Marshall Wace LLP Sells 4,342,917 Shares of Cleveland-Cliffs Inc. (NYSE:CLF)

Marshall Wace LLP lowered its holdings in Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 89.5% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 509,019 shares of the mining company's stock after selling 4,342,917 shares during the period. Marshall Wace LLP owned approximately 0.10% of Cleveland-Cliffs worth $4,785,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Pinpoint Asset Management Ltd acquired a new stake in Cleveland-Cliffs in the fourth quarter valued at about $25,000. Estabrook Capital Management boosted its stake in shares of Cleveland-Cliffs by 207.7% in the 4th quarter. Estabrook Capital Management now owns 4,000 shares of the mining company's stock valued at $38,000 after purchasing an additional 2,700 shares in the last quarter. Byrne Asset Management LLC grew its holdings 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 purchasing an additional 2,600 shares during the last quarter. Stonebridge Financial Group LLC acquired a new position in Cleveland-Cliffs during the 4th quarter worth approximately $44,000. Finally, AllSquare Wealth Management LLC lifted its stake in Cleveland-Cliffs by 24.4% in the 4th quarter. AllSquare Wealth Management LLC now owns 5,100 shares of the mining company's stock valued at $48,000 after purchasing an additional 1,000 shares during the last quarter. Institutional investors and hedge funds own 67.68% of the company's stock.

Cleveland-Cliffs Stock Performance

NYSE CLF opened at $7.93 on Friday. The company's 50 day simple moving average is $8.98 and its two-hundred day simple moving average is $10.53. The stock has a market capitalization of $3.92 billion, a PE ratio of -8.18 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 Inc. has a 1 year low of $6.17 and a 1 year high of $18.41.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last issued its quarterly earnings data on Monday, February 24th. The mining company reported ($0.68) EPS 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 for the quarter, compared to analysts' expectations of $4.46 billion. Analysts predict that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the company. Morgan Stanley cut 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. B. Riley restated a "buy" rating and set a $17.00 price target (down from $20.00) on shares of Cleveland-Cliffs in a report on Wednesday. The Goldman Sachs Group lowered their price objective on Cleveland-Cliffs from $17.00 to $15.00 and set a "buy" rating for the company in a research note on Tuesday, March 4th. Finally, Glj Research reduced their target price on shares of Cleveland-Cliffs from $14.54 to $12.90 and set a "buy" rating on the stock in a report on Thursday, February 27th. One equities 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.com, Cleveland-Cliffs presently has a consensus rating of "Moderate Buy" and an average target price of $15.49.

Insider Buying and Selling

In related news, Director John T. Baldwin purchased 4,000 shares of the business's stock in a transaction that occurred on Monday, March 10th. The shares were acquired at an average price of $8.70 per share, for a total transaction of $34,800.00. Following the completion of the acquisition, 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 acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Keith Koci purchased 9,500 shares of the firm's stock in a transaction that occurred 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 completion of the purchase, the executive vice president now owns 543,475 shares of the company's stock, valued at $5,874,964.75. This represents a 1.78 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders bought 23,500 shares of company stock worth $243,095 in the last quarter. 1.76% of the stock is owned by insiders.

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.

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