Factorial Partners LLC Buys Shares of 117,000 Cleveland-Cliffs Inc (CLF)

Factorial Partners LLC bought a new stake in shares of Cleveland-Cliffs Inc (NYSE:CLF) in the 3rd quarter, Holdings Channel reports. The institutional investor bought 117,000 shares of the mining company’s stock, valued at approximately $1,481,000. Cleveland-Cliffs comprises about 1.3% of Factorial Partners LLC’s investment portfolio, making the stock its 28th biggest holding.

Other institutional investors have also modified their holdings of the company. Pelham Capital Ltd. bought a new stake in shares of Cleveland-Cliffs in the 3rd quarter valued at $20,676,000. Chartwell Investment Partners LLC bought a new stake in shares of Cleveland-Cliffs in the 3rd quarter valued at $2,033,000. ClariVest Asset Management LLC increased its position in shares of Cleveland-Cliffs by 67.4% in the 3rd quarter. ClariVest Asset Management LLC now owns 687,720 shares of the mining company’s stock valued at $8,707,000 after buying an additional 276,898 shares in the last quarter. Rhumbline Advisers increased its position in shares of Cleveland-Cliffs by 1.9% in the 3rd quarter. Rhumbline Advisers now owns 312,155 shares of the mining company’s stock valued at $3,952,000 after buying an additional 5,752 shares in the last quarter. Finally, Prudential Financial Inc. increased its position in shares of Cleveland-Cliffs by 1,602.7% in the 3rd quarter. Prudential Financial Inc. now owns 530,262 shares of the mining company’s stock valued at $6,713,000 after buying an additional 499,120 shares in the last quarter. Institutional investors own 71.46% of the company’s stock.

A number of analysts recently commented on CLF shares. Jefferies Financial Group upgraded shares of Cleveland-Cliffs to a “buy” rating and set a $13.00 price objective for the company in a research report on Friday, September 7th. Zacks Investment Research cut shares of Cleveland-Cliffs from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, September 18th. Citigroup upped their price objective on shares of Cleveland-Cliffs from $12.00 to $15.00 and gave the company a “buy” rating in a research report on Friday, October 5th. ValuEngine cut shares of Cleveland-Cliffs from a “hold” rating to a “sell” rating in a research report on Thursday, August 23rd. Finally, JPMorgan Chase & Co. upgraded shares of Cleveland-Cliffs from a “neutral” rating to an “overweight” rating in a research report on Monday, July 23rd. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and eight have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $11.55.



Shares of NYSE CLF opened at $10.03 on Friday. The firm has a market capitalization of $3.10 billion, a P/E ratio of 20.06 and a beta of 1.63. Cleveland-Cliffs Inc has a 1-year low of $5.96 and a 1-year high of $13.10.

Cleveland-Cliffs (NYSE:CLF) last announced its earnings results on Friday, October 19th. The mining company reported $0.64 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.66 by ($0.02). The company had revenue of $742.00 million during the quarter, compared to analyst estimates of $736.06 million. Cleveland-Cliffs had a negative return on equity of 146.72% and a net margin of 36.43%. Cleveland-Cliffs’s revenue for the quarter was up 6.3% on a year-over-year basis. During the same period in the previous year, the company posted $0.36 earnings per share. Analysts predict that Cleveland-Cliffs Inc will post 2.03 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Tuesday, January 15th. Investors of record on Friday, January 4th will be paid a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a yield of 1.99%. The ex-dividend date is Thursday, January 3rd.

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Cleveland-Cliffs Profile

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; and Koolyanobbing iron ore mining complex located in Western Australia. It sells its products to integrated steel companies and steel producers in the United States and the Asia Pacific.

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Institutional Ownership by Quarter for Cleveland-Cliffs (NYSE:CLF)

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