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.
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.
WARNING: This piece was first published by Dakota Financial News and is the property of of Dakota Financial News. If you are accessing this piece on another site, it was copied illegally and republished in violation of US and international trademark & copyright laws. The correct version of this piece can be accessed at https://dakotafinancialnews.com/2018/11/16/factorial-partners-llc-buys-shares-of-117000-cleveland-cliffs-inc-clf.html.
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.
Recommended Story: Conference Calls and Individual Investors
Want to see what other hedge funds are holding CLF? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cleveland-Cliffs Inc (NYSE:CLF).
Receive News & Ratings for Cleveland-Cliffs Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cleveland-Cliffs and related companies with MarketBeat.com's FREE daily email newsletter.