Havemeyer Place LP Purchases New Holdings in Cleveland-Cliffs Inc. $CLF

Havemeyer Place LP purchased a new stake in Cleveland-Cliffs Inc. (NYSE:CLF) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 100,247 shares of the mining company’s stock, valued at approximately $1,331,000.

Several other hedge funds have also made changes to their positions in the company. Public Employees Retirement System of Ohio lifted its position in shares of Cleveland-Cliffs by 0.6% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 152,009 shares of the mining company’s stock valued at $1,855,000 after acquiring an additional 943 shares in the last quarter. Moors & Cabot Inc. lifted its position in shares of Cleveland-Cliffs by 3.0% in the 3rd quarter. Moors & Cabot Inc. now owns 33,118 shares of the mining company’s stock valued at $404,000 after acquiring an additional 960 shares in the last quarter. Whitcomb & Hess Inc. lifted its position in shares of Cleveland-Cliffs by 3.8% in the 4th quarter. Whitcomb & Hess Inc. now owns 26,752 shares of the mining company’s stock valued at $357,000 after acquiring an additional 973 shares in the last quarter. Cidel Asset Management Inc. lifted its position in shares of Cleveland-Cliffs by 6.0% in the 4th quarter. Cidel Asset Management Inc. now owns 18,185 shares of the mining company’s stock valued at $242,000 after acquiring an additional 1,037 shares in the last quarter. Finally, IFP Advisors Inc lifted its position in shares of Cleveland-Cliffs by 117.5% in the 4th quarter. IFP Advisors Inc now owns 2,221 shares of the mining company’s stock valued at $29,000 after acquiring an additional 1,200 shares in the last quarter. Hedge funds and other institutional investors own 67.68% of the company’s stock.

Cleveland-Cliffs Price Performance

NYSE CLF opened at $13.55 on Monday. The company has a quick ratio of 0.64, a current ratio of 2.02 and a debt-to-equity ratio of 1.29. The stock has a market capitalization of $7.73 billion, a PE ratio of -5.79 and a beta of 2.09. The company has a 50 day moving average price of $10.47 and a two-hundred day moving average price of $11.51. Cleveland-Cliffs Inc. has a 12-month low of $6.72 and a 12-month high of $16.70.

Cleveland-Cliffs (NYSE:CLF) last posted its earnings results on Monday, April 20th. The mining company reported ($0.40) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.44) by $0.04. The firm had revenue of $4.92 billion during the quarter, compared to analysts’ expectations of $4.84 billion. Cleveland-Cliffs had a negative net margin of 6.42% and a negative return on equity of 15.48%. The company’s revenue was up 6.3% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.92) earnings per share. As a group, equities analysts predict that Cleveland-Cliffs Inc. will post -0.46 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the stock. The Goldman Sachs Group restated a “neutral” rating and issued a $10.00 price target on shares of Cleveland-Cliffs in a research report on Friday, May 1st. Morgan Stanley decreased their price target on shares of Cleveland-Cliffs from $16.80 to $12.00 and set an “overweight” rating for the company in a report on Tuesday, April 21st. Barclays initiated coverage on shares of Cleveland-Cliffs in a report on Thursday, May 21st. They set an “underweight” rating and a $9.00 price target for the company. Wall Street Zen upgraded shares of Cleveland-Cliffs from a “sell” rating to a “hold” rating in a report on Saturday, February 14th. Finally, KeyCorp initiated coverage on shares of Cleveland-Cliffs in a report on Wednesday, March 25th. They set a “sector weight” rating for the company. One research analyst has rated the stock with a Buy rating, seven have issued a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat, Cleveland-Cliffs has an average rating of “Reduce” and an average price target of $11.99.

Insider Transactions at Cleveland-Cliffs

In other Cleveland-Cliffs news, EVP Celso L. Goncalves, Jr. sold 214,308 shares of Cleveland-Cliffs stock in a transaction that occurred 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 $2,474,708.22. The trade was a 53.73% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.95% of the stock is owned by company insiders.

About Cleveland-Cliffs

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.