26,000. Rational Advisors LLC acquired a new stake in Cleveland-Cliffs during the fourth quarter valued at $26,000. UMB Bank N A MO acquired a new stake in Cleveland-Cliffs during the fourth quarter valued at $26,000. Tobam acquired a new stake in Cleveland-Cliffs during the third quarter valued at $35,000. Finally, Sageworth Trust Co of South Dakota purchased a new position in Cleveland-Cliffs during the fourth quarter valued at $36,000. Hedge funds and other institutional investors own 56.68% of the company’s stock.

In related news, CFO Celso L. Goncalves, Jr. acquired 4,000 shares of Cleveland-Cliffs stock in a transaction dated Friday, April 29th. The stock was acquired at an average price of $26.32 per share, for a total transaction of $105,280.00. Following the transaction, the chief financial officer now owns 143,285 shares of the company’s stock, valued at $3,771,261.20. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Keith Koci acquired 4,500 shares of Cleveland-Cliffs stock in a transaction dated Tuesday, April 26th. The shares were bought at an average price of $27.14 per share, with a total value of $122,130.00. Following the transaction, the executive vice president now directly owns 290,135 shares in the company, valued at approximately $7,874,263.90. The disclosure for this purchase can be found here. Insiders purchased 13,100 shares of company stock valued at $330,358 in the last quarter. 1.43% of the stock is owned by insiders.

Several equities analysts have issued reports on CLF shares. StockNews.com initiated coverage on shares of Cleveland-Cliffs in a report on Thursday, March 31st. They set a “hold” rating on the stock. B. Riley raised their price target on shares of Cleveland-Cliffs from $46.00 to $47.00 and gave the stock a “buy” rating in a research note on Monday, April 25th. The Goldman Sachs Group raised their price target on shares of Cleveland-Cliffs from $27.00 to $31.00 and gave the stock a “buy” rating in a research note on Tuesday, March 22nd. JPMorgan Chase & Co. raised their price target on shares of Cleveland-Cliffs from $37.00 to $44.00 and gave the stock an “overweight” rating in a research note on Thursday, March 24th. Finally, Credit Suisse Group raised their price target on shares of Cleveland-Cliffs from $34.00 to $37.00 in a research note on Tuesday, April 19th. Three analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $31.65.

Shares of CLF stock traded up $0.20 during trading on Friday, reaching $21.79. The company’s stock had a trading volume of 16,231,626 shares, compared to its average volume of 19,821,582. The company has a debt-to-equity ratio of 0.76, a current ratio of 2.28 and a quick ratio of 0.80. The company has a market capitalization of $11.43 billion, a price-to-earnings ratio of 3.18 and a beta of 2.16. The stock’s 50-day moving average price is $27.85 and its 200 day moving average price is $23.41. Cleveland-Cliffs Inc. has a 1-year low of $15.81 and a 1-year high of $34.04.

Cleveland-Cliffs (NYSE:CLFGet Rating) last announced its quarterly earnings data on Friday, April 22nd. The mining company reported $1.71 earnings per share for the quarter, beating analysts’ consensus estimates of $1.44 by $0.27. Cleveland-Cliffs had a net margin of 16.77% and a return on equity of 78.74%. The firm had revenue of $5.96 billion during the quarter, compared to analysts’ expectations of $5.43 billion. During the same quarter in the previous year, the business posted $0.35 earnings per share. The business’s quarterly revenue was up 47.1% compared to the same quarter last year. On average, sell-side analysts anticipate that Cleveland-Cliffs Inc. will post 6.03 EPS for the current fiscal year.

Cleveland-Cliffs Profile (Get Rating)

Cleveland-Cliffs is the largest flat-rolled steel company and the largest iron ore pellet producer in North America. The company is vertically integrated from mining through iron making, steelmaking, rolling, finishing and downstream with hot and cold stamping of steel parts and components. The company was formerly known as Cliffs Natural Resources Inc and changed its name to Cleveland-Cliffs Inc in August 2017.

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Institutional Ownership by Quarter for Cleveland-Cliffs (NYSE:CLF)

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