Susquehanna Fundamental Investments LLC Acquires New Position in Cleveland-Cliffs Inc (CLF)

Susquehanna Fundamental Investments LLC acquired a new position in Cleveland-Cliffs Inc (NYSE:CLF) in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 86,900 shares of the mining company’s stock, valued at approximately $668,000.

Other large investors have also added to or reduced their stakes in the company. Flagship Harbor Advisors LLC lifted its position in shares of Cleveland-Cliffs by 1,266.7% during the fourth quarter. Flagship Harbor Advisors LLC now owns 4,100 shares of the mining company’s stock valued at $31,000 after buying an additional 3,800 shares during the last quarter. Oppenheimer Asset Management Inc. acquired a new position in shares of Cleveland-Cliffs during the fourth quarter valued at about $50,000. Quantamental Technologies LLC acquired a new position in shares of Cleveland-Cliffs during the fourth quarter valued at about $52,000. Bessemer Group Inc. acquired a new position in shares of Cleveland-Cliffs during the fourth quarter valued at about $65,000. Finally, CWM Advisors LLC acquired a new position in shares of Cleveland-Cliffs during the fourth quarter valued at about $91,000. 73.29% of the stock is owned by institutional investors.

Shares of NYSE CLF traded down $0.23 during midday trading on Wednesday, reaching $9.60. 87,433 shares of the stock were exchanged, compared to its average volume of 9,513,356. The stock has a market capitalization of $2.81 billion, a price-to-earnings ratio of 4.52 and a beta of 1.84. Cleveland-Cliffs Inc has a twelve month low of $6.40 and a twelve month high of $13.10. The company has a debt-to-equity ratio of 4.93, a current ratio of 3.16 and a quick ratio of 2.77.

Cleveland-Cliffs (NYSE:CLF) last issued its quarterly earnings data on Friday, February 8th. The mining company reported $0.55 EPS for the quarter, missing analysts’ consensus estimates of $0.57 by ($0.02). The firm had revenue of $696.30 million for the quarter, compared to analyst estimates of $721.52 million. Cleveland-Cliffs had a negative return on equity of 509.82% and a net margin of 47.17%. Cleveland-Cliffs’s revenue for the quarter was up 36.0% compared to the same quarter last year. During the same period in the previous year, the business earned $1.07 EPS. Analysts anticipate that Cleveland-Cliffs Inc will post 1.58 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Monday, April 15th. Stockholders of record on Friday, April 5th will be given a dividend of $0.05 per share. The ex-dividend date is Thursday, April 4th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 2.08%. Cleveland-Cliffs’s dividend payout ratio (DPR) is 9.39%.

Cleveland-Cliffs declared that its Board of Directors has authorized a share repurchase plan on Monday, November 26th that permits the company to repurchase $200.00 million in outstanding shares. This repurchase authorization permits the mining company to reacquire up to 7.7% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its stock is undervalued.

Several brokerages recently weighed in on CLF. JPMorgan Chase & Co. increased their price target on shares of Cleveland-Cliffs to $17.00 and gave the stock an “overweight” rating in a report on Monday, February 11th. Jefferies Financial Group increased their price target on shares of Cleveland-Cliffs from $11.50 to $13.75 and gave the stock a “buy” rating in a report on Friday, February 8th. TheStreet upgraded shares of Cleveland-Cliffs from a “c+” rating to a “b” rating in a report on Wednesday, February 20th. Cowen reiterated a “market perform” rating and issued a $11.00 price target (up previously from $8.50) on shares of Cleveland-Cliffs in a report on Thursday, February 7th. Finally, Citigroup increased their price target on shares of Cleveland-Cliffs to $13.00 and gave the stock a “buy” rating in a report on Friday, February 8th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and seven have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $12.06.

In other news, CFO Keith Koci acquired 9,000 shares of the firm’s stock in a transaction on Wednesday, February 27th. The shares were bought at an average price of $11.52 per share, for a total transaction of $103,680.00. Following the acquisition, the chief financial officer now owns 39,349 shares of the company’s stock, valued at approximately $453,300.48. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Susan Miranda Green sold 12,700 shares of the firm’s stock in a transaction on Wednesday, March 6th. The shares were sold at an average price of $10.06, for a total value of $127,762.00. The disclosure for this sale can be found here. Company insiders own 1.32% of the company’s stock.

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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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