Aquatic Capital Management LLC Has $5.50 Million Stock Position in Cleveland-Cliffs Inc. (NYSE:CLF)

Aquatic Capital Management LLC grew its holdings in Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 151.0% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 584,622 shares of the mining company's stock after buying an additional 351,722 shares during the quarter. Aquatic Capital Management LLC owned about 0.12% of Cleveland-Cliffs worth $5,495,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the business. Vanguard Group Inc. lifted its position 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 acquiring an additional 2,556,332 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in Cleveland-Cliffs by 3.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 21,247,426 shares of the mining company's stock valued at $199,724,000 after buying an additional 647,282 shares during the period. Slate Path Capital LP raised its holdings 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 valued at $152,355,000 after buying an additional 4,239,000 shares during the period. Geode Capital Management LLC raised its stake in shares of Cleveland-Cliffs by 3.2% during the fourth quarter. Geode Capital Management LLC now owns 8,466,747 shares of the mining company's stock valued at $79,611,000 after purchasing an additional 264,078 shares during the period. Finally, Bank of New York Mellon Corp raised its stake in shares of Cleveland-Cliffs by 20.1% during the fourth 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 period. 67.68% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Cleveland-Cliffs news, Director John T. Baldwin purchased 4,000 shares of the business's stock in a transaction dated Monday, March 10th. The shares were acquired at an average price of $8.70 per share, for a total transaction of $34,800.00. Following the acquisition, the director now owns 133,227 shares of the company's stock, valued at $1,159,074.90. This trade represents a 3.10 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Jane M. Cronin purchased 10,000 shares of the business's stock in a transaction dated Friday, February 28th. The shares were acquired at an average price of $10.56 per share, for a total transaction of $105,600.00. Following the acquisition, the director now directly owns 24,522 shares in the company, valued at $258,952.32. This represents a 68.86 % increase in their position. The disclosure for this purchase can be found here. Insiders purchased a total of 23,500 shares of company stock worth $243,095 in the last quarter. 1.76% of the stock is currently owned by corporate insiders.

Cleveland-Cliffs Price Performance

NYSE:CLF traded up $0.25 during trading hours on Tuesday, reaching $8.42. 13,351,533 shares of the company's stock were exchanged, compared to its average volume of 14,327,443. The company has a quick ratio of 0.55, a current ratio of 1.85 and a debt-to-equity ratio of 0.53. The company has a market capitalization of $4.16 billion, a P/E ratio of -8.68 and a beta of 1.93. Cleveland-Cliffs Inc. has a 12 month low of $6.17 and a 12 month high of $18.10. The business's 50-day simple moving average is $8.76 and its two-hundred day simple moving average is $10.42.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last issued its quarterly earnings results on Monday, February 24th. The mining company reported ($0.68) EPS for the quarter, missing the consensus estimate of ($0.65) by ($0.03). Cleveland-Cliffs had a negative net margin of 2.31% and a negative return on equity of 0.59%. The firm had revenue of $4.33 billion during the quarter, compared to analysts' expectations of $4.46 billion. Sell-side analysts expect that Cleveland-Cliffs Inc. will post -0.79 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on CLF shares. Glj Research dropped their price target 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. The Goldman Sachs Group reduced their price target on shares of Cleveland-Cliffs from $17.00 to $15.00 and set a "buy" rating for the company in a report on Tuesday, March 4th. 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 report on Monday, February 3rd. Finally, B. Riley reiterated a "buy" rating and issued a $17.00 price objective (down from $20.00) on shares of Cleveland-Cliffs in a report on Wednesday, April 23rd. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, Cleveland-Cliffs presently has a consensus rating of "Moderate Buy" and an average target price of $15.49.

Cleveland-Cliffs Profile

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.