Stevens Capital Management LP Takes $139,000 Position in Cleveland-Cliffs Inc (CLF)

Stevens Capital Management LP acquired a new stake in Cleveland-Cliffs Inc (NYSE:CLF) in the 1st quarter, according to its most recent filing with the SEC. The fund acquired 13,915 shares of the mining company’s stock, valued at approximately $139,000.

A number of other large investors have also recently added to or reduced their stakes in the business. Bank of New York Mellon Corp boosted its stake in Cleveland-Cliffs by 3.3% during the 3rd quarter. Bank of New York Mellon Corp now owns 2,037,877 shares of the mining company’s stock valued at $25,801,000 after acquiring an additional 65,196 shares during the last quarter. Vanguard Group Inc boosted its stake in Cleveland-Cliffs by 14.8% during the 3rd quarter. Vanguard Group Inc now owns 30,220,875 shares of the mining company’s stock valued at $382,597,000 after acquiring an additional 3,885,273 shares during the last quarter. Bowling Portfolio Management LLC bought a new position in Cleveland-Cliffs during the 4th quarter valued at $963,000. Regent Investment Management LLC bought a new position in Cleveland-Cliffs during the 4th quarter valued at $117,000. Finally, Pelham Capital Ltd. boosted its stake in Cleveland-Cliffs by 64.9% during the 4th quarter. Pelham Capital Ltd. now owns 2,693,184 shares of the mining company’s stock valued at $20,711,000 after acquiring an additional 1,060,000 shares during the last quarter. 75.58% of the stock is owned by hedge funds and other institutional investors.

Shares of NYSE:CLF traded down $0.26 on Monday, reaching $9.76. 2,105,136 shares of the company’s stock were exchanged, compared to its average volume of 11,468,250. The company has a debt-to-equity ratio of 7.97, a quick ratio of 1.82 and a current ratio of 2.86. Cleveland-Cliffs Inc has a fifty-two week low of $7.40 and a fifty-two week high of $13.10. The stock has a market capitalization of $2.83 billion, a price-to-earnings ratio of 4.58 and a beta of 1.78.



Cleveland-Cliffs (NYSE:CLF) last released its quarterly earnings data on Thursday, April 25th. The mining company reported ($0.08) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.14) by $0.06. Cleveland-Cliffs had a net margin of 51.54% and a return on equity of 786.91%. The business had revenue of $157.00 million for the quarter, compared to analysts’ expectations of $116.91 million. During the same quarter last year, the company earned ($0.08) EPS. The company’s revenue for the quarter was down 12.8% compared to the same quarter last year. Sell-side analysts expect that Cleveland-Cliffs Inc will post 1.68 EPS for the current fiscal year.

In related news, Director Susan Miranda Green sold 12,700 shares of the stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $10.06, for a total value of $127,762.00. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO Keith Koci acquired 9,000 shares of the company’s stock in a transaction that occurred on Wednesday, February 27th. The stock was purchased at an average cost of $11.52 per share, for a total transaction of $103,680.00. Following the acquisition, the chief financial officer now owns 39,349 shares in the company, valued at $453,300.48. The disclosure for this purchase can be found here. In the last ninety days, insiders purchased 21,500 shares of company stock worth $225,380. Corporate insiders own 1.32% of the company’s stock.

A number of analysts have weighed in on the stock. Zacks Investment Research raised shares of Cleveland-Cliffs from a “hold” rating to a “buy” rating and set a $11.00 target price on the stock in a report on Monday, April 1st. Jefferies Financial Group set a $14.00 target price on shares of Cleveland-Cliffs and gave the stock a “buy” rating in a report on Tuesday, April 23rd. Morgan Stanley set a $12.00 target price on shares of Cleveland-Cliffs and gave the stock a “hold” rating in a report on Tuesday, March 5th. B. Riley increased their target price on shares of Cleveland-Cliffs from $14.00 to $15.00 and gave the stock a “buy” rating in a report on Thursday, April 25th. Finally, ValuEngine raised shares of Cleveland-Cliffs from a “sell” rating to a “hold” rating in a report on Monday, February 4th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus target price of $12.50.

COPYRIGHT VIOLATION WARNING: “Stevens Capital Management LP Takes $139,000 Position in Cleveland-Cliffs Inc (CLF)” was first posted by Dakota Financial News and is owned by of Dakota Financial News. If you are accessing this news story on another site, it was illegally copied and republished in violation of U.S. & international copyright & trademark legislation. The correct version of this news story can be read at https://dakotafinancialnews.com/2019/05/20/stevens-capital-management-lp-takes-139000-position-in-cleveland-cliffs-inc-clf.html.

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. It sells its products to integrated steel companies and steel producers in the United States and the Asia Pacific. The company was formerly known as Cliffs Natural Resources Inc and changed its name to Cleveland-Cliffs Inc in August 2017.

Featured Story: How does a security become overbought?

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).

Institutional Ownership by Quarter for Cleveland-Cliffs (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.