BlueCrest Capital Management Ltd Takes Position in Cleveland-Cliffs Inc. $CLF

BlueCrest Capital Management Ltd bought a new stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF) during the second quarter, HoldingsChannel.com reports. The institutional investor bought 209,645 shares of the mining company’s stock, valued at approximately $1,969,000.

Several other hedge funds also recently bought and sold shares of the company. BlackRock Inc. bought a new stake in Cleveland-Cliffs during the second quarter valued at about $522,766,000. Castle Hook Partners LP grew its position 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 purchasing an additional 15,393,507 shares in the last quarter. Turiya Advisors Asia Ltd purchased a new stake in shares of Cleveland-Cliffs during the fourth quarter worth about $96,280,000. PointState Capital LP bought a new stake in Cleveland-Cliffs during the 2nd quarter valued at approximately $61,805,000. Finally, Avala Global LP bought a new stake in Cleveland-Cliffs during the 2nd quarter valued at approximately $58,325,000. Institutional investors own 67.68% of the company’s stock.

Cleveland-Cliffs Trading Down 1.7%

CLF opened at $12.08 on Thursday. The stock has a market cap of $6.89 billion, a price-to-earnings ratio of -7.46 and a beta of 2.10. The stock’s 50 day moving average price is $11.18 and its 200-day moving average price is $10.74. Cleveland-Cliffs Inc. has a one year low of $7.73 and a one year high of $16.70. 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 (NYSE:CLF) last announced its quarterly earnings data on Thursday, July 23rd. The mining company reported ($0.20) EPS for the quarter, beating 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 company had revenue of $5.23 billion for the quarter, compared to the consensus estimate of $5.15 billion. During the same quarter in the prior year, the company posted ($0.50) EPS. Cleveland-Cliffs’s quarterly revenue was up 5.9% on a year-over-year basis. On average, equities analysts forecast that Cleveland-Cliffs Inc. will post -0.11 EPS for the current year.

Analysts Set New Price Targets

A number of research analysts recently commented on the company. Bank of America dropped their price target on Cleveland-Cliffs from $14.00 to $11.50 and set a “neutral” rating for the company in a research note on Thursday, July 9th. Morgan Stanley reaffirmed an “equal weight” rating and set a $12.50 target price (up from $12.00) on shares of Cleveland-Cliffs in a research note on Monday, June 22nd. Barclays lifted their target price on Cleveland-Cliffs from $9.00 to $10.00 and gave the stock an “underweight” rating in a report on Friday, July 24th. Citigroup reissued a “positive” rating on shares of Cleveland-Cliffs in a research note on Friday, July 24th. Finally, JPMorgan Chase & Co. lifted 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. Two 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.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $12.06.

Cleveland-Cliffs Company 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.