Monaco Asset Management SAM Invests $5.17 Million in Cleveland-Cliffs Inc. (NYSE:CLF)

Monaco Asset Management SAM purchased a new stake in Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm purchased 550,000 shares of the mining company's stock, valued at approximately $5,170,000. Cleveland-Cliffs makes up about 0.7% of Monaco Asset Management SAM's portfolio, making the stock its 13th biggest holding. Monaco Asset Management SAM owned 0.11% of Cleveland-Cliffs at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. Strengthening Families & Communities LLC lifted its position in Cleveland-Cliffs by 299.8% in the 3rd quarter. Strengthening Families & Communities LLC now owns 1,987 shares of the mining company's stock valued at $25,000 after acquiring an additional 1,490 shares in the last quarter. Darwin Wealth Management LLC bought a new position in Cleveland-Cliffs in the 3rd quarter valued at about $34,000. Truvestments Capital LLC bought a new position in Cleveland-Cliffs in the 3rd quarter valued at about $34,000. Byrne Asset Management LLC lifted its position in Cleveland-Cliffs by 130.0% in 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. Finally, Stonebridge Financial Group LLC bought a new position in Cleveland-Cliffs in the 4th quarter valued at about $44,000. Institutional investors own 67.68% of the company's stock.

Cleveland-Cliffs Price Performance

Shares of Cleveland-Cliffs stock traded down $0.49 during trading on Tuesday, hitting $9.66. The stock had a trading volume of 19,988,068 shares, compared to its average volume of 12,564,957. The firm has a market cap of $4.77 billion, a price-to-earnings ratio of -9.95 and a beta of 1.94. Cleveland-Cliffs Inc. has a 12 month low of $8.50 and a 12 month high of $22.97. The business's 50-day moving average is $10.40 and its 200 day moving average is $11.37. The company has a current ratio of 1.85, a quick ratio of 0.55 and a debt-to-equity ratio of 0.53.

Remove Ads

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last announced its earnings results on Monday, February 24th. The mining company reported ($0.68) earnings per share (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 company had revenue of $4.33 billion during the quarter, compared to analysts' expectations of $4.46 billion. As a group, sell-side analysts anticipate that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current year.

Insider Buying and Selling

In related news, Director John T. Baldwin bought 4,000 shares of the business's stock in a transaction that occurred on Monday, March 10th. The stock was bought at an average cost of $8.70 per share, for a total transaction of $34,800.00. Following the completion of the transaction, the director now owns 133,227 shares of the company's stock, valued at approximately $1,159,074.90. The trade was a 3.10 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Jane M. Cronin purchased 10,000 shares of the business's stock in a transaction on Friday, February 28th. The shares were acquired at an average price of $10.56 per share, with a total value of $105,600.00. Following the completion of the transaction, the director now 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 disclosure for this purchase can be found here. Over the last ninety days, insiders purchased 23,500 shares of company stock worth $243,095. Corporate insiders own 1.76% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have commented on the stock. The Goldman Sachs Group dropped their target price on shares of Cleveland-Cliffs from $17.00 to $15.00 and set a "buy" rating on the stock in a research report on Tuesday, March 4th. Morgan Stanley dropped their target price on shares of Cleveland-Cliffs from $13.00 to $11.00 and set an "equal weight" rating on the stock in a research report on Monday, February 3rd. B. Riley reissued a "buy" rating on shares of Cleveland-Cliffs in a research report on Tuesday, February 4th. Citigroup lowered their price target on shares of Cleveland-Cliffs from $12.50 to $11.00 and set a "neutral" rating on the stock in a report on Thursday, December 19th. Finally, Glj Research lowered 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. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $16.43.

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.