Man Group plc Acquires Shares of 2,858,706 Cleveland-Cliffs Inc. $CLF

Man Group plc bought a new position in Cleveland-Cliffs Inc. (NYSE:CLF) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 2,858,706 shares of the mining company’s stock, valued at approximately $26,843,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Los Angeles Capital Management LLC purchased a new stake in shares of Cleveland-Cliffs during the fourth quarter valued at $25,000. Center for Financial Planning Inc. increased its stake in Cleveland-Cliffs by 119.0% in the 1st quarter. Center for Financial Planning Inc. now owns 3,322 shares of the mining company’s stock worth $28,000 after buying an additional 1,805 shares during the period. IFP Advisors Inc lifted its holdings in Cleveland-Cliffs by 117.5% during the 4th quarter. IFP Advisors Inc now owns 2,221 shares of the mining company’s stock valued at $29,000 after buying an additional 1,200 shares in the last quarter. Johnson Financial Group Inc. bought a new stake in Cleveland-Cliffs during the 2nd quarter valued at about $30,000. Finally, Caitong International Asset Management Co. Ltd lifted its holdings in Cleveland-Cliffs by 94.0% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 2,505 shares of the mining company’s stock valued at $33,000 after buying an additional 1,214 shares in the last quarter. 67.68% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Cleveland-Cliffs

In other news, EVP Celso L. Goncalves, Jr. sold 214,308 shares of the company’s 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 owned 184,542 shares of the company’s stock, valued at approximately $2,474,708.22. This represents a 53.73% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.95% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on CLF shares. Glj Research upgraded shares of Cleveland-Cliffs from a “hold” rating to a “buy” rating and upped their target price for the stock from $15.01 to $15.60 in a research note on Friday, July 24th. Morgan Stanley reaffirmed an “equal weight” rating and set a $12.50 price target (up from $12.00) on shares of Cleveland-Cliffs in a research note on Monday, June 22nd. JPMorgan Chase & Co. lowered their price target on Cleveland-Cliffs from $13.00 to $10.00 and set a “neutral” rating for the company in a report on Wednesday, July 15th. The Goldman Sachs Group reiterated a “neutral” rating and issued a $10.00 price target on shares of Cleveland-Cliffs in a report on Friday, May 1st. Finally, Wells Fargo & Company increased their price objective on Cleveland-Cliffs from $11.00 to $12.00 and gave the stock an “equal weight” rating in a research note on Monday. Two equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $11.96.

Cleveland-Cliffs Stock Performance

CLF stock opened at $11.58 on Thursday. Cleveland-Cliffs Inc. has a 1-year low of $7.73 and a 1-year high of $16.70. The business has a 50-day moving average price of $10.91 and a 200 day moving average price of $10.70. The company has a market capitalization of $6.61 billion, a P/E ratio of -7.15 and a beta of 2.09. 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 (NYSE:CLF) last issued its earnings results on Thursday, July 23rd. The mining company reported ($0.20) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.21) by $0.01. The company had revenue of $5.23 billion for the quarter, compared to analysts’ expectations of $5.15 billion. Cleveland-Cliffs had a negative net margin of 4.56% and a negative return on equity of 13.37%. The firm’s quarterly revenue was up 5.9% on a year-over-year basis. During the same period in the prior year, the business earned ($0.50) EPS. As a group, equities research analysts forecast that Cleveland-Cliffs Inc. will post -0.11 EPS for the current fiscal year.

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.