Inceptionr LLC purchased a new position in Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 27,509 shares of the mining company's stock, valued at approximately $259,000.
Other institutional investors have also modified their holdings of the company. Bank of New York Mellon Corp grew its stake in shares of Cleveland-Cliffs by 20.1% in the fourth quarter. Bank of New York Mellon Corp now owns 7,382,769 shares of the mining company's stock worth $69,398,000 after acquiring an additional 1,236,247 shares in the last quarter. Franklin Resources Inc. grew its stake in shares of Cleveland-Cliffs by 105.6% during the third quarter. Franklin Resources Inc. now owns 262,771 shares of the mining company's stock worth $3,429,000 after purchasing an additional 134,939 shares in the last quarter. Stonegate Investment Group LLC acquired a new position in shares of Cleveland-Cliffs during the fourth quarter worth $18,999,000. Janus Henderson Group PLC grew its stake in shares of Cleveland-Cliffs by 987.0% during the third quarter. Janus Henderson Group PLC now owns 207,000 shares of the mining company's stock worth $2,644,000 after purchasing an additional 187,957 shares in the last quarter. Finally, Rockefeller Capital Management L.P. acquired a new position in shares of Cleveland-Cliffs during the third quarter worth $22,122,000. Institutional investors and hedge funds own 67.68% of the company's stock.
Shares of NYSE:CLF traded down $1.11 on Monday, reaching $8.71. The company's stock had a trading volume of 35,372,593 shares, compared to its average volume of 17,809,650. The stock's 50-day moving average is $10.39 and its two-hundred day moving average is $11.53. Cleveland-Cliffs Inc. has a 52-week low of $8.51 and a 52-week high of $22.97. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.85 and a quick ratio of 0.55. The stock has a market capitalization of $4.30 billion, a P/E ratio of -8.97 and a beta of 1.94.
Cleveland-Cliffs (NYSE:CLF - Get Free Report) last posted its quarterly earnings results on Monday, February 24th. The mining company reported ($0.68) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.65) by ($0.03). The firm had revenue of $4.33 billion for the quarter, compared to analysts' expectations of $4.46 billion. Cleveland-Cliffs had a negative return on equity of 0.59% and a negative net margin of 2.31%. As a group, sell-side analysts forecast that Cleveland-Cliffs Inc. will post -0.79 EPS for the current year.
In related news, Director Jane M. Cronin bought 10,000 shares of the stock in a transaction on Friday, February 28th. The shares were bought at an average cost of $10.56 per share, for a total transaction of $105,600.00. Following the completion of the transaction, the director now owns 24,522 shares of the company's stock, valued at $258,952.32. This represents a 68.86 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director John T. Baldwin bought 4,000 shares of the stock in a transaction on Monday, March 10th. The shares were bought at an average price of $8.70 per share, for a total transaction of $34,800.00. Following the completion of the transaction, the director now directly owns 133,227 shares of the company's stock, valued at $1,159,074.90. This trade represents a 3.10 % increase in their position. The disclosure for this purchase can be found here. Insiders bought 23,500 shares of company stock valued at $243,095 over the last ninety days. Corporate insiders own 1.76% of the company's stock.
A number of equities analysts recently commented on the stock. The Goldman Sachs Group lowered their target price on shares of Cleveland-Cliffs from $17.00 to $15.00 and set a "buy" rating for the company in a research note on Tuesday, March 4th. B. Riley reiterated a "buy" rating on shares of Cleveland-Cliffs in a research note on Tuesday, February 4th. Glj Research lowered their target price on shares of Cleveland-Cliffs from $14.54 to $12.90 and set a "buy" rating for the company in a research note on Thursday, February 27th. Citigroup lowered their target price on shares of Cleveland-Cliffs from $12.50 to $11.00 and set a "neutral" rating for the company in a research note on Thursday, December 19th. Finally, Morgan Stanley reduced their price target on shares of Cleveland-Cliffs from $13.00 to $11.00 and set an "equal weight" rating for the company in a research report on Monday, February 3rd. Two analysts have rated the stock with a sell rating, four have given a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, Cleveland-Cliffs presently has a consensus rating of "Hold" and an average price target of $16.43.
View Our Latest Report on CLF
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.
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