ETRADE Capital Management LLC Invests $204,000 in Cleveland-Cliffs Inc (CLF) Stock

ETRADE Capital Management LLC bought a new stake in Cleveland-Cliffs Inc (NYSE:CLF) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 29,287 shares of the mining company’s stock, valued at approximately $204,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. BlackRock Inc. increased its stake in Cleveland-Cliffs by 4.0% in the fourth quarter. BlackRock Inc. now owns 20,192,937 shares of the mining company’s stock valued at $145,592,000 after acquiring an additional 774,210 shares during the period. Luminus Management LLC increased its stake in Cleveland-Cliffs by 23.9% in the fourth quarter. Luminus Management LLC now owns 3,754,600 shares of the mining company’s stock valued at $27,071,000 after acquiring an additional 725,400 shares during the period. Gendell Jeffrey L increased its stake in Cleveland-Cliffs by 5.6% in the fourth quarter. Gendell Jeffrey L now owns 3,236,976 shares of the mining company’s stock valued at $23,339,000 after acquiring an additional 170,332 shares during the period. Bank of New York Mellon Corp increased its stake in Cleveland-Cliffs by 23.9% in the fourth quarter. Bank of New York Mellon Corp now owns 1,909,955 shares of the mining company’s stock valued at $13,770,000 after acquiring an additional 367,940 shares during the period. Finally, California Public Employees Retirement System increased its stake in Cleveland-Cliffs by 10.4% in the fourth quarter. California Public Employees Retirement System now owns 1,864,984 shares of the mining company’s stock valued at $13,447,000 after acquiring an additional 175,516 shares during the period. 65.25% of the stock is currently owned by institutional investors and hedge funds.

In related news, Director Eric M. Rychel bought 5,000 shares of Cleveland-Cliffs stock in a transaction dated Friday, April 27th. The shares were bought at an average cost of $7.48 per share, for a total transaction of $37,400.00. Following the completion of the transaction, the director now owns 19,845 shares of the company’s stock, valued at $148,440.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Susan Miranda Green sold 11,305 shares of the company’s stock in a transaction that occurred on Tuesday, March 6th. The stock was sold at an average price of $7.62, for a total transaction of $86,144.10. Following the transaction, the director now owns 60,367 shares in the company, valued at $459,996.54. The disclosure for this sale can be found here. 0.89% of the stock is currently owned by corporate insiders.

A number of analysts recently weighed in on CLF shares. Clarkson Capital raised shares of Cleveland-Cliffs from a “neutral” rating to a “buy” rating and upped their target price for the company from $7.00 to $11.00 in a research note on Monday, April 23rd. Jefferies Group reissued a “buy” rating and issued a $9.50 target price on shares of Cleveland-Cliffs in a research note on Friday, April 20th. ValuEngine raised shares of Cleveland-Cliffs from a “hold” rating to a “buy” rating in a research note on Wednesday, March 7th. B. Riley reissued a “buy” rating and issued a $12.00 target price (up previously from $11.00) on shares of Cleveland-Cliffs in a research note on Friday, March 2nd. Finally, Zacks Investment Research raised shares of Cleveland-Cliffs from a “hold” rating to a “buy” rating and set a $8.25 price objective on the stock in a research note on Wednesday, April 25th. Three equities research analysts have rated the stock with a sell rating, five have issued a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $9.68.

Shares of Cleveland-Cliffs opened at $8.44 on Thursday, MarketBeat Ratings reports. The company has a current ratio of 3.32, a quick ratio of 2.37 and a debt-to-equity ratio of -4.76. The stock has a market cap of $2.55 billion, a price-to-earnings ratio of 16.88 and a beta of 1.59. Cleveland-Cliffs Inc has a 1-year low of $5.56 and a 1-year high of $9.15.

Cleveland-Cliffs (NYSE:CLF) last issued its quarterly earnings data on Friday, April 20th. The mining company reported ($0.08) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.21) by $0.13. The firm had revenue of $239.00 million for the quarter, compared to analysts’ expectations of $177.93 million. Cleveland-Cliffs had a net margin of 15.12% and a negative return on equity of 40.15%. The company’s quarterly revenue was down 48.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.16 earnings per share. equities analysts anticipate that Cleveland-Cliffs Inc will post 1.58 EPS for the current year.

Cleveland-Cliffs 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; and Koolyanobbing iron ore mining complex located in Western Australia. It sells its products to integrated steel companies and steel producers in the United States and the Asia Pacific.

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

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