Cleveland-Cliffs Inc. $CLF Holdings Raised by Sei Investments Co.

Sei Investments Co. raised its stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 95.4% in the first quarter, HoldingsChannel reports. The institutional investor owned 302,972 shares of the mining company’s stock after purchasing an additional 147,899 shares during the period. Sei Investments Co.’s holdings in Cleveland-Cliffs were worth $2,560,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the stock. Castle Hook Partners LP raised its holdings in shares of Cleveland-Cliffs by 572.4% during the fourth quarter. Castle Hook Partners LP now owns 18,083,029 shares of the mining company’s stock worth $240,143,000 after acquiring an additional 15,393,507 shares in the last quarter. Turiya Advisors Asia Ltd purchased a new position in Cleveland-Cliffs in the fourth quarter valued at about $96,280,000. Vanguard Group Inc. grew its stake in Cleveland-Cliffs by 13.4% in the fourth quarter. Vanguard Group Inc. now owns 54,391,397 shares of the mining company’s stock valued at $722,318,000 after purchasing an additional 6,447,462 shares in the last quarter. Maple Rock Capital Partners Inc. increased its position in Cleveland-Cliffs by 90.1% in the 4th quarter. Maple Rock Capital Partners Inc. now owns 12,358,230 shares of the mining company’s stock worth $164,117,000 after purchasing an additional 5,855,830 shares during the last quarter. Finally, State Street Corp increased its position in Cleveland-Cliffs by 20.2% in the 2nd quarter. State Street Corp now owns 27,450,442 shares of the mining company’s stock worth $208,623,000 after purchasing an additional 4,603,807 shares during the last quarter. 67.68% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on CLF shares. The Goldman Sachs Group reiterated a “neutral” rating and set a $10.00 price target on shares of Cleveland-Cliffs in a report on Friday, May 1st. Barclays increased their price objective on Cleveland-Cliffs from $9.00 to $10.00 and gave the stock an “underweight” rating in a report on Friday, July 24th. Citigroup reiterated a “positive” rating on shares of Cleveland-Cliffs in a research note on Friday, July 24th. Weiss Ratings reissued a “sell (d-)” rating on shares of Cleveland-Cliffs in a research report on Tuesday, July 21st. Finally, Glj Research upgraded shares of Cleveland-Cliffs from a “hold” rating to a “buy” rating and increased their price target for the stock from $15.01 to $15.60 in a research note on Friday, July 24th. Two investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $11.86.

Insider Buying and Selling at Cleveland-Cliffs

In other news, EVP Celso L. Goncalves, Jr. sold 214,308 shares of the business’s stock in a transaction on Friday, June 5th. The shares were sold at an average price of $13.41, for a total value of $2,873,870.28. Following the completion of the sale, the executive vice president directly owned 184,542 shares in the company, valued at approximately $2,474,708.22. The trade was a 53.73% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.95% of the company’s stock.

Cleveland-Cliffs Stock Performance

Shares of NYSE CLF opened at $12.27 on Friday. The business’s 50-day simple moving average is $11.36 and its 200-day simple moving average is $10.94. The company has a debt-to-equity ratio of 1.32, a quick ratio of 0.63 and a current ratio of 1.89. Cleveland-Cliffs Inc. has a 52 week low of $7.73 and a 52 week high of $16.70. The firm has a market cap of $7.00 billion, a price-to-earnings ratio of -7.57 and a beta of 2.09.

Cleveland-Cliffs (NYSE:CLF) last posted its earnings results on Thursday, July 23rd. The mining company reported ($0.20) earnings per share for the quarter, topping the consensus estimate of ($0.21) by $0.01. Cleveland-Cliffs had a negative return on equity of 13.37% and a negative net margin of 4.56%.The firm had revenue of $5.23 billion during the quarter, compared to analyst estimates of $5.15 billion. During the same period in the previous year, the company earned ($0.50) EPS. The company’s revenue for the quarter was up 5.9% on a year-over-year basis. As a group, equities research analysts expect that Cleveland-Cliffs Inc. will post -0.11 earnings per share for the current fiscal year.

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.