EntryPoint Capital LLC Invests $278,000 in Cleveland-Cliffs Inc. (NYSE:CLF)

EntryPoint Capital LLC bought a new position in shares of Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 29,547 shares of the mining company's stock, valued at approximately $278,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of CLF. Vanguard Group Inc. boosted its stake in shares of 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 acquiring an additional 2,556,332 shares in the last quarter. Drexel Morgan & Co. lifted its holdings in shares of Cleveland-Cliffs by 34.4% during the fourth quarter. Drexel Morgan & Co. now owns 4,300,395 shares of the mining company's stock valued at $40,424,000 after purchasing an additional 1,100,000 shares during the last quarter. Stevens Capital Management LP acquired a new position in shares of Cleveland-Cliffs in the 4th quarter valued at $159,000. KLP Kapitalforvaltning AS purchased a new position in Cleveland-Cliffs in the 4th quarter worth about $3,273,000. Finally, AXQ Capital LP increased its stake in 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 in the last quarter. 67.68% of the stock is currently owned by institutional investors.

Insider Buying and Selling

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

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Wall Street Analysts Forecast Growth

Several brokerages have commented on CLF. Morgan Stanley decreased their target price on shares of Cleveland-Cliffs from $13.00 to $11.00 and set an "equal weight" rating for the company in a report on Monday, February 3rd. The Goldman Sachs Group lowered their price objective on shares of Cleveland-Cliffs from $17.00 to $15.00 and set a "buy" rating on the stock in a research report on Tuesday, March 4th. Glj Research cut their target price on shares of Cleveland-Cliffs from $14.54 to $12.90 and set a "buy" rating on the stock in a research note on Thursday, February 27th. B. Riley reaffirmed a "buy" rating on shares of Cleveland-Cliffs in a research report on Tuesday, February 4th. Finally, Citigroup dropped their price target 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. Two analysts have rated the stock with a sell rating, four have assigned a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $16.43.

Cleveland-Cliffs Stock Down 3.1 %

Shares of CLF traded down $0.27 during midday trading on Monday, reaching $8.26. 27,630,187 shares of the stock were exchanged, compared to its average volume of 13,278,780. The company has a market cap of $4.08 billion, a price-to-earnings ratio of -8.51 and a beta of 1.94. 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 12-month low of $7.91 and a 12-month high of $22.97. The firm has a 50 day simple moving average of $10.22 and a 200-day simple moving average of $11.19.

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 the consensus estimate of ($0.65) by ($0.03). The business had revenue of $4.33 billion for the quarter, compared to the consensus estimate of $4.46 billion. Cleveland-Cliffs had a negative net margin of 2.31% and a negative return on equity of 0.59%. Research analysts forecast that Cleveland-Cliffs Inc. will post -0.79 EPS for the current year.

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.