Connor Clark & Lunn Investment Management Ltd. Acquires New Stake in Cleveland-Cliffs Inc. (NYSE:CLF)

Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 471,537 shares of the mining company's stock, valued at approximately $4,432,000. Connor Clark & Lunn Investment Management Ltd. owned 0.10% of Cleveland-Cliffs as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in CLF. Pacer Advisors Inc. lifted its position in shares of Cleveland-Cliffs by 13.7% during the third quarter. Pacer Advisors Inc. now owns 25,893,879 shares of the mining company's stock worth $330,665,000 after purchasing an additional 3,110,651 shares during the last quarter. Bank of New York Mellon Corp grew its stake in Cleveland-Cliffs by 20.1% in the 4th 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. Charles Schwab Investment Management Inc. raised its stake in shares of Cleveland-Cliffs by 11.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 4,176,194 shares of the mining company's stock valued at $39,256,000 after acquiring an additional 425,041 shares in the last quarter. Hodges Capital Management Inc. grew its stake in Cleveland-Cliffs by 13.4% in the fourth quarter. Hodges Capital Management Inc. now owns 3,316,786 shares of the mining company's stock worth $31,178,000 after purchasing an additional 391,109 shares in the last quarter. Finally, Barclays PLC increased its holdings in Cleveland-Cliffs by 232.4% during the 3rd 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 period. Hedge funds and other institutional investors own 67.68% of the company's stock.

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Insider Activity

In other news, Director Jane M. Cronin bought 10,000 shares of the stock in a transaction that occurred on Friday, February 28th. The stock was purchased at an average price of $10.56 per share, for a total transaction of $105,600.00. Following the completion of the purchase, the director now owns 24,522 shares in the company, valued at approximately $258,952.32. This trade represents a 68.86 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Keith Koci purchased 9,500 shares of the business's stock in a transaction on Friday, February 28th. The stock was acquired at an average price of $10.81 per share, for a total transaction of $102,695.00. Following the completion of the purchase, the executive vice president now owns 543,475 shares of the company's stock, valued at $5,874,964.75. This represents a 1.78 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last quarter, insiders acquired 23,500 shares of company stock valued at $243,095. 1.76% of the stock is currently owned by company insiders.

Cleveland-Cliffs Trading Down 0.2 %

Shares of NYSE:CLF traded down $0.02 during mid-day trading on Thursday, reaching $9.54. 15,473,549 shares of the company were exchanged, compared to its average volume of 12,621,688. The firm has a market cap of $4.72 billion, a price-to-earnings ratio of -9.84 and a beta of 1.94. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.85 and a quick ratio of 0.55. Cleveland-Cliffs Inc. has a 1 year low of $8.50 and a 1 year high of $22.97. The firm's 50-day simple moving average is $10.39 and its 200 day simple moving average is $11.34.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last posted its 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 analyst estimates of $4.46 billion. Cleveland-Cliffs had a negative return on equity of 0.59% and a negative net margin of 2.31%. Equities research analysts forecast that Cleveland-Cliffs Inc. will post -0.79 EPS for the current year.

Analyst Upgrades and Downgrades

CLF has been the subject of several recent research reports. Citigroup decreased their price objective on Cleveland-Cliffs from $12.50 to $11.00 and set a "neutral" rating for the company in a report on Thursday, December 19th. Morgan Stanley reduced their price target on 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. B. Riley reiterated a "buy" rating on shares of Cleveland-Cliffs in a report 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. Finally, The Goldman Sachs Group reduced their target price on Cleveland-Cliffs from $17.00 to $15.00 and set a "buy" rating on the stock in a research report on Tuesday, March 4th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $16.43.

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.