Marshall Wace LLP Acquires New Stake in Cleveland-Cliffs Inc (NYSE:CLF)

Marshall Wace LLP acquired a new stake in shares of Cleveland-Cliffs Inc (NYSE:CLF) during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 71,418 shares of the mining company’s stock, valued at approximately $713,000.

Several other institutional investors also recently bought and sold shares of the company. ClariVest Asset Management LLC grew its stake in shares of Cleveland-Cliffs by 13.9% in the first quarter. ClariVest Asset Management LLC now owns 992,421 shares of the mining company’s stock worth $9,913,000 after acquiring an additional 121,258 shares during the period. MYDA Advisors LLC bought a new stake in Cleveland-Cliffs during the first quarter valued at approximately $1,093,000. Neuberger Berman Group LLC grew its position in Cleveland-Cliffs by 1.1% during the first quarter. Neuberger Berman Group LLC now owns 2,602,952 shares of the mining company’s stock valued at $25,994,000 after buying an additional 28,507 shares during the period. Kennedy Capital Management Inc. bought a new stake in Cleveland-Cliffs during the first quarter valued at approximately $2,498,000. Finally, AlphaCrest Capital Management LLC bought a new stake in Cleveland-Cliffs during the first quarter valued at approximately $446,000. Hedge funds and other institutional investors own 80.54% of the company’s stock.

Shares of CLF stock traded up $0.43 during mid-day trading on Friday, hitting $11.30. 30,016,056 shares of the stock traded hands, compared to its average volume of 7,558,046. Cleveland-Cliffs Inc has a 52-week low of $7.40 and a 52-week high of $13.10. The company has a debt-to-equity ratio of 7.97, a quick ratio of 1.82 and a current ratio of 2.86. The stock has a market capitalization of $3.20 billion, a PE ratio of 5.31 and a beta of 1.92. The stock’s fifty day moving average price is $10.13.

Cleveland-Cliffs (NYSE:CLF) last issued its quarterly earnings data on Friday, July 19th. The mining company reported $0.63 EPS for the quarter, topping analysts’ consensus estimates of $0.52 by $0.11. The business had revenue of $697.40 million for the quarter, compared to analysts’ expectations of $624.23 million. Cleveland-Cliffs had a net margin of 51.54% and a return on equity of 786.91%. The business’s revenue was up 3.8% on a year-over-year basis. During the same quarter last year, the company earned $0.55 EPS. As a group, sell-side analysts expect that Cleveland-Cliffs Inc will post 1.79 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Monday, July 15th. Investors of record on Friday, July 5th were paid a $0.06 dividend. The ex-dividend date was Wednesday, July 3rd. This represents a $0.24 dividend on an annualized basis and a yield of 2.12%. This is a boost from Cleveland-Cliffs’s previous quarterly dividend of $0.05. Cleveland-Cliffs’s dividend payout ratio (DPR) is currently 11.27%.

In other news, Chairman Lourenco Goncalves bought 10,000 shares of the company’s stock in a transaction on Monday, June 10th. The stock was bought at an average cost of $9.36 per share, with a total value of $93,600.00. Following the transaction, the chairman now directly owns 3,237,735 shares in the company, valued at approximately $30,305,199.60. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Robert P. Fisher, Jr. acquired 3,000 shares of the stock in a transaction dated Monday, June 3rd. The shares were bought at an average cost of $8.92 per share, with a total value of $26,760.00. Following the completion of the transaction, the director now owns 113,398 shares of the company’s stock, valued at approximately $1,011,510.16. The disclosure for this purchase can be found here. Insiders purchased a total of 30,500 shares of company stock worth $290,310 in the last three months. 1.32% of the stock is owned by corporate insiders.

A number of research firms have weighed in on CLF. Credit Suisse Group set a $123.00 price target on shares of Hershey and gave the stock a “hold” rating in a research report on Friday, April 26th. B. Riley boosted 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. Jefferies Financial Group set a $250.00 price target on shares of FleetCor Technologies and gave the company a “hold” rating in a research note on Tuesday, April 23rd. Finally, Zacks Investment Research downgraded shares of GasLog Partners LP Unit from a “hold” rating to a “strong sell” rating in a research note on Tuesday, April 2nd. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and six have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $12.50.

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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