Kennedy Capital Management LLC Takes $2.48 Million Position in Cleveland-Cliffs Inc. (NYSE:CLF)

Kennedy Capital Management LLC bought a new stake in Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 263,796 shares of the mining company's stock, valued at approximately $2,480,000. Kennedy Capital Management LLC owned approximately 0.05% of Cleveland-Cliffs as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently bought and sold shares of the business. Norges Bank bought a new stake in shares of Cleveland-Cliffs in the 4th quarter worth about $45,381,000. Vanguard Group Inc. grew its position in Cleveland-Cliffs by 5.5% in the fourth 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. Barclays PLC raised its position in Cleveland-Cliffs by 232.4% during the third quarter. Barclays PLC now owns 3,113,337 shares of the mining company's stock valued at $39,757,000 after purchasing an additional 2,176,837 shares during the period. American Century Companies Inc. lifted its stake in shares of Cleveland-Cliffs by 135.4% in the 4th quarter. American Century Companies Inc. now owns 3,615,774 shares of the mining company's stock valued at $33,988,000 after purchasing an additional 2,079,589 shares during the last quarter. Finally, Stonegate Investment Group LLC purchased a new position in shares of Cleveland-Cliffs in the 4th quarter worth approximately $18,999,000. Institutional investors own 67.68% of the company's stock.

Insider Buying and Selling at Cleveland-Cliffs

In related news, Director Jane M. Cronin bought 10,000 shares of the stock in a transaction that occurred on Friday, February 28th. The stock was bought at an average cost of $10.56 per share, for a total transaction of $105,600.00. Following the purchase, the director now directly owns 24,522 shares of the company's stock, valued at approximately $258,952.32. This trade represents a 68.86 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Keith Koci purchased 9,500 shares of the firm's stock in a transaction on Friday, February 28th. The stock was bought at an average cost of $10.81 per share, with a total value of $102,695.00. Following the acquisition, the executive vice president now owns 543,475 shares of the company's stock, valued at approximately $5,874,964.75. The trade was a 1.78 % increase in their position. The disclosure for this purchase can be found here. Insiders have purchased 23,500 shares of company stock worth $243,095 over the last quarter. Insiders own 1.76% of the company's stock.

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Cleveland-Cliffs Stock Down 3.0 %

Shares of CLF traded down $0.22 during midday trading on Tuesday, reaching $7.15. 10,739,451 shares of the stock were exchanged, compared to its average volume of 14,168,966. The company has a current ratio of 1.85, a quick ratio of 0.55 and a debt-to-equity ratio of 0.53. The company's 50 day moving average is $9.51 and its two-hundred day moving average is $10.79. The company has a market capitalization of $3.53 billion, a P/E ratio of -7.37 and a beta of 1.93. Cleveland-Cliffs Inc. has a 52 week low of $6.17 and a 52 week high of $22.04.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last posted its earnings results on Monday, February 24th. The mining company reported ($0.68) EPS for the quarter, missing analysts' consensus estimates of ($0.65) by ($0.03). Cleveland-Cliffs had a negative net margin of 2.31% and a negative return on equity of 0.59%. The business had revenue of $4.33 billion for the quarter, compared to analysts' expectations of $4.46 billion. On average, sell-side analysts anticipate that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current year.

Analysts Set New Price Targets

CLF has been the topic of several recent research reports. B. Riley restated a "buy" rating on shares of Cleveland-Cliffs in a report on Tuesday, February 4th. Citigroup lowered their target price on shares of Cleveland-Cliffs from $12.50 to $11.00 and set a "neutral" rating for the company in a report on Thursday, December 19th. The Goldman Sachs Group cut their price target 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 decreased their price objective on shares of Cleveland-Cliffs from $13.00 to $11.00 and set an "equal weight" rating for the company in a research note on Monday, February 3rd. Finally, 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. One equities research 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 stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $16.24.

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.