Russell Investments Group Ltd. Purchases 36,174 Shares of Cleveland-Cliffs Inc. (NYSE:CLF)

Russell Investments Group Ltd. lifted its position in Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 12.9% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 315,969 shares of the mining company's stock after buying an additional 36,174 shares during the quarter. Russell Investments Group Ltd. owned about 0.06% of Cleveland-Cliffs worth $2,970,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. 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 valued at $69,398,000 after buying an additional 1,236,247 shares during the last quarter. Franklin Resources Inc. grew its position in shares of Cleveland-Cliffs by 105.6% in the third quarter. Franklin Resources Inc. now owns 262,771 shares of the mining company's stock valued at $3,429,000 after purchasing an additional 134,939 shares during the last quarter. Stonegate Investment Group LLC bought a new position in shares of Cleveland-Cliffs during the fourth quarter worth approximately $18,999,000. Vanguard Group Inc. lifted its holdings in Cleveland-Cliffs by 5.5% during the 4th quarter. Vanguard Group Inc. now owns 48,751,789 shares of the mining company's stock worth $458,267,000 after purchasing an additional 2,556,332 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new stake in Cleveland-Cliffs in the 4th quarter valued at $4,432,000. 67.68% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, Director John T. Baldwin bought 4,000 shares of the business's stock in a transaction that occurred on Monday, March 10th. The shares were acquired at an average cost of $8.70 per share, with a total value of $34,800.00. Following the completion of the purchase, the director now directly owns 133,227 shares in the company, valued at $1,159,074.90. The trade was a 3.10 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Jane M. Cronin purchased 10,000 shares of Cleveland-Cliffs stock in a transaction on 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 trade represents a 68.86 % 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. Company insiders own 1.76% of the company's stock.

Cleveland-Cliffs Trading Up 7.2 %

Shares of CLF traded up $0.52 during trading hours on Wednesday, hitting $7.76. 6,518,433 shares of the stock were exchanged, compared to its average volume of 19,854,490. Cleveland-Cliffs Inc. has a fifty-two week low of $6.17 and a fifty-two week high of $18.82. The business has a 50-day moving average of $9.13 and a 200-day moving average of $10.59. The firm has a market capitalization of $3.84 billion, a P/E ratio of -8.00 and a beta of 1.93. 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 (NYSE:CLF - Get Free Report) last issued its quarterly earnings results 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). The business 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%. On average, research analysts expect that Cleveland-Cliffs Inc. will post -0.79 EPS for the current year.

Analysts Set New Price Targets

Several brokerages have recently commented on CLF. 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. Glj Research dropped their price objective on Cleveland-Cliffs from $14.54 to $12.90 and set a "buy" rating for the company in a report on Thursday, February 27th. Morgan Stanley reduced their target price on Cleveland-Cliffs from $13.00 to $11.00 and set an "equal weight" rating on the stock in a report on Monday, February 3rd. Finally, B. Riley reaffirmed a "buy" rating on shares of Cleveland-Cliffs in a research note on Tuesday, February 4th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Cleveland-Cliffs presently 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.