Sanctuary Advisors LLC Reduces Stake in Cleveland-Cliffs Inc. $CLF

Sanctuary Advisors LLC lowered its position in Cleveland-Cliffs Inc. (NYSE:CLF) by 60.8% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 56,758 shares of the mining company’s stock after selling 87,863 shares during the period. Sanctuary Advisors LLC’s holdings in Cleveland-Cliffs were worth $480,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Castle Hook Partners LP boosted its holdings in shares of Cleveland-Cliffs by 572.4% in the 4th quarter. Castle Hook Partners LP now owns 18,083,029 shares of the mining company’s stock valued at $240,143,000 after acquiring an additional 15,393,507 shares during the last quarter. Turiya Advisors Asia Ltd purchased a new position in shares of Cleveland-Cliffs during the fourth quarter worth $96,280,000. Vanguard Group Inc. raised its holdings in shares of Cleveland-Cliffs by 13.4% during the fourth quarter. Vanguard Group Inc. now owns 54,391,397 shares of the mining company’s stock worth $722,318,000 after purchasing an additional 6,447,462 shares during the last quarter. Maple Rock Capital Partners Inc. lifted its position in Cleveland-Cliffs by 90.1% during the fourth quarter. Maple Rock Capital Partners Inc. now owns 12,358,230 shares of the mining company’s stock valued at $164,117,000 after purchasing an additional 5,855,830 shares during the period. Finally, State Street Corp lifted its position in Cleveland-Cliffs by 20.2% during the second quarter. State Street Corp now owns 27,450,442 shares of the mining company’s stock valued at $208,623,000 after purchasing an additional 4,603,807 shares during the period. Institutional investors and hedge funds own 67.68% of the company’s stock.

Cleveland-Cliffs Stock Down 2.3%

CLF stock opened at $11.97 on Wednesday. Cleveland-Cliffs Inc. has a one year low of $7.73 and a one year high of $16.70. The company has a debt-to-equity ratio of 1.32, a quick ratio of 0.63 and a current ratio of 1.89. The firm’s fifty day moving average is $11.36 and its 200 day moving average is $11.01. The firm has a market cap of $6.83 billion, a PE ratio of -7.39 and a beta of 2.13.

Cleveland-Cliffs (NYSE:CLF) last issued its quarterly earnings data on Thursday, July 23rd. The mining company reported ($0.20) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.21) by $0.01. The business had revenue of $5.23 billion during the quarter, compared to the consensus estimate of $5.15 billion. Cleveland-Cliffs had a negative net margin of 4.56% and a negative return on equity of 13.37%. The company’s revenue was up 5.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.50) earnings per share. On average, research analysts forecast that Cleveland-Cliffs Inc. will post -0.16 EPS for the current year.

Insider Activity at Cleveland-Cliffs

In related news, EVP Celso L. Goncalves, Jr. sold 214,308 shares of Cleveland-Cliffs stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $13.41, for a total value of $2,873,870.28. Following the completion of the transaction, the executive vice president owned 184,542 shares in the company, valued at $2,474,708.22. The trade was a 53.73% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.95% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several brokerages have weighed in on CLF. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cleveland-Cliffs in a research report on Tuesday, July 21st. Citigroup reissued a “positive” rating on shares of Cleveland-Cliffs in a report on Friday. Glj Research upgraded Cleveland-Cliffs from a “hold” rating to a “buy” rating and upped their target price for the stock from $15.01 to $15.60 in a research note on Friday, July 24th. Bank of America dropped their target price on Cleveland-Cliffs from $14.00 to $11.50 and set a “neutral” rating on the stock in a report on Thursday, July 9th. Finally, The Goldman Sachs Group reiterated a “neutral” rating and set a $10.00 price target on shares of Cleveland-Cliffs in a research report on Friday, May 1st. Two equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $11.86.

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.