Ninety One UK Ltd Grows Stock Position in Cleveland-Cliffs Inc. (NYSE:CLF)

Ninety One UK Ltd increased its holdings in Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 121.5% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,501,297 shares of the mining company's stock after acquiring an additional 823,562 shares during the quarter. Ninety One UK Ltd owned approximately 0.30% of Cleveland-Cliffs worth $14,112,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Sanctuary Advisors LLC acquired a new position in Cleveland-Cliffs in the second quarter valued at $1,010,000. Peddock Capital Advisors LLC increased its position in Cleveland-Cliffs by 7.4% in the 3rd quarter. Peddock Capital Advisors LLC now owns 20,229 shares of the mining company's stock valued at $258,000 after acquiring an additional 1,396 shares during the period. Daymark Wealth Partners LLC raised its stake in Cleveland-Cliffs by 19.7% during the 3rd quarter. Daymark Wealth Partners LLC now owns 21,435 shares of the mining company's stock valued at $274,000 after acquiring an additional 3,535 shares during the last quarter. Hexagon Capital Partners LLC lifted its position in Cleveland-Cliffs by 594.1% during the 3rd quarter. Hexagon Capital Partners LLC now owns 11,800 shares of the mining company's stock worth $151,000 after acquiring an additional 10,100 shares during the period. Finally, Unison Advisors LLC purchased a new position in shares of Cleveland-Cliffs in the 3rd quarter valued at approximately $788,000. Hedge funds and other institutional investors own 67.68% of the company's stock.

Cleveland-Cliffs Price Performance

Shares of CLF stock traded down $0.62 during trading hours on Friday, hitting $10.05. The company's stock had a trading volume of 19,320,212 shares, compared to its average volume of 11,458,728. The company has a current ratio of 1.85, a quick ratio of 0.55 and a debt-to-equity ratio of 0.53. Cleveland-Cliffs Inc. has a twelve month low of $8.99 and a twelve month high of $22.97. The stock has a market cap of $4.96 billion, a price-to-earnings ratio of -10.36 and a beta of 1.96. The business has a fifty day moving average of $10.30 and a 200-day moving average of $11.94.

Analyst Ratings Changes

Several equities research analysts have recently commented on CLF shares. StockNews.com cut Cleveland-Cliffs from a "hold" rating to a "sell" rating in a research note on Thursday, November 7th. Morgan Stanley reduced their price objective on shares of Cleveland-Cliffs from $13.00 to $11.00 and set an "equal weight" rating for the company in a research report on Monday, February 3rd. The Goldman Sachs Group started coverage on Cleveland-Cliffs in a research report on Monday, December 2nd. They set a "buy" rating and a $16.00 target price on the stock. Glj Research raised Cleveland-Cliffs from a "sell" rating to a "buy" rating and set a $14.27 price objective on the stock in a report on Tuesday, January 7th. Finally, Citigroup cut their price target on shares of Cleveland-Cliffs from $12.50 to $11.00 and set a "neutral" rating for the company in a report on Thursday, December 19th. Three research analysts have 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 stock. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $16.68.

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.