HighVista Strategies LLC Takes $1.94 Million Position in Cleveland-Cliffs Inc. $CLF

HighVista Strategies LLC bought a new position in shares of Cleveland-Cliffs Inc. (NYSE:CLF) during the second quarter, according to its most recent Form 13F filing with the SEC. The fund bought 255,600 shares of the mining company’s stock, valued at approximately $1,943,000. HighVista Strategies LLC owned about 0.05% of Cleveland-Cliffs at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in the business. Norges Bank bought a new position in Cleveland-Cliffs during the second quarter worth $44,120,000. Turiya Advisors Asia Ltd acquired a new stake in shares of Cleveland-Cliffs during the 2nd quarter worth about $39,357,000. State Street Corp boosted its holdings in shares of Cleveland-Cliffs by 20.2% during the 2nd quarter. State Street Corp now owns 27,450,442 shares of the mining company’s stock worth $208,623,000 after buying an additional 4,603,807 shares during the period. Woodline Partners LP acquired a new position in Cleveland-Cliffs in the 1st quarter valued at about $22,696,000. Finally, Jump Financial LLC raised its holdings in Cleveland-Cliffs by 362.5% in the 1st quarter. Jump Financial LLC now owns 3,000,102 shares of the mining company’s stock valued at $24,661,000 after acquiring an additional 2,351,372 shares during the period. Institutional investors own 67.68% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently commented on CLF shares. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cleveland-Cliffs in a research report on Thursday, October 30th. JPMorgan Chase & Co. upped their price objective on Cleveland-Cliffs from $10.00 to $13.00 and gave the company a “neutral” rating in a report on Monday, October 13th. Citigroup dropped their target price on Cleveland-Cliffs from $12.00 to $11.00 and set a “neutral” rating for the company in a report on Tuesday, November 11th. KeyCorp decreased their price target on shares of Cleveland-Cliffs from $15.00 to $13.00 and set an “overweight” rating on the stock in a research note on Monday, November 10th. Finally, UBS Group set a $15.00 price target on shares of Cleveland-Cliffs in a research report on Monday, October 27th. Three equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $12.78.

Cleveland-Cliffs Price Performance

CLF stock opened at $12.68 on Thursday. The company’s 50-day moving average price is $12.44 and its two-hundred day moving average price is $10.58. The firm has a market cap of $6.27 billion, a P/E ratio of -3.73 and a beta of 1.97. The company has a quick ratio of 0.61, a current ratio of 2.04 and a debt-to-equity ratio of 1.41. Cleveland-Cliffs Inc. has a 12 month low of $5.63 and a 12 month high of $16.70.

Cleveland-Cliffs (NYSE:CLF) last posted its quarterly earnings results on Monday, October 20th. The mining company reported ($0.45) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.48) by $0.03. Cleveland-Cliffs had a negative net margin of 9.00% and a negative return on equity of 20.02%. The business had revenue of $4.73 billion for the quarter, compared to analyst estimates of $4.90 billion. During the same quarter last year, the business posted ($0.33) EPS. The firm’s revenue for the quarter was up 3.6% on a year-over-year basis. On average, analysts anticipate that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current fiscal year.

Cleveland-Cliffs Profile

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.