Scopus Asset Management L.P. Makes New $15.59 Million Investment in Cleveland-Cliffs Inc. (NYSE:CLF)

Scopus Asset Management L.P. purchased a new position in Cleveland-Cliffs Inc. (NYSE:CLF) in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 775,000 shares of the mining company’s stock, valued at approximately $15,585,000. Scopus Asset Management L.P. owned about 0.16% of Cleveland-Cliffs at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in CLF. Baird Financial Group Inc. lifted its position in shares of Cleveland-Cliffs by 24.8% in the fourth quarter. Baird Financial Group Inc. now owns 24,590 shares of the mining company’s stock worth $358,000 after buying an additional 4,890 shares during the last quarter. The Manufacturers Life Insurance Company lifted its position in shares of Cleveland-Cliffs by 3.6% in the fourth quarter. The Manufacturers Life Insurance Company now owns 235,135 shares of the mining company’s stock worth $3,424,000 after buying an additional 8,280 shares during the last quarter. Federated Hermes Inc. acquired a new stake in shares of Cleveland-Cliffs in the fourth quarter worth about $774,000. CWM Advisors LLC acquired a new stake in shares of Cleveland-Cliffs in the fourth quarter worth about $248,000. Finally, Stifel Financial Corp lifted its position in shares of Cleveland-Cliffs by 84.7% in the fourth quarter. Stifel Financial Corp now owns 116,598 shares of the mining company’s stock worth $1,697,000 after buying an additional 53,483 shares during the last quarter. 64.64% of the stock is owned by institutional investors.

CLF has been the subject of several research analyst reports. Argus initiated coverage on Cleveland-Cliffs in a research report on Thursday, July 8th. They set a “buy” rating and a $26.00 price objective for the company. JPMorgan Chase & Co. initiated coverage on Cleveland-Cliffs in a research report on Wednesday, June 16th. They set an “overweight” rating and a $39.00 price objective for the company. Exane BNP Paribas cut Cleveland-Cliffs from an “outperform” rating to a “neutral” rating in a research report on Monday, April 19th. BNP Paribas reissued a “neutral” rating and set a $19.20 price objective on shares of Cleveland-Cliffs in a research report on Monday, April 26th. Finally, Bank of America initiated coverage on Cleveland-Cliffs in a research report on Monday, May 17th. They set a “buy” rating and a $25.00 price objective for the company. Three investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. The company has a consensus rating of “Buy” and a consensus price target of $25.06.

In other news, Director John T. Baldwin sold 12,800 shares of the company’s stock in a transaction that occurred on Thursday, June 10th. The stock was sold at an average price of $23.38, for a total value of $299,264.00. Following the sale, the director now directly owns 120,927 shares in the company, valued at approximately $2,827,273.26. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Susan Miranda Green sold 18,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 18th. The shares were sold at an average price of $20.39, for a total value of $367,020.00. Following the completion of the sale, the director now owns 91,082 shares in the company, valued at $1,857,161.98. The disclosure for this sale can be found here. Corporate insiders own 1.34% of the company’s stock.

Cleveland-Cliffs stock traded up $0.05 during trading hours on Thursday, hitting $21.23. The stock had a trading volume of 848,456 shares, compared to its average volume of 25,078,352. The company’s 50-day simple moving average is $20.87. The company has a debt-to-equity ratio of 2.11, a quick ratio of 0.66 and a current ratio of 2.00. The stock has a market cap of $10.60 billion, a P/E ratio of -163.08, a PEG ratio of 0.16 and a beta of 2.32. Cleveland-Cliffs Inc. has a fifty-two week low of $5.16 and a fifty-two week high of $24.77.

Cleveland-Cliffs (NYSE:CLF) last posted its quarterly earnings results on Wednesday, April 21st. The mining company reported $0.19 EPS for the quarter, missing the consensus estimate of $0.33 by ($0.14). The firm had revenue of $4 billion during the quarter, compared to analyst estimates of $3.92 billion. Cleveland-Cliffs had a negative net margin of 0.32% and a positive return on equity of 10.98%. The company’s revenue was up 1014.2% on a year-over-year basis. During the same period last year, the company earned ($0.18) EPS. On average, equities analysts anticipate that Cleveland-Cliffs Inc. will post 5.67 earnings per share for the current fiscal year.

About Cleveland-Cliffs

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.

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

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