Turiya Advisors Asia Ltd Takes $96.28 Million Position in Cleveland-Cliffs Inc. $CLF

Turiya Advisors Asia Ltd acquired a new stake in Cleveland-Cliffs Inc. (NYSE:CLF) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 7,250,000 shares of the mining company’s stock, valued at approximately $96,280,000. Cleveland-Cliffs makes up 14.7% of Turiya Advisors Asia Ltd’s investment portfolio, making the stock its 3rd biggest position.

A number of other hedge funds and other institutional investors have also modified their holdings of CLF. Focus Partners Wealth acquired a new stake in shares of Cleveland-Cliffs in the 1st quarter valued at $339,000. Prudential Financial Inc. raised its holdings in shares of Cleveland-Cliffs by 27.4% in the 2nd quarter. Prudential Financial Inc. now owns 49,955 shares of the mining company’s stock valued at $380,000 after purchasing an additional 10,733 shares in the last quarter. Russell Investments Group Ltd. raised its holdings in shares of Cleveland-Cliffs by 4.4% in the 2nd quarter. Russell Investments Group Ltd. now owns 143,264 shares of the mining company’s stock valued at $1,088,000 after purchasing an additional 6,073 shares in the last quarter. CW Advisors LLC raised its holdings in shares of Cleveland-Cliffs by 47.4% in the 2nd quarter. CW Advisors LLC now owns 22,167 shares of the mining company’s stock valued at $168,000 after purchasing an additional 7,127 shares in the last quarter. Finally, Invesco Ltd. raised its holdings in shares of Cleveland-Cliffs by 20.3% in the 2nd quarter. Invesco Ltd. now owns 3,081,241 shares of the mining company’s stock valued at $23,417,000 after purchasing an additional 520,120 shares in the last quarter. 67.68% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

CLF has been the topic of a number of analyst reports. Barclays initiated coverage on shares of Cleveland-Cliffs in a report on Thursday, May 21st. They issued an “underweight” rating and a $9.00 price objective on the stock. Argus upgraded shares of Cleveland-Cliffs to a “hold” rating in a report on Monday, April 6th. Morgan Stanley reduced their price objective on shares of Cleveland-Cliffs from $16.80 to $12.00 and set an “overweight” rating on the stock in a report on Tuesday, April 21st. Glj Research upgraded shares of Cleveland-Cliffs from a “sell” rating to a “hold” rating and raised their price objective for the company from $9.03 to $15.01 in a report on Tuesday. Finally, Wall Street Zen raised shares of Cleveland-Cliffs from a “sell” rating to a “hold” rating in a research report on Saturday, February 14th. One analyst has rated the stock with a Buy rating, eight have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Reduce” and an average target price of $12.85.

Cleveland-Cliffs Trading Up 10.4%

Shares of Cleveland-Cliffs stock opened at $13.70 on Friday. Cleveland-Cliffs Inc. has a 1 year low of $6.72 and a 1 year high of $16.70. The company has a debt-to-equity ratio of 1.29, a quick ratio of 0.64 and a current ratio of 2.02. The company has a market capitalization of $7.81 billion, a P/E ratio of -5.85 and a beta of 2.09. The company’s fifty day moving average is $10.84 and its two-hundred day moving average is $11.56.

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

Insider Buying and Selling at Cleveland-Cliffs

In other news, EVP Celso L. Goncalves, Jr. sold 214,308 shares of Cleveland-Cliffs stock in a transaction dated 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 sale, the executive vice president owned 184,542 shares of the company’s stock, valued at $2,474,708.22. The trade was a 53.73% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.95% of the stock is currently owned by insiders.

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.