Easterly Investment Partners LLC Takes $2.76 Million Position in Cleveland-Cliffs Inc. (NYSE:CLF)

Easterly Investment Partners LLC purchased a new stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF) during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 216,417 shares of the mining company’s stock, valued at approximately $2,764,000.

Other hedge funds also recently made changes to their positions in the company. Dimensional Fund Advisors LP raised its holdings in Cleveland-Cliffs by 54.7% during the second quarter. Dimensional Fund Advisors LP now owns 15,906,597 shares of the mining company’s stock worth $244,794,000 after purchasing an additional 5,621,797 shares in the last quarter. AQR Capital Management LLC raised its holdings in Cleveland-Cliffs by 49.9% during the second quarter. AQR Capital Management LLC now owns 6,093,632 shares of the mining company’s stock worth $93,172,000 after purchasing an additional 2,027,757 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in Cleveland-Cliffs by 23.6% during the second quarter. Bank of New York Mellon Corp now owns 5,597,662 shares of the mining company’s stock worth $86,148,000 after purchasing an additional 1,069,907 shares in the last quarter. Castle Hook Partners LP grew its position in Cleveland-Cliffs by 13.8% in the first quarter. Castle Hook Partners LP now owns 3,374,716 shares of the mining company’s stock worth $76,741,000 after buying an additional 410,182 shares during the last quarter. Finally, Drexel Morgan & Co. grew its position in Cleveland-Cliffs by 3.8% in the third quarter. Drexel Morgan & Co. now owns 3,200,395 shares of the mining company’s stock worth $40,869,000 after buying an additional 116,400 shares during the last quarter. Institutional investors own 67.68% of the company’s stock.

Wall Street Analysts Forecast Growth

CLF has been the topic of several recent research reports. Citigroup decreased their price target on shares of Cleveland-Cliffs from $18.00 to $12.50 and set a “neutral” rating on the stock in a research report on Tuesday, September 10th. Seaport Res Ptn upgraded shares of Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, August 27th. Morgan Stanley lowered their price objective on shares of Cleveland-Cliffs from $15.00 to $13.50 and set an “equal weight” rating on the stock in a research report on Wednesday, September 18th. Finally, StockNews.com cut shares of Cleveland-Cliffs from a “hold” rating to a “sell” rating in a research report on Thursday. Three research analysts have rated the stock with a sell rating, five have given a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $17.56.

Cleveland-Cliffs Stock Down 2.1 %

Shares of CLF stock traded down $0.28 on Friday, hitting $13.06. The company’s stock had a trading volume of 2,943,389 shares, compared to its average volume of 10,152,632. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.87 and a quick ratio of 0.60. Cleveland-Cliffs Inc. has a fifty-two week low of $10.21 and a fifty-two week high of $22.97. The firm’s fifty day moving average price is $12.63 and its 200-day moving average price is $14.57. The stock has a market capitalization of $6.11 billion, a price-to-earnings ratio of -13.75 and a beta of 1.97.

Cleveland-Cliffs (NYSE:CLF) last released its quarterly earnings data on Monday, November 4th. The mining company reported ($0.33) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.31) by ($0.02). Cleveland-Cliffs had a negative net margin of 2.31% and a negative return on equity of 0.58%. The business had revenue of $4.57 billion during the quarter, compared to analyst estimates of $4.72 billion. During the same period in the previous year, the firm posted $0.54 EPS. The firm’s revenue for the quarter was down 18.5% on a year-over-year basis. Research analysts anticipate that Cleveland-Cliffs Inc. will post -0.37 EPS for the current year.

Cleveland-Cliffs Company Profile

Cleveland-Cliffs is the largest flat-rolled steel company and the largest iron ore pellet producer in North America. The company is vertically integrated from mining through iron making, steelmaking, rolling, finishing and downstream with hot and cold stamping of steel parts and components. The company was formerly known as Cliffs Natural Resources Inc and changed its name to Cleveland-Cliffs Inc in August 2017.