Aster Capital Management DIFC Ltd Invests $350,000 in Cleveland-Cliffs Inc. (NYSE:CLF)

Aster Capital Management DIFC Ltd purchased a new stake in Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 37,210 shares of the mining company's stock, valued at approximately $350,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Norges Bank bought a new position in Cleveland-Cliffs in the fourth quarter valued at approximately $45,381,000. Vanguard Group Inc. raised its stake 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 valued at $458,267,000 after buying an additional 2,556,332 shares during the period. Barclays PLC lifted its position 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 during the last quarter. American Century Companies Inc. boosted its stake in shares of Cleveland-Cliffs by 135.4% during the 4th quarter. American Century Companies Inc. now owns 3,615,774 shares of the mining company's stock worth $33,988,000 after acquiring an additional 2,079,589 shares during the period. Finally, Stonegate Investment Group LLC acquired a new position in shares of Cleveland-Cliffs during the 4th quarter worth approximately $18,999,000. Institutional investors and hedge funds own 67.68% of the company's stock.

Cleveland-Cliffs Price Performance

Shares of NYSE CLF traded down $0.84 during midday trading on Thursday, reaching $7.12. 14,177,603 shares of the company were exchanged, compared to its average volume of 20,366,344. The stock's 50-day moving average price is $9.76 and its 200-day moving average price is $10.93. The stock has a market cap of $3.52 billion, a P/E ratio of -7.34 and a beta of 1.93. The company has a quick ratio of 0.55, a current ratio of 1.85 and a debt-to-equity ratio of 0.53. Cleveland-Cliffs Inc. has a one year low of $6.17 and a one year high of $22.39.

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

Insider Activity at Cleveland-Cliffs

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

Analyst Ratings Changes

A number of equities analysts have commented on the stock. Morgan Stanley reduced their price objective on shares of 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 research note on Tuesday, February 4th. Glj Research cut 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 report on Thursday, February 27th. Citigroup decreased their target price on Cleveland-Cliffs from $12.50 to $11.00 and set a "neutral" rating on the stock in a research report on Thursday, December 19th. Finally, The Goldman Sachs Group lowered their target price on shares of Cleveland-Cliffs from $17.00 to $15.00 and set a "buy" rating on the stock in a report on Tuesday, March 4th. One equities research 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. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $16.24.

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.