Cleveland-Cliffs Inc. (NYSE:CLF) Shares Sold by California First Leasing Corp

California First Leasing Corp trimmed its holdings in shares of Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 58.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 100,000 shares of the mining company's stock after selling 139,000 shares during the quarter. California First Leasing Corp's holdings in Cleveland-Cliffs were worth $940,000 as of its most recent filing with the SEC.

Other institutional investors have also modified their holdings of the company. Terril Brothers Inc. raised its holdings in Cleveland-Cliffs by 1.5% in the fourth quarter. Terril Brothers Inc. now owns 1,050,865 shares of the mining company's stock valued at $9,878,000 after acquiring an additional 15,395 shares in the last quarter. Mutual of America Capital Management LLC increased its position in shares of Cleveland-Cliffs by 1.1% in the 4th quarter. Mutual of America Capital Management LLC now owns 255,704 shares of the mining company's stock worth $2,404,000 after purchasing an additional 2,750 shares during the last quarter. Oregon Public Employees Retirement Fund raised its stake in shares of Cleveland-Cliffs by 3.9% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 98,462 shares of the mining company's stock valued at $926,000 after purchasing an additional 3,700 shares in the last quarter. Illinois Municipal Retirement Fund lifted its position in shares of Cleveland-Cliffs by 38.0% during the fourth quarter. Illinois Municipal Retirement Fund now owns 164,170 shares of the mining company's stock worth $1,543,000 after purchasing an additional 45,247 shares during the last quarter. Finally, Amalgamated Bank grew its stake in Cleveland-Cliffs by 3.8% in the fourth quarter. Amalgamated Bank now owns 234,212 shares of the mining company's stock worth $2,202,000 after purchasing an additional 8,596 shares in the last quarter. Institutional investors and hedge funds own 67.68% of the company's stock.

Wall Street Analyst Weigh In

CLF has been the topic of several research reports. Morgan Stanley cut their price objective on Cleveland-Cliffs from $13.00 to $11.00 and set an "equal weight" rating on the stock in a research note on Monday, February 3rd. Glj Research dropped their price target on Cleveland-Cliffs from $14.54 to $12.90 and set a "buy" rating on the stock in a research report on Thursday, February 27th. The Goldman Sachs Group decreased their price objective on shares of Cleveland-Cliffs from $17.00 to $15.00 and set a "buy" rating for the company in a report on Tuesday. Citigroup dropped their target price on shares of Cleveland-Cliffs from $12.50 to $11.00 and set a "neutral" rating on the stock in a report on Thursday, December 19th. Finally, StockNews.com downgraded shares of Cleveland-Cliffs from a "hold" rating to a "sell" rating in a research report on Thursday, November 7th. Two analysts have rated the stock with a sell rating, four have issued a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $16.43.

Cleveland-Cliffs Stock Performance

Shares of Cleveland-Cliffs stock traded up $0.56 during trading on Wednesday, hitting $10.03. 21,714,519 shares of the stock were exchanged, compared to its average volume of 17,278,395. The stock has a market cap of $4.96 billion, a PE ratio of -10.34 and a beta of 1.96. The stock's fifty day moving average is $10.35 and its 200 day moving average is $11.59. Cleveland-Cliffs Inc. has a 12 month low of $8.99 and a 12 month high of $22.97. 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 posted its 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). The firm 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%. As a group, sell-side analysts anticipate that Cleveland-Cliffs Inc. will post -0.79 EPS for the current year.

Insider Buying and Selling

In related news, EVP Keith Koci purchased 9,500 shares of the company's stock in a transaction on Friday, February 28th. The shares were bought at an average cost of $10.81 per share, for a total transaction of $102,695.00. Following the transaction, 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 purchase was disclosed in a document filed with the SEC, which is available through this link. Also, Director Jane M. Cronin acquired 10,000 shares of the firm's stock in a transaction dated Friday, February 28th. The stock was bought at an average price of $10.56 per share, with a total value of $105,600.00. Following the completion of the acquisition, the director now directly 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. Corporate insiders own 1.76% of the company's stock.

Cleveland-Cliffs Company 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.