First Trust Advisors LP Buys 166,785 Shares of Cleveland-Cliffs Inc. (NYSE:CLF)

First Trust Advisors LP lifted its position in shares of Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 14.5% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,316,695 shares of the mining company's stock after purchasing an additional 166,785 shares during the quarter. First Trust Advisors LP owned 0.27% of Cleveland-Cliffs worth $12,377,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of CLF. Bank of New York Mellon Corp increased its position in shares of Cleveland-Cliffs by 20.1% during the fourth quarter. Bank of New York Mellon Corp now owns 7,382,769 shares of the mining company's stock worth $69,398,000 after acquiring an additional 1,236,247 shares in the last quarter. Franklin Resources Inc. increased its holdings in Cleveland-Cliffs by 105.6% during the 3rd quarter. Franklin Resources Inc. now owns 262,771 shares of the mining company's stock worth $3,429,000 after purchasing an additional 134,939 shares in the last quarter. Stonegate Investment Group LLC purchased a new stake in shares of Cleveland-Cliffs in the fourth quarter worth approximately $18,999,000. Vanguard Group Inc. lifted its holdings in shares of Cleveland-Cliffs by 5.5% in the fourth quarter. Vanguard Group Inc. now owns 48,751,789 shares of the mining company's stock valued at $458,267,000 after purchasing an additional 2,556,332 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new stake in Cleveland-Cliffs during the fourth quarter worth $4,432,000. Institutional investors and hedge funds own 67.68% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on CLF shares. 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 research note on Tuesday, March 4th. Glj Research cut their target price on Cleveland-Cliffs from $14.54 to $12.90 and set a "buy" rating on the stock in a research note on Thursday, February 27th. Morgan Stanley reduced their price target 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 reiterated a "buy" rating and issued a $17.00 price objective (down previously from $20.00) on shares of Cleveland-Cliffs in a report on Wednesday, April 23rd. One analyst has rated the stock with a sell rating, four have issued a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $15.49.

Cleveland-Cliffs Stock Up 3.1 %

Shares of NYSE:CLF traded up $0.25 during trading on Tuesday, hitting $8.42. The stock had a trading volume of 13,351,533 shares, compared to its average volume of 14,304,956. The company has a market capitalization of $4.16 billion, a PE ratio of -8.68 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. The firm's fifty day moving average is $8.83 and its 200 day moving average is $10.43. Cleveland-Cliffs Inc. has a 12 month low of $6.17 and a 12 month high of $18.20.

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 the consensus estimate of ($0.65) by ($0.03). The firm had revenue of $4.33 billion during 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%. Analysts anticipate that Cleveland-Cliffs Inc. will post -0.79 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Jane M. Cronin purchased 10,000 shares of Cleveland-Cliffs stock in a transaction dated Friday, February 28th. The stock was purchased at an average cost of $10.56 per share, for a total transaction 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 $258,952.32. The trade was a 68.86 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP Keith Koci purchased 9,500 shares of the company's stock in a transaction that occurred on Friday, February 28th. The stock was purchased at an average price of $10.81 per share, for a total transaction of $102,695.00. Following the purchase, 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 ownership of the stock. The disclosure for this purchase can be found here. Insiders acquired a total of 23,500 shares of company stock worth $243,095 in the last three months. 1.76% of the stock is owned by corporate insiders.

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.