Franklin Resources Inc. Raises Holdings in Cleveland-Cliffs Inc. (NYSE:CLF)

Franklin Resources Inc. increased its holdings in Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 57.8% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 414,692 shares of the mining company's stock after purchasing an additional 151,921 shares during the period. Franklin Resources Inc. owned approximately 0.08% of Cleveland-Cliffs worth $3,898,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of CLF. HighTower Advisors LLC increased its position in shares of Cleveland-Cliffs by 46.3% during the 3rd quarter. HighTower Advisors LLC now owns 253,742 shares of the mining company's stock valued at $3,239,000 after purchasing an additional 80,304 shares during the last quarter. National Bank of Canada FI increased its position in Cleveland-Cliffs by 3,033.4% during the third quarter. National Bank of Canada FI now owns 264,081 shares of the mining company's stock valued at $3,372,000 after acquiring an additional 255,653 shares during the last quarter. Barclays PLC raised its stake in shares of Cleveland-Cliffs by 232.4% in the third quarter. Barclays PLC now owns 3,113,337 shares of the mining company's stock valued at $39,757,000 after acquiring an additional 2,176,837 shares during the period. M&T Bank Corp lifted its holdings in shares of Cleveland-Cliffs by 11.4% in the 3rd quarter. M&T Bank Corp now owns 21,574 shares of the mining company's stock worth $275,000 after acquiring an additional 2,205 shares during the last quarter. Finally, Wilmington Savings Fund Society FSB purchased a new position in shares of Cleveland-Cliffs during the 3rd quarter worth about $64,000. Hedge funds and other institutional investors own 67.68% of the company's stock.

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Cleveland-Cliffs Stock Down 0.1 %

NYSE:CLF traded down $0.01 during mid-day trading on Tuesday, reaching $7.36. The company's stock had a trading volume of 2,333,509 shares, compared to its average volume of 20,201,051. 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 1 year low of $6.17 and a 1 year high of $21.79. The stock has a fifty day moving average of $9.58 and a 200-day moving average of $10.81. The firm has a market capitalization of $3.64 billion, a PE ratio of -7.59 and a beta of 1.93.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last announced 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). Cleveland-Cliffs had a negative return on equity of 0.59% and a negative net margin of 2.31%. The business had revenue of $4.33 billion during the quarter, compared to analysts' expectations of $4.46 billion. Equities research analysts forecast that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current year.

Analysts Set New Price Targets

A number of research firms recently weighed in on CLF. Citigroup reduced their price objective on shares of Cleveland-Cliffs from $12.50 to $11.00 and set a "neutral" rating on the stock in a research report on Thursday, December 19th. Glj Research decreased their price target on Cleveland-Cliffs from $14.54 to $12.90 and set a "buy" rating for the company 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. The Goldman Sachs Group decreased their target price on Cleveland-Cliffs from $17.00 to $15.00 and set a "buy" rating for the company in a research report on Tuesday, March 4th. Finally, Morgan Stanley cut their price target on shares of Cleveland-Cliffs from $13.00 to $11.00 and set an "equal weight" rating on the stock in a report on Monday, February 3rd. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, Cleveland-Cliffs presently has a consensus rating of "Moderate Buy" and an average target price of $16.24.

Insiders Place Their Bets

In other news, Director John T. Baldwin purchased 4,000 shares of the firm's stock in a transaction on Monday, March 10th. The stock was acquired at an average cost of $8.70 per share, with a total value of $34,800.00. Following the completion of the transaction, the director now owns 133,227 shares in the company, valued at $1,159,074.90. This represents a 3.10 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Keith Koci acquired 9,500 shares of the business's stock in a transaction dated Friday, February 28th. The stock was purchased at an average cost of $10.81 per share, for a total transaction of $102,695.00. Following the transaction, the executive vice president now owns 543,475 shares in the company, valued at approximately $5,874,964.75. The trade was a 1.78 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders purchased a total of 23,500 shares of company stock worth $243,095 over the last 90 days. Company insiders own 1.76% of the company's stock.

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.