iSAM Funds UK Ltd lowered its stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 63.0% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 24,861 shares of the mining company's stock after selling 42,395 shares during the period. iSAM Funds UK Ltd's holdings in Cleveland-Cliffs were worth $234,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other institutional investors and hedge funds have also recently modified their holdings of the company. Fairfax Financial Holdings Ltd. Can bought a new stake in Cleveland-Cliffs in the fourth quarter worth $55,453,000. Norges Bank bought a new stake in Cleveland-Cliffs in the fourth quarter worth $45,381,000. Slate Path Capital LP increased its position in 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 worth $152,355,000 after purchasing an additional 4,239,000 shares during the last quarter. Vanguard Group Inc. increased its position in Cleveland-Cliffs by 5.5% in the fourth quarter. Vanguard Group Inc. now owns 48,751,789 shares of the mining company's stock worth $458,267,000 after purchasing an additional 2,556,332 shares during the last quarter. Finally, Barclays PLC increased its position in Cleveland-Cliffs by 232.4% in the third quarter. Barclays PLC now owns 3,113,337 shares of the mining company's stock worth $39,757,000 after purchasing an additional 2,176,837 shares during the last quarter. Institutional investors own 67.68% of the company's stock.
Analyst Upgrades and Downgrades
Several equities research analysts recently weighed in on the stock. Morgan Stanley reduced their price target on shares of Cleveland-Cliffs from $13.00 to $11.00 and set an "equal weight" rating on the stock in a research report on Monday, February 3rd. The Goldman Sachs Group dropped their price objective on shares of Cleveland-Cliffs from $13.00 to $11.25 and set a "buy" rating for the company in a research note on Monday, May 12th. Glj Research dropped their price objective 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. Finally, B. Riley reaffirmed a "buy" rating and set a $17.00 price objective (down from $20.00) on shares of Cleveland-Cliffs in a research note on Wednesday, April 23rd. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Cleveland-Cliffs presently has a consensus rating of "Hold" and an average target price of $14.02.
Read Our Latest Analysis on CLF
Insider Buying and Selling at Cleveland-Cliffs
In other news, EVP Keith Koci bought 9,500 shares of Cleveland-Cliffs stock in a transaction on Friday, February 28th. The stock was acquired at an average cost of $10.81 per share, for a total transaction of $102,695.00. Following the completion of the acquisition, the executive vice president now owns 543,475 shares of the company's stock, valued at $5,874,964.75. This trade represents a 1.78% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Jane M. Cronin acquired 10,000 shares of the business's stock in a transaction dated Friday, February 28th. The shares were bought at an average price of $10.56 per share, for a total transaction of $105,600.00. Following the acquisition, the director now owns 24,522 shares of the company's stock, valued at approximately $258,952.32. This represents a 68.86% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last quarter, insiders have acquired 23,500 shares of company stock valued at $243,095. Company insiders own 1.71% of the company's stock.
Cleveland-Cliffs Trading Down 3.9%
Shares of CLF traded down $0.26 during trading hours on Tuesday, reaching $6.23. 25,335,718 shares of the company traded hands, compared to its average volume of 20,555,234. The firm has a market cap of $3.08 billion, a price-to-earnings ratio of -6.42 and a beta of 2.03. Cleveland-Cliffs Inc. has a 12-month low of $6.04 and a 12-month high of $17.41. The company has a current ratio of 1.85, a quick ratio of 0.55 and a debt-to-equity ratio of 0.53. The stock's fifty day moving average price is $7.81 and its 200 day moving average price is $9.65.
Cleveland-Cliffs (NYSE:CLF - Get Free Report) last posted its earnings results on Wednesday, May 7th. The mining company reported ($0.92) 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 net margin of 2.31% and a negative return on equity of 0.59%. The company's revenue for the quarter was down 11.0% on a year-over-year basis. During the same period last year, the business posted $0.18 EPS. Sell-side analysts forecast that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current year.
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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