Cleveland-Cliffs Inc. (NYSE:CLF) Stock Position Boosted by Drexel Morgan & Co.

Drexel Morgan & Co. grew its stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 34.4% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 4,300,395 shares of the mining company's stock after acquiring an additional 1,100,000 shares during the period. Cleveland-Cliffs comprises approximately 8.3% of Drexel Morgan & Co.'s investment portfolio, making the stock its 2nd biggest holding. Drexel Morgan & Co. owned approximately 0.87% of Cleveland-Cliffs worth $40,424,000 at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of the company. Stevens Capital Management LP purchased a new stake in Cleveland-Cliffs in the fourth quarter worth about $159,000. KLP Kapitalforvaltning AS bought a new stake in shares of Cleveland-Cliffs in the 4th quarter valued at about $3,273,000. AXQ Capital LP lifted its position in shares of Cleveland-Cliffs by 15.4% in the 4th quarter. AXQ Capital LP now owns 54,277 shares of the mining company's stock worth $510,000 after purchasing an additional 7,246 shares during the period. American Century Companies Inc. lifted its position in shares of Cleveland-Cliffs by 135.4% in the 4th quarter. American Century Companies Inc. now owns 3,615,774 shares of the mining company's stock worth $33,988,000 after purchasing an additional 2,079,589 shares during the period. Finally, Virtu Financial LLC bought a new position in shares of Cleveland-Cliffs during the fourth quarter valued at approximately $1,587,000. Hedge funds and other institutional investors own 67.68% of the company's stock.

Insider Transactions at Cleveland-Cliffs

In related news, EVP Keith Koci acquired 9,500 shares of Cleveland-Cliffs stock in a transaction that occurred on Friday, February 28th. The shares were purchased at an average price of $10.81 per share, for a total transaction of $102,695.00. Following the completion of the transaction, the executive vice president now owns 543,475 shares in the company, valued at $5,874,964.75. This represents a 1.78 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director John T. Baldwin acquired 4,000 shares of the stock in a transaction on Monday, March 10th. The shares were bought at an average cost of $8.70 per share, for a total transaction of $34,800.00. Following the purchase, the director now directly owns 133,227 shares of the company's stock, valued at $1,159,074.90. The trade was a 3.10 % increase in their position. The disclosure for this purchase can be found here. Insiders acquired 23,500 shares of company stock valued at $243,095 over the last 90 days. 1.76% of the stock is currently owned by corporate insiders.

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Cleveland-Cliffs Price Performance

Shares of CLF stock traded up $0.22 during mid-day trading on Thursday, hitting $9.36. 23,501,969 shares of the stock were exchanged, compared to its average volume of 12,930,968. 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 52-week low of $8.50 and a 52-week high of $22.97. The firm has a fifty day moving average of $10.30 and a 200 day moving average of $11.23. The company has a market cap of $4.63 billion, a PE ratio of -9.64 and a beta of 1.94.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last posted its quarterly earnings data 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 for the quarter, compared to analysts' expectations of $4.46 billion. Cleveland-Cliffs had a negative return on equity of 0.59% and a negative net margin of 2.31%. Research analysts anticipate that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on CLF. The Goldman Sachs Group reduced their price objective on shares of Cleveland-Cliffs from $17.00 to $15.00 and set a "buy" rating for the company in a research note on Tuesday, March 4th. 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. Glj Research dropped their price objective 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. Citigroup reduced their target price on shares of Cleveland-Cliffs from $12.50 to $11.00 and set a "neutral" rating for the company in a report on Thursday, December 19th. Finally, B. Riley reissued a "buy" rating on shares of Cleveland-Cliffs in a research report on Tuesday, February 4th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating, four have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $16.43.

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.