Centenus Global Management LP Makes New $2.10 Million Investment in Cleveland-Cliffs Inc (NYSE:CLF)

Centenus Global Management LP bought a new position in shares of Cleveland-Cliffs Inc (NYSE:CLF) during the 4th quarter, HoldingsChannel reports. The firm bought 250,000 shares of the mining company’s stock, valued at approximately $2,100,000.

Several other hedge funds have also modified their holdings of the stock. Carnegie Capital Asset Management LLC raised its position in shares of Cleveland-Cliffs by 3.5% in the third quarter. Carnegie Capital Asset Management LLC now owns 38,868 shares of the mining company’s stock worth $281,000 after buying an additional 1,307 shares in the last quarter. Advisor Group Inc. raised its position in shares of Cleveland-Cliffs by 2.0% in the fourth quarter. Advisor Group Inc. now owns 84,272 shares of the mining company’s stock worth $708,000 after buying an additional 1,654 shares in the last quarter. Baird Financial Group Inc. raised its position in shares of Cleveland-Cliffs by 11.6% in the fourth quarter. Baird Financial Group Inc. now owns 15,960 shares of the mining company’s stock worth $134,000 after buying an additional 1,660 shares in the last quarter. South Dakota Investment Council raised its position in shares of Cleveland-Cliffs by 0.3% in the fourth quarter. South Dakota Investment Council now owns 685,841 shares of the mining company’s stock worth $5,761,000 after buying an additional 2,170 shares in the last quarter. Finally, Hudock Capital Group LLC raised its position in shares of Cleveland-Cliffs by 21.7% in the fourth quarter. Hudock Capital Group LLC now owns 14,259 shares of the mining company’s stock worth $111,000 after buying an additional 2,546 shares in the last quarter. Institutional investors own 84.00% of the company’s stock.

Shares of NYSE CLF traded down $0.02 during mid-day trading on Thursday, hitting $3.72. 111,461 shares of the company’s stock traded hands, compared to its average volume of 16,075,944. The company’s 50-day moving average is $5.79 and its two-hundred day moving average is $7.22. The company has a debt-to-equity ratio of 5.91, a current ratio of 2.19 and a quick ratio of 1.42. The company has a market capitalization of $958.19 million, a P/E ratio of 3.62 and a beta of 2.10. Cleveland-Cliffs Inc has a 1 year low of $2.63 and a 1 year high of $11.61.

Cleveland-Cliffs (NYSE:CLF) last announced its earnings results on Thursday, February 20th. The mining company reported $0.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.24 by $0.01. The firm had revenue of $534.10 million for the quarter, compared to analysts’ expectations of $549.75 million. Cleveland-Cliffs had a net margin of 14.71% and a return on equity of 100.50%. The business’s revenue was down 23.3% compared to the same quarter last year. During the same period in the prior year, the company earned $2.03 EPS. Equities analysts anticipate that Cleveland-Cliffs Inc will post 0.59 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, April 15th. Stockholders of record on Friday, April 3rd will be given a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 6.45%. The ex-dividend date is Thursday, April 2nd. Cleveland-Cliffs’s dividend payout ratio is 21.43%.

In other news, CFO Keith Koci acquired 25,000 shares of Cleveland-Cliffs stock in a transaction that occurred on Thursday, March 12th. The shares were bought at an average cost of $4.09 per share, with a total value of $102,250.00. Following the transaction, the chief financial officer now directly owns 124,649 shares of the company’s stock, valued at approximately $509,814.41. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director John T. Baldwin acquired 10,000 shares of Cleveland-Cliffs stock in a transaction that occurred on Wednesday, March 11th. The stock was purchased at an average cost of $4.43 per share, for a total transaction of $44,300.00. Following the completion of the transaction, the director now directly owns 133,727 shares in the company, valued at $592,410.61. The disclosure for this purchase can be found here. Insiders have bought a total of 240,000 shares of company stock worth $1,066,650 over the last 90 days. Corporate insiders own 1.83% of the company’s stock.

CLF has been the topic of a number of recent analyst reports. TheStreet downgraded Cleveland-Cliffs from a “b-” rating to a “c+” rating in a research report on Thursday, January 23rd. Zacks Investment Research upgraded shares of Cleveland-Cliffs from a “hold” rating to a “buy” rating and set a $8.25 price target on the stock in a research note on Thursday, January 16th. ValuEngine cut shares of Cleveland-Cliffs from a “hold” rating to a “sell” rating in a research note on Wednesday, March 4th. Cfra reiterated a “strong-buy” rating and issued a $10.00 price target (up previously from $9.00) on shares of Cleveland-Cliffs in a research note on Thursday, February 20th. Finally, Citigroup decreased their price target on shares of Cleveland-Cliffs from $8.00 to $6.00 and set a “neutral” rating on the stock in a research note on Wednesday, March 4th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, five have given a buy rating and one has issued a strong buy rating to the company’s stock. Cleveland-Cliffs has an average rating of “Buy” and an average price target of $9.69.

Cleveland-Cliffs Company 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.

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

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