Ruffer LLP Has $175.22 Million Stock Position in Cleveland-Cliffs Inc (NYSE:CLF)

Ruffer LLP lessened its position in shares of Cleveland-Cliffs Inc (NYSE:CLF) by 6.2% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 16,414,472 shares of the mining company’s stock after selling 1,088,343 shares during the period. Cleveland-Cliffs accounts for 4.1% of Ruffer LLP’s holdings, making the stock its 9th biggest holding. Ruffer LLP owned about 6.08% of Cleveland-Cliffs worth $175,221,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Fisher Asset Management LLC grew its holdings in Cleveland-Cliffs by 4.6% in the second quarter. Fisher Asset Management LLC now owns 12,872,970 shares of the mining company’s stock worth $137,355,000 after purchasing an additional 565,102 shares during the period. Geode Capital Management LLC grew its holdings in Cleveland-Cliffs by 9.3% in the fourth quarter. Geode Capital Management LLC now owns 3,148,509 shares of the mining company’s stock worth $24,212,000 after purchasing an additional 267,622 shares during the period. AJO LP acquired a new stake in Cleveland-Cliffs in the first quarter worth $28,321,000. Norges Bank acquired a new stake in Cleveland-Cliffs in the fourth quarter worth $21,011,000. Finally, Neuberger Berman Group LLC grew its holdings in Cleveland-Cliffs by 1.1% in the first quarter. Neuberger Berman Group LLC now owns 2,602,952 shares of the mining company’s stock worth $25,994,000 after purchasing an additional 28,507 shares during the period. 82.43% of the stock is owned by institutional investors and hedge funds.

Shares of NYSE CLF traded up $0.01 during mid-day trading on Thursday, reaching $8.26. 4,053,051 shares of the company’s stock traded hands, compared to its average volume of 10,647,656. The stock has a market cap of $2.23 billion, a P/E ratio of 3.88 and a beta of 1.98. The business has a 50-day simple moving average of $9.90 and a 200 day simple moving average of $10.08. Cleveland-Cliffs Inc has a 1-year low of $7.40 and a 1-year high of $13.10. The company has a debt-to-equity ratio of 7.37, a current ratio of 2.56 and a quick ratio of 1.81.

Cleveland-Cliffs (NYSE:CLF) last released its quarterly earnings results on Friday, July 19th. The mining company reported $0.63 earnings per share for the quarter, beating analysts’ consensus estimates of $0.52 by $0.11. Cleveland-Cliffs had a net margin of 50.72% and a return on equity of 238.16%. The company had revenue of $697.40 million for the quarter, compared to analyst estimates of $624.23 million. During the same period last year, the firm earned $0.55 earnings per share. The firm’s revenue was up 3.8% on a year-over-year basis. Equities research analysts anticipate that Cleveland-Cliffs Inc will post 1.77 earnings per share for the current fiscal year.

In other news, CFO Keith Koci purchased 30,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 7th. The shares were bought at an average cost of $8.39 per share, with a total value of $251,700.00. Following the completion of the transaction, the chief financial officer now directly owns 74,349 shares of the company’s stock, valued at $623,788.11. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director John T. Baldwin purchased 6,000 shares of the company’s stock in a transaction that occurred on Thursday, August 8th. The shares were purchased at an average cost of $8.70 per share, for a total transaction of $52,200.00. Following the completion of the transaction, the director now directly owns 107,727 shares of the company’s stock, valued at $937,224.90. The disclosure for this purchase can be found here. Insiders have purchased 49,000 shares of company stock worth $424,260 over the last three months. 1.32% of the stock is owned by insiders.

A number of research analysts have recently issued reports on CLF shares. ValuEngine cut shares of Cleveland-Cliffs from a “sell” rating to a “strong sell” rating in a report on Thursday, August 1st. B. Riley lifted their price objective on shares of Cleveland-Cliffs from $14.00 to $15.00 and gave the company a “buy” rating in a report on Thursday, April 25th. Finally, Credit Suisse Group upgraded shares of Cleveland-Cliffs from a “neutral” rating to an “outperform” rating and lifted their price objective for the company from $13.00 to $14.00 in a report on Friday, April 26th. Two research analysts have rated the stock with a sell rating, three have given a hold rating and five have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $12.44.

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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