Cleveland-Cliffs Inc. (NYSE:CLF) Shares Acquired by NewEdge Advisors LLC

NewEdge Advisors LLC raised its holdings in Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 21.3% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 502,723 shares of the mining company's stock after acquiring an additional 88,302 shares during the quarter. NewEdge Advisors LLC owned 0.10% of Cleveland-Cliffs worth $4,726,000 as of its most recent filing with the Securities and Exchange Commission.

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

Analysts Set New Price Targets

CLF has been the subject of a number of analyst reports. Glj Research decreased their price objective on Cleveland-Cliffs from $14.54 to $12.90 and set a "buy" rating for the company in a research note on Thursday, February 27th. B. Riley reiterated a "buy" rating and issued a $17.00 price objective (down from $20.00) on shares of Cleveland-Cliffs in a report on Wednesday. Morgan Stanley lowered their price target on 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. Finally, The Goldman Sachs Group reduced their price target on Cleveland-Cliffs from $17.00 to $15.00 and set a "buy" rating for the company in a report on Tuesday, March 4th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, four have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $15.49.

Cleveland-Cliffs Price Performance

CLF traded down $0.05 on Friday, reaching $7.87. The company had a trading volume of 4,706,515 shares, compared to its average volume of 19,750,973. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.55 and a current ratio of 1.85. The business has a 50 day simple moving average of $8.98 and a 200 day simple moving average of $10.53. Cleveland-Cliffs Inc. has a 52-week low of $6.17 and a 52-week high of $18.31. The company has a market cap of $3.89 billion, a price-to-earnings ratio of -8.11 and a beta of 1.93.

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

Insider Transactions at Cleveland-Cliffs

In other Cleveland-Cliffs news, Director Jane M. Cronin bought 10,000 shares of the company's stock in a transaction on Friday, February 28th. The shares were bought at an average cost of $10.56 per share, for a total transaction of $105,600.00. Following the acquisition, the director now directly owns 24,522 shares in the company, valued at approximately $258,952.32. The trade was a 68.86 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Keith Koci bought 9,500 shares of Cleveland-Cliffs stock in a transaction on Friday, February 28th. The stock was purchased at an average price of $10.81 per share, with a total value of $102,695.00. Following the completion of the acquisition, the executive vice president now directly owns 543,475 shares of the company's stock, valued at $5,874,964.75. This represents 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 valued at $243,095 over the last quarter. 1.76% of the stock is currently owned by company insiders.

Cleveland-Cliffs Company 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.