Cleveland-Cliffs Inc. (NYSE:CLF) Stake Raised by Geode Capital Management LLC

Geode Capital Management LLC grew its position in Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 3.2% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,466,747 shares of the mining company's stock after purchasing an additional 264,078 shares during the period. Geode Capital Management LLC owned approximately 1.71% of Cleveland-Cliffs worth $79,611,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Byrne Asset Management LLC boosted its position in shares of Cleveland-Cliffs by 130.0% in the fourth quarter. Byrne Asset Management LLC now owns 4,600 shares of the mining company's stock worth $43,000 after buying an additional 2,600 shares during the period. Stonebridge Financial Group LLC purchased a new position in Cleveland-Cliffs in the 4th quarter worth approximately $44,000. Wilmington Savings Fund Society FSB acquired a new stake in Cleveland-Cliffs in the third quarter valued at approximately $64,000. AllSquare Wealth Management LLC grew its position 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 valued at $48,000 after acquiring an additional 1,000 shares in the last quarter. Finally, GAMMA Investing LLC raised its stake in shares of Cleveland-Cliffs by 1,190.6% during the fourth quarter. GAMMA Investing LLC now owns 5,330 shares of the mining company's stock valued at $50,000 after purchasing an additional 4,917 shares during the period. 67.68% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

CLF has been the subject of a number of recent analyst reports. Citigroup dropped their price target on shares of Cleveland-Cliffs from $12.50 to $11.00 and set a "neutral" rating on the stock in a research note on Thursday, December 19th. The Goldman Sachs Group dropped their target price on 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 reduced their price target 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 dropped their price objective 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 on shares of Cleveland-Cliffs in a research note on Tuesday, February 4th. One analyst has rated the stock with a sell rating, four have given a hold rating, four have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $16.24.

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Insiders Place Their Bets

In related news, Director Jane M. Cronin bought 10,000 shares of the business's stock in a transaction on Friday, February 28th. The shares were bought 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director John T. Baldwin purchased 4,000 shares of Cleveland-Cliffs stock in a transaction dated 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 acquisition, the director now owns 133,227 shares of the company's stock, valued at approximately $1,159,074.90. This trade represents a 3.10 % increase in their position. The disclosure for this purchase can be found here. Insiders have acquired 23,500 shares of company stock valued at $243,095 over the last quarter. Insiders own 1.76% of the company's stock.

Cleveland-Cliffs Stock Performance

Shares of CLF stock traded down $0.01 on Tuesday, hitting $7.36. 2,333,509 shares of the stock traded hands, compared to its average volume of 20,201,051. The company's fifty day moving average is $9.58 and its 200 day moving average is $10.81. Cleveland-Cliffs Inc. has a 1-year low of $6.17 and a 1-year high of $21.79. The company has a market capitalization of $3.64 billion, a PE ratio of -7.59 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 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). 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 for the quarter, compared to analyst estimates of $4.46 billion. On average, equities research analysts predict that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current fiscal year.

About Cleveland-Cliffs

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.