361 Capital LLC Grows Stake in Cleveland-Cliffs Inc (CLF)
361 Capital LLC lifted its position in Cleveland-Cliffs Inc (NYSE:CLF) by 9.7% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 250,658 shares of the mining company’s stock after buying an additional 22,124 shares during the period. 361 Capital LLC’s holdings in Cleveland-Cliffs were worth $2,504,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in CLF. Flagship Harbor Advisors LLC lifted its position in Cleveland-Cliffs by 1,266.7% during the fourth quarter. Flagship Harbor Advisors LLC now owns 4,100 shares of the mining company’s stock valued at $31,000 after purchasing an additional 3,800 shares in the last quarter. Meeder Asset Management Inc. purchased a new position in Cleveland-Cliffs during the first quarter valued at $47,000. Oppenheimer Asset Management Inc. purchased a new position in Cleveland-Cliffs during the fourth quarter valued at $50,000. Quantamental Technologies LLC purchased a new position in Cleveland-Cliffs during the fourth quarter valued at $52,000. Finally, State of Alaska Department of Revenue purchased a new position in Cleveland-Cliffs during the first quarter valued at $56,000. Institutional investors own 75.58% of the company’s stock.
In other news, CFO Keith Koci bought 9,000 shares of Cleveland-Cliffs stock in a transaction dated Wednesday, February 27th. The shares were purchased at an average cost of $11.52 per share, with a total value of $103,680.00. Following the completion of the acquisition, the chief financial officer now owns 39,349 shares of the company’s stock, valued at approximately $453,300.48. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Eric M. Rychel bought 5,000 shares of Cleveland-Cliffs stock in a transaction dated Monday, May 13th. The stock was purchased at an average cost of $9.70 per share, for a total transaction of $48,500.00. Following the completion of the acquisition, the director now directly owns 24,845 shares of the company’s stock, valued at approximately $240,996.50. The disclosure for this purchase can be found here. Insiders bought 21,500 shares of company stock worth $225,380 over the last ninety days. Insiders own 1.32% of the company’s stock.
Cleveland-Cliffs (NYSE:CLF) last posted its quarterly earnings results on Thursday, April 25th. The mining company reported ($0.08) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.14) by $0.06. Cleveland-Cliffs had a return on equity of 786.91% and a net margin of 51.54%. The business had revenue of $157.00 million for the quarter, compared to analysts’ expectations of $116.91 million. During the same period last year, the firm earned ($0.08) earnings per share. The business’s quarterly revenue was down 12.8% on a year-over-year basis. As a group, analysts predict that Cleveland-Cliffs Inc will post 1.68 earnings per share for the current fiscal year.
Several equities analysts recently weighed in on the company. Zacks Investment Research upgraded Cleveland-Cliffs from a “hold” rating to a “buy” rating and set a $11.00 target price on the stock in a research report on Monday, April 1st. Jefferies Financial Group set a $14.00 price target on Cleveland-Cliffs and gave the company a “buy” rating in a report on Tuesday, April 23rd. Morgan Stanley set a $12.00 price target on Cleveland-Cliffs and gave the company a “hold” rating in a report on Tuesday, March 5th. B. Riley raised their price target on Cleveland-Cliffs from $14.00 to $15.00 and gave the company a “buy” rating in a report on Thursday, April 25th. Finally, ValuEngine raised Cleveland-Cliffs from a “sell” rating to a “hold” rating in a report on Monday, February 4th. One research analyst has rated the stock with a sell rating, four have given a hold rating and seven have given a buy rating to the company’s stock. Cleveland-Cliffs has an average rating of “Buy” and a consensus target price of $12.50.
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Cleveland-Cliffs Inc operates as an iron ore mining company in the United States. The company operates four iron ore mines in Michigan and Minnesota. It sells its products to integrated steel companies and steel producers in the United States and the Asia Pacific. The company was formerly known as Cliffs Natural Resources Inc and changed its name to Cleveland-Cliffs Inc in August 2017.
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