Covalis Capital LLP Takes Position in Cleveland-Cliffs Inc. (NYSE:CLF)

Covalis Capital LLP 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 & Exchange Commission. The fund purchased 140,907 shares of the mining company's stock, valued at approximately $1,325,000.

Several other institutional investors have also recently made changes to their positions in CLF. Summit Investment Advisors Inc. increased its position in shares of Cleveland-Cliffs by 1.0% in the fourth quarter. Summit Investment Advisors Inc. now owns 96,956 shares of the mining company's stock valued at $911,000 after acquiring an additional 932 shares during the period. AllSquare Wealth Management LLC boosted its holdings in Cleveland-Cliffs by 24.4% in the fourth quarter. AllSquare Wealth Management LLC now owns 5,100 shares of the mining company's stock worth $48,000 after purchasing an additional 1,000 shares during the last quarter. MRP Capital Investments LLC grew its stake in shares of Cleveland-Cliffs by 10.0% during the 4th quarter. MRP Capital Investments LLC now owns 11,000 shares of the mining company's stock valued at $103,000 after purchasing an additional 1,000 shares during the period. Jones Financial Companies Lllp grew its position in shares of Cleveland-Cliffs by 21.3% during the 4th quarter. Jones Financial Companies Lllp now owns 6,723 shares of the mining company's stock valued at $63,000 after acquiring an additional 1,182 shares during the period. Finally, Patriot Financial Group Insurance Agency LLC raised its holdings in Cleveland-Cliffs by 11.0% in the 4th quarter. Patriot Financial Group Insurance Agency LLC now owns 13,270 shares of the mining company's stock worth $125,000 after purchasing an additional 1,313 shares during the period. Hedge funds and other institutional investors own 67.68% of the company's stock.

Insider Activity

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

Wall Street Analysts Forecast Growth

Several research firms 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. Morgan Stanley dropped 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 reduced their price target on Cleveland-Cliffs from $14.54 to $12.90 and set a "buy" rating for the company in a research report on Thursday, February 27th. Finally, B. Riley reissued a "buy" rating and issued a $17.00 price objective (down previously from $20.00) on shares of Cleveland-Cliffs in a research report on Wednesday. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, four have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Cleveland-Cliffs presently has an average rating of "Moderate Buy" and a consensus target price of $15.49.

Cleveland-Cliffs Stock Performance

Cleveland-Cliffs stock traded up $0.30 during mid-day trading on Thursday, hitting $7.84. 9,863,918 shares of the company's stock traded hands, compared to its average volume of 19,852,131. The firm has a 50 day moving average price of $9.05 and a 200 day moving average price of $10.57. The company has a market cap of $3.87 billion, a PE ratio of -8.09 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 $18.41.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last posted its quarterly earnings data on Monday, February 24th. The mining company reported ($0.68) earnings per share for the quarter, missing the consensus estimate 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 analysts' expectations of $4.46 billion. On average, equities analysts forecast that Cleveland-Cliffs Inc. will post -0.79 EPS for the current year.

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.