By otakuyassine3@gmail.com 
Victory Capital Management Inc. raised its holdings in shares of Cleveland-Cliffs Inc. (NYSE:CLF – Free Report) by 19.9% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 2,787,870 shares of the mining company’s stock after purchasing an additional 461,874 shares during the period. Victory Capital Management Inc. owned approximately 0.56% of Cleveland-Cliffs worth $26,206,000 at the end of the most recent quarter.
Several other institutional investors have also added to or reduced their stakes in the business. Pacer Advisors Inc. boosted its stake in Cleveland-Cliffs by 13.7% during the 3rd quarter. Pacer Advisors Inc. now owns 25,893,879 shares of the mining company’s stock valued at $330,665,000 after purchasing an additional 3,110,651 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in Cleveland-Cliffs by 20.1% during the 4th quarter. Bank of New York Mellon Corp now owns 7,382,769 shares of the mining company’s stock valued at $69,398,000 after purchasing an additional 1,236,247 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in Cleveland-Cliffs by 11.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 4,176,194 shares of the mining company’s stock valued at $39,256,000 after purchasing an additional 425,041 shares during the last quarter. Hodges Capital Management Inc. boosted its stake in Cleveland-Cliffs by 13.4% during the 4th quarter. Hodges Capital Management Inc. now owns 3,316,786 shares of the mining company’s stock valued at $31,178,000 after purchasing an additional 391,109 shares during the last quarter. Finally, Barclays PLC boosted its stake in Cleveland-Cliffs by 232.4% during the 3rd quarter. Barclays PLC now owns 3,113,337 shares of the mining company’s stock valued at $39,757,000 after purchasing an additional 2,176,837 shares during the last quarter. 67.68% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Ratings Changes
Several brokerages have commented on CLF. The Goldman Sachs Group cut their target price on Cleveland-Cliffs from $17.00 to $15.00 and set a “buy” rating on the stock in a research note on Tuesday, March 4th. B. Riley reissued a “buy” rating on shares of Cleveland-Cliffs in a report on Tuesday, February 4th. Morgan Stanley lowered their price target on Cleveland-Cliffs from $13.00 to $11.00 and set an “equal weight” rating on the stock in a report on Monday, February 3rd. Glj Research lowered their price target on Cleveland-Cliffs from $14.54 to $12.90 and set a “buy” rating on the stock in a report on Thursday, February 27th. Finally, Citigroup lowered their price target on Cleveland-Cliffs from $12.50 to $11.00 and set a “neutral” rating on the stock in a report on Thursday, December 19th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Cleveland-Cliffs presently has an average rating of “Hold” and an average target price of $16.43.
Check Out Our Latest Stock Report on Cleveland-Cliffs
Cleveland-Cliffs Price Performance
Shares of Cleveland-Cliffs stock opened at $8.71 on Tuesday. Cleveland-Cliffs Inc. has a one year low of $8.51 and a one year high of $22.97. The stock’s fifty day moving average is $10.39 and its 200 day moving average is $11.53. The stock has a market cap of $4.30 billion, a P/E ratio of -8.97 and a beta of 1.94. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.55 and a current ratio of 1.85.
Cleveland-Cliffs (NYSE:CLF – Get Free Report) last announced its earnings results on Monday, February 24th. The mining company reported ($0.68) EPS for the quarter, missing analysts’ consensus estimates of ($0.65) by ($0.03). The company had revenue of $4.33 billion during the quarter, compared to the consensus estimate of $4.46 billion. Cleveland-Cliffs had a negative return on equity of 0.59% and a negative net margin of 2.31%. Sell-side analysts anticipate that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current year.
Insider Buying and Selling at Cleveland-Cliffs
In other Cleveland-Cliffs news, EVP Keith Koci purchased 9,500 shares of the firm’s stock in a transaction on Friday, February 28th. The shares were acquired at an average cost of $10.81 per share, with a total value of $102,695.00. Following the completion of the acquisition, the executive vice president now directly owns 543,475 shares in the company, valued at $5,874,964.75. The trade was a 1.78 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Jane M. Cronin purchased 10,000 shares of the firm’s stock in a transaction on Friday, February 28th. The shares were acquired at an average cost of $10.56 per share, for a total transaction of $105,600.00. Following the completion of the acquisition, the director now owns 24,522 shares of the company’s stock, valued at approximately $258,952.32. This trade represents a 68.86 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have acquired a total of 23,500 shares of company stock valued at $243,095 over the last ninety days. 1.76% of the stock is currently owned by company insiders.
About Cleveland-Cliffs
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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