Elkhorn Partners Limited Partnership Acquires 1,500 Shares of Cleveland-Cliffs Inc. (NYSE:CLF)

Elkhorn Partners Limited Partnership lifted its holdings in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 8.3% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 19,500 shares of the mining company’s stock after purchasing an additional 1,500 shares during the quarter. Cleveland-Cliffs accounts for 0.3% of Elkhorn Partners Limited Partnership’s holdings, making the stock its 21st largest position. Elkhorn Partners Limited Partnership’s holdings in Cleveland-Cliffs were worth $443,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in CLF. Bayesian Capital Management LP acquired a new stake in Cleveland-Cliffs in the first quarter valued at approximately $839,000. Aristides Capital LLC acquired a new stake in Cleveland-Cliffs in the first quarter valued at approximately $222,000. Price T Rowe Associates Inc. MD boosted its position in Cleveland-Cliffs by 10.6% in the first quarter. Price T Rowe Associates Inc. MD now owns 2,884,249 shares of the mining company’s stock valued at $65,589,000 after buying an additional 275,265 shares in the last quarter. LRI Investments LLC acquired a new stake in Cleveland-Cliffs in the first quarter valued at approximately $45,000. Finally, Delap Wealth Advisory LLC acquired a new stake in Cleveland-Cliffs in the first quarter valued at approximately $218,000. 67.68% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the stock. JPMorgan Chase & Co. lowered shares of Cleveland-Cliffs from an “overweight” rating to a “neutral” rating and cut their price target for the stock from $23.00 to $17.00 in a report on Tuesday, June 11th. B. Riley reiterated a “buy” rating and set a $23.00 price target on shares of Cleveland-Cliffs in a report on Tuesday, June 25th. Morgan Stanley cut their price target on shares of Cleveland-Cliffs from $20.00 to $19.00 and set an “equal weight” rating on the stock in a report on Tuesday, April 30th. Seaport Res Ptn upgraded shares of Cleveland-Cliffs to a “hold” rating in a report on Tuesday, June 11th. Finally, Bank of America dropped their target price on shares of Cleveland-Cliffs from $20.00 to $18.00 and set a “neutral” rating on the stock in a report on Wednesday, June 26th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and two have given a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $19.44.

Insider Buying and Selling

In other news, Director Ben Oren acquired 6,700 shares of the firm’s stock in a transaction on Wednesday, June 12th. The stock was purchased at an average price of $14.99 per share, for a total transaction of $100,433.00. Following the purchase, the director now owns 14,167 shares in the company, valued at approximately $212,363.33. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, Director Ben Oren bought 6,700 shares of Cleveland-Cliffs stock in a transaction dated Wednesday, June 12th. The stock was purchased at an average cost of $14.99 per share, with a total value of $100,433.00. Following the transaction, the director now directly owns 14,167 shares of the company’s stock, valued at $212,363.33. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Lourenco Goncalves bought 60,000 shares of Cleveland-Cliffs stock in a transaction dated Wednesday, May 1st. The shares were bought at an average cost of $16.76 per share, with a total value of $1,005,600.00. Following the completion of the transaction, the chief executive officer now directly owns 2,759,089 shares in the company, valued at $46,242,331.64. The disclosure for this purchase can be found here. Insiders have acquired 98,950 shares of company stock worth $1,639,638 in the last quarter. Insiders own 1.76% of the company’s stock.

Cleveland-Cliffs Stock Down 1.9 %

Shares of NYSE CLF traded down $0.29 during trading on Tuesday, hitting $14.98. 5,770,266 shares of the company traded hands, compared to its average volume of 8,921,432. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.60 and a current ratio of 1.87. Cleveland-Cliffs Inc. has a fifty-two week low of $13.84 and a fifty-two week high of $22.97. The firm has a market capitalization of $7.01 billion, a price-to-earnings ratio of 20.24, a P/E/G ratio of 1.58 and a beta of 2.03. The business’s fifty day moving average is $15.66 and its 200 day moving average is $18.32.

Cleveland-Cliffs (NYSE:CLF) last posted its earnings results on Monday, July 22nd. The mining company reported $0.11 earnings per share for the quarter. Cleveland-Cliffs had a net margin of 0.21% and a return on equity of 4.94%. The company had revenue of $5.09 billion for the quarter, compared to analyst estimates of $5.18 billion. During the same quarter in the prior year, the business posted $0.69 EPS. The firm’s revenue was down 14.9% compared to the same quarter last year. Equities research analysts predict that Cleveland-Cliffs Inc. will post 0.22 earnings per share for the current fiscal year.

Cleveland-Cliffs declared that its board has approved a stock buyback program on Monday, April 22nd that allows the company to repurchase $1.50 billion in shares. This repurchase authorization allows the mining company to purchase up to 17.2% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its shares are undervalued.

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.