KLP Kapitalforvaltning AS Purchases New Position in Cleveland-Cliffs Inc. (NYSE:CLF)

KLP Kapitalforvaltning AS acquired a new position in Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) in the fourth quarter, according to the company in its most recent filing with the SEC. The firm acquired 347,087 shares of the mining company's stock, valued at approximately $3,273,000. KLP Kapitalforvaltning AS owned 0.07% of Cleveland-Cliffs at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of CLF. Truvestments Capital LLC bought a new position in Cleveland-Cliffs in the third quarter worth $34,000. Byrne Asset Management LLC boosted its position in shares of Cleveland-Cliffs by 130.0% during the 4th quarter. Byrne Asset Management LLC now owns 4,600 shares of the mining company's stock valued at $43,000 after acquiring an additional 2,600 shares in the last quarter. Stonebridge Financial Group LLC acquired a new stake in shares of Cleveland-Cliffs during the 4th quarter valued at about $44,000. AllSquare Wealth Management LLC increased its stake 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 during the period. Finally, GAMMA Investing LLC lifted its stake in Cleveland-Cliffs by 1,190.6% during the fourth quarter. GAMMA Investing LLC now owns 5,330 shares of the mining company's stock worth $50,000 after purchasing an additional 4,917 shares during the period. Institutional investors and hedge funds own 67.68% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on CLF. Citigroup lowered their price objective on Cleveland-Cliffs from $12.50 to $11.00 and set a "neutral" rating on the stock in a research note on Thursday, December 19th. Morgan Stanley dropped their price objective on 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. B. Riley restated a "buy" rating on shares of Cleveland-Cliffs in a research note on Tuesday, February 4th. The Goldman Sachs Group lowered their target price 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. Finally, Glj Research reduced their price target on shares of Cleveland-Cliffs from $14.54 to $12.90 and set a "buy" rating on the stock in a research report on Thursday, February 27th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $16.43.

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Insider Activity

In other news, Director Jane M. Cronin acquired 10,000 shares of the company's stock in a transaction on Friday, February 28th. The stock was purchased at an average cost of $10.56 per share, with a total value of $105,600.00. Following the acquisition, the director now owns 24,522 shares of the company's stock, valued at $258,952.32. This trade represents a 68.86 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director John T. Baldwin bought 4,000 shares of Cleveland-Cliffs stock in a transaction dated Monday, March 10th. The stock was acquired at an average cost of $8.70 per share, for a total transaction of $34,800.00. Following the purchase, the director now directly owns 133,227 shares in the company, valued at approximately $1,159,074.90. The trade was a 3.10 % increase in their position. The disclosure for this purchase can be found here. Insiders have bought 23,500 shares of company stock valued at $243,095 over the last 90 days. 1.76% of the stock is owned by company insiders.

Cleveland-Cliffs Price Performance

Shares of NYSE CLF traded down $0.80 during trading on Friday, reaching $8.53. The company had a trading volume of 31,119,879 shares, compared to its average volume of 13,221,243. Cleveland-Cliffs Inc. has a 52 week low of $8.48 and a 52 week high of $22.97. The business's 50 day moving average price is $10.26 and its 200-day moving average price is $11.21. The stock has a market cap of $4.22 billion, a PE ratio of -8.79 and a beta of 1.94. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.55 and a current ratio of 1.85.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last posted 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 company had revenue of $4.33 billion during the quarter, compared to the consensus estimate of $4.46 billion. Cleveland-Cliffs had a negative return on equity of 0.59% and a negative net margin of 2.31%. Analysts expect that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current year.

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.