Wexford Capital LP boosted its holdings in shares of Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 1,212.0% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,018,950 shares of the mining company's stock after acquiring an additional 941,284 shares during the quarter. Cleveland-Cliffs comprises 1.5% of Wexford Capital LP's holdings, making the stock its 6th largest holding. Wexford Capital LP owned approximately 0.21% of Cleveland-Cliffs worth $9,578,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Fairfax Financial Holdings Ltd. Can acquired a new stake in shares of Cleveland-Cliffs in the fourth quarter valued at $55,453,000. Norges Bank acquired a new stake in shares of Cleveland-Cliffs in the fourth quarter valued at $45,381,000. Slate Path Capital LP grew its stake in shares of Cleveland-Cliffs by 35.4% in the fourth quarter. Slate Path Capital LP now owns 16,208,000 shares of the mining company's stock valued at $152,355,000 after buying an additional 4,239,000 shares in the last quarter. Vanguard Group Inc. grew its stake in shares of Cleveland-Cliffs by 5.5% in the fourth quarter. Vanguard Group Inc. now owns 48,751,789 shares of the mining company's stock valued at $458,267,000 after buying an additional 2,556,332 shares in the last quarter. Finally, Barclays PLC grew its stake in shares of Cleveland-Cliffs by 232.4% in the third quarter. Barclays PLC now owns 3,113,337 shares of the mining company's stock valued at $39,757,000 after buying an additional 2,176,837 shares in the last quarter. Institutional investors and hedge funds own 67.68% of the company's stock.
Insiders Place Their Bets
In other Cleveland-Cliffs news, EVP James D. Graham sold 120,000 shares of Cleveland-Cliffs stock in a transaction dated Friday, May 23rd. The stock was sold at an average price of $6.85, for a total transaction of $822,000.00. Following the completion of the sale, the executive vice president now directly owns 492,249 shares of the company's stock, valued at $3,371,905.65. The trade was a 19.60% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director John T. Baldwin bought 4,000 shares of Cleveland-Cliffs stock in a transaction dated Monday, March 10th. The stock was purchased at an average cost of $8.70 per share, with a total value of $34,800.00. Following the completion of the acquisition, the director now directly owns 133,227 shares in the company, valued at approximately $1,159,074.90. The trade was a 3.10% increase in their position. The disclosure for this purchase can be found here. Insiders acquired 23,500 shares of company stock valued at $243,095 in the last ninety days. Insiders own 1.71% of the company's stock.
Cleveland-Cliffs Stock Down 6.5%
NYSE CLF traded down $0.46 during trading on Friday, reaching $6.52. 45,626,219 shares of the company's stock were exchanged, compared to its average volume of 15,525,328. The stock has a market cap of $3.22 billion, a P/E ratio of -6.72 and a beta of 2.03. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.55 and a current ratio of 1.85. The company has a 50 day moving average price of $7.88 and a two-hundred day moving average price of $9.75. Cleveland-Cliffs Inc. has a 1 year low of $6.17 and a 1 year high of $17.41.
Cleveland-Cliffs (NYSE:CLF - Get Free Report) last announced its quarterly earnings results on Wednesday, May 7th. The mining company reported ($0.92) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.78) by ($0.14). The business had revenue of $4.63 billion for the quarter, compared to analysts' expectations of $4.71 billion. Cleveland-Cliffs had a negative return on equity of 0.59% and a negative net margin of 2.31%. The firm's quarterly revenue was down 11.0% on a year-over-year basis. During the same period last year, the firm earned $0.18 earnings per share. On average, equities research analysts anticipate that Cleveland-Cliffs Inc. will post -0.79 EPS for the current fiscal year.
Analyst Ratings Changes
A number of equities research analysts have recently weighed in on the company. B. Riley reaffirmed a "buy" rating and issued a $17.00 price objective (down from $20.00) on shares of Cleveland-Cliffs in a research note on Wednesday, April 23rd. Glj Research decreased their target price on Cleveland-Cliffs from $14.54 to $12.90 and set a "buy" rating for the company in a report on Thursday, February 27th. The Goldman Sachs Group decreased their target price on Cleveland-Cliffs from $13.00 to $11.25 and set a "buy" rating for the company in a report on Monday, May 12th. Finally, Morgan Stanley decreased their target price on Cleveland-Cliffs from $13.00 to $11.00 and set an "equal weight" rating for the company in a report on Monday, February 3rd. One analyst has rated the stock with a sell rating, four have issued a hold rating, three have issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $14.02.
Read Our Latest Stock Report on Cleveland-Cliffs
Cleveland-Cliffs Profile
(
Free Report)
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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