Legal & General Group Plc Sells 41,953 Shares of Cleveland-Cliffs Inc. (NYSE:CLF)

Legal & General Group Plc reduced its position in shares of Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 4.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 922,679 shares of the mining company's stock after selling 41,953 shares during the period. Legal & General Group Plc owned about 0.19% of Cleveland-Cliffs worth $8,673,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its position in shares of Cleveland-Cliffs by 5.5% in the 4th quarter. Vanguard Group Inc. now owns 48,751,789 shares of the mining company's stock worth $458,267,000 after purchasing an additional 2,556,332 shares during the last quarter. Geode Capital Management LLC raised its stake in Cleveland-Cliffs by 3.2% during the fourth quarter. Geode Capital Management LLC now owns 8,466,747 shares of the mining company's stock valued at $79,611,000 after buying an additional 264,078 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in Cleveland-Cliffs by 20.1% during the 4th quarter. Bank of New York Mellon Corp now owns 7,382,769 shares of the mining company's stock worth $69,398,000 after buying an additional 1,236,247 shares during the last quarter. Norges Bank acquired a new position in shares of Cleveland-Cliffs in the 4th quarter worth approximately $45,381,000. Finally, Drexel Morgan & Co. increased its holdings in shares of Cleveland-Cliffs by 34.4% in the 4th quarter. Drexel Morgan & Co. now owns 4,300,395 shares of the mining company's stock valued at $40,424,000 after acquiring an additional 1,100,000 shares during the last quarter. Hedge funds and other institutional investors own 67.68% of the company's stock.

Insider Transactions at Cleveland-Cliffs

In other news, Director Jane M. Cronin bought 10,000 shares of the company's stock in a transaction dated Friday, February 28th. The stock was bought at an average price of $10.56 per share, for a total transaction of $105,600.00. Following the completion of the transaction, the director now directly owns 24,522 shares in the company, valued at $258,952.32. The trade was a 68.86 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP Keith Koci acquired 9,500 shares of Cleveland-Cliffs stock in a transaction on Friday, February 28th. The stock was acquired at an average cost of $10.81 per share, for a total transaction of $102,695.00. Following the completion of the purchase, 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. In the last 90 days, insiders have purchased 23,500 shares of company stock worth $243,095. 1.76% of the stock is currently owned by company insiders.

Cleveland-Cliffs Stock Performance

Shares of NYSE CLF traded up $0.12 during trading hours on Thursday, hitting $7.66. 5,834,885 shares of the stock were exchanged, compared to its average volume of 14,250,221. Cleveland-Cliffs Inc. has a one year low of $6.17 and a one year high of $18.82. The company's 50 day moving average is $9.05 and its 200 day moving average is $10.57. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.85 and a quick ratio of 0.55. The firm has a market capitalization of $3.79 billion, a P/E ratio of -7.89 and a beta of 1.93.

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 business had revenue of $4.33 billion for the quarter, compared to analyst estimates of $4.46 billion. Cleveland-Cliffs had a negative return on equity of 0.59% and a negative net margin of 2.31%. On average, research analysts expect that Cleveland-Cliffs Inc. will post -0.79 EPS for the current year.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on CLF shares. Glj Research lowered their price objective on shares of Cleveland-Cliffs from $14.54 to $12.90 and set a "buy" rating for the company in a research report on Thursday, February 27th. 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 report on Tuesday, March 4th. B. Riley reissued a "buy" rating and issued a $17.00 price target (down from $20.00) on shares of Cleveland-Cliffs in a report on Wednesday. Finally, Morgan Stanley decreased their target price 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. One research analyst has rated the stock with a sell rating, four have issued a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $15.49.

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.