4,827,794 Shares in Cleveland-Cliffs Inc. (NYSE:CLF) Acquired by Norges Bank

Norges Bank bought a new position in shares of Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 4,827,794 shares of the mining company's stock, valued at approximately $45,381,000. Norges Bank owned about 0.98% of Cleveland-Cliffs at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of the business. Vanguard Group Inc. increased its stake in shares of Cleveland-Cliffs by 5.5% in the fourth 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. Barclays PLC increased its position in Cleveland-Cliffs by 232.4% during the 3rd quarter. Barclays PLC now owns 3,113,337 shares of the mining company's stock valued at $39,757,000 after purchasing an additional 2,176,837 shares during the period. American Century Companies Inc. raised its holdings in Cleveland-Cliffs by 135.4% during the 4th quarter. American Century Companies Inc. now owns 3,615,774 shares of the mining company's stock worth $33,988,000 after purchasing an additional 2,079,589 shares during the last quarter. Stonegate Investment Group LLC acquired a new position in shares of Cleveland-Cliffs in the 4th quarter worth approximately $18,999,000. Finally, Bank of New York Mellon Corp boosted its stake in shares of Cleveland-Cliffs by 20.1% in the 4th 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 last quarter. Institutional investors and hedge funds own 67.68% of the company's stock.

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Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on CLF. Morgan Stanley lowered their target price on shares of Cleveland-Cliffs from $13.00 to $11.00 and set an "equal weight" rating for the company in a research note on Monday, February 3rd. B. Riley reissued a "buy" rating on shares of Cleveland-Cliffs in a research note on Tuesday, February 4th. Glj Research decreased their target price 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. The Goldman Sachs Group lowered their target price on Cleveland-Cliffs from $17.00 to $15.00 and set a "buy" rating for the company in a report on Tuesday, March 4th. Finally, Citigroup cut their price target on Cleveland-Cliffs from $12.50 to $11.00 and set a "neutral" rating on the stock in a report on Thursday, December 19th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $16.43.

Insider Activity at Cleveland-Cliffs

In other Cleveland-Cliffs news, Director John T. Baldwin bought 4,000 shares of the business's stock in a transaction dated Monday, March 10th. The shares were purchased at an average price of $8.70 per share, for a total transaction of $34,800.00. Following the purchase, the director now directly owns 133,227 shares of the company's stock, valued at approximately $1,159,074.90. This represents a 3.10 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Jane M. Cronin purchased 10,000 shares of the company's stock in a transaction that occurred on Friday, February 28th. The shares were acquired at an average price of $10.56 per share, for a total transaction of $105,600.00. Following the completion of the acquisition, the director now directly owns 24,522 shares of the company's stock, valued at $258,952.32. This trade represents a 68.86 % increase in their position. The disclosure for this purchase can be found here. Insiders have bought 23,500 shares of company stock valued at $243,095 over the last ninety days. Corporate insiders own 1.76% of the company's stock.

Cleveland-Cliffs Stock Down 7.2 %

Shares of Cleveland-Cliffs stock traded down $0.53 during trading hours on Tuesday, reaching $6.82. The company's stock had a trading volume of 30,573,387 shares, compared to its average volume of 13,911,898. 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 stock's fifty day simple moving average is $9.86 and its two-hundred day simple moving average is $10.98. The company has a market capitalization of $3.37 billion, a P/E ratio of -7.03 and a beta of 1.93. Cleveland-Cliffs Inc. has a one year low of $6.17 and a one year high of $22.39.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last issued 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). Cleveland-Cliffs had a negative net margin of 2.31% and a negative return on equity of 0.59%. The company had revenue of $4.33 billion for the quarter, compared to the consensus estimate of $4.46 billion. On average, research analysts forecast that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current year.

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.