Engineers Gate Manager LP Has $13.22 Million Holdings in Cleveland-Cliffs Inc. $CLF

Engineers Gate Manager LP increased its position in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 212.9% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,407,953 shares of the mining company’s stock after purchasing an additional 958,049 shares during the period. Engineers Gate Manager LP owned about 0.25% of Cleveland-Cliffs worth $13,221,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of CLF. Sei Investments Co. lifted its holdings in shares of Cleveland-Cliffs by 95.4% during the 1st quarter. Sei Investments Co. now owns 302,972 shares of the mining company’s stock worth $2,560,000 after acquiring an additional 147,899 shares during the period. Quantinno Capital Management LP raised its position in Cleveland-Cliffs by 68.0% in the first quarter. Quantinno Capital Management LP now owns 212,522 shares of the mining company’s stock worth $1,796,000 after purchasing an additional 86,036 shares in the last quarter. SFE Investment Counsel bought a new position in Cleveland-Cliffs during the second quarter worth about $8,562,000. Connor Clark & Lunn Investment Management Ltd. bought a new position in Cleveland-Cliffs during the second quarter worth about $505,000. Finally, California State Teachers Retirement System boosted its holdings in Cleveland-Cliffs by 23.0% during the first quarter. California State Teachers Retirement System now owns 662,180 shares of the mining company’s stock valued at $5,595,000 after purchasing an additional 123,660 shares in the last quarter. 67.68% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

CLF has been the subject of a number of recent research reports. UBS Group set a $13.00 target price on Cleveland-Cliffs in a report on Monday. Bank of America decreased their price target on Cleveland-Cliffs from $14.00 to $11.50 and set a “neutral” rating on the stock in a research note on Thursday, July 9th. Barclays upped their price target on Cleveland-Cliffs from $9.00 to $10.00 and gave the company an “underweight” rating in a research report on Friday, July 24th. JPMorgan Chase & Co. increased their price objective on Cleveland-Cliffs from $11.00 to $13.00 and gave the stock a “neutral” rating in a research note on Wednesday. Finally, Wells Fargo & Company lifted their price objective on Cleveland-Cliffs from $11.00 to $12.00 and gave the company an “equal weight” rating in a report on Monday, August 24th. Two investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $12.06.

Cleveland-Cliffs Stock Down 2.3%

Shares of CLF opened at $11.81 on Friday. The company has a market capitalization of $6.74 billion, a P/E ratio of -7.29 and a beta of 2.10. The company has a debt-to-equity ratio of 1.32, a current ratio of 1.89 and a quick ratio of 0.63. Cleveland-Cliffs Inc. has a one year low of $7.73 and a one year high of $16.70. The business’s 50 day simple moving average is $11.22 and its 200-day simple moving average is $10.75.

Cleveland-Cliffs (NYSE:CLF) last released its quarterly earnings results on Thursday, July 23rd. The mining company reported ($0.20) earnings per share for the quarter, beating analysts’ consensus estimates 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 analysts’ expectations of $5.15 billion. During the same period last year, the firm posted ($0.50) EPS. The business’s revenue was up 5.9% on a year-over-year basis. As a group, sell-side analysts predict that Cleveland-Cliffs Inc. will post -0.11 EPS for the current fiscal year.

About Cleveland-Cliffs

Cleveland-Cliffs Inc is a vertically integrated steel producer headquartered in Cleveland, Ohio. The company mines and processes iron ore, produces iron ore pellets, and manufactures steel products for customers primarily in North America. Its operations include integrated steel mills, electric arc furnaces, finishing facilities, and related processing and distribution capabilities.

The company produces a broad range of flat-rolled carbon steel products, including hot-rolled, cold-rolled, and coated steel.