Crestline Management LP Trims Position in Cleveland-Cliffs Inc. (NYSE:CLF)

Crestline Management LP decreased its holdings in Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 78.9% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 107,160 shares of the mining company's stock after selling 399,690 shares during the quarter. Crestline Management LP's holdings in Cleveland-Cliffs were worth $2,188,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also added to or reduced their stakes in the stock. Norges Bank purchased a new stake in shares of Cleveland-Cliffs in the 4th quarter worth about $117,585,000. AQR Capital Management LLC boosted its position in Cleveland-Cliffs by 154.2% during the 3rd quarter. AQR Capital Management LLC now owns 2,586,472 shares of the mining company's stock valued at $40,181,000 after acquiring an additional 1,568,961 shares in the last quarter. Barclays PLC grew its holdings in shares of Cleveland-Cliffs by 240.4% during the 3rd quarter. Barclays PLC now owns 1,988,689 shares of the mining company's stock worth $31,083,000 after acquiring an additional 1,404,491 shares during the period. Ninety One UK Ltd bought a new position in shares of Cleveland-Cliffs in the 4th quarter worth approximately $27,928,000. Finally, International Assets Investment Management LLC lifted its stake in shares of Cleveland-Cliffs by 1,627.6% in the 4th quarter. International Assets Investment Management LLC now owns 1,431,769 shares of the mining company's stock valued at $29,237,000 after purchasing an additional 1,348,893 shares during the period. Institutional investors own 67.68% of the company's stock.

Insider Activity

In other Cleveland-Cliffs news, EVP Terry G. Fedor sold 27,430 shares of Cleveland-Cliffs stock in a transaction that occurred on Wednesday, March 6th. The shares were sold at an average price of $20.19, for a total value of $553,811.70. Following the completion of the sale, the executive vice president now owns 534,617 shares of the company's stock, valued at approximately $10,793,917.23. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other Cleveland-Cliffs news, EVP Terry G. Fedor sold 27,430 shares of the business's stock in a transaction dated Wednesday, March 6th. The stock was sold at an average price of $20.19, for a total transaction of $553,811.70. Following the completion of the sale, the executive vice president now directly owns 534,617 shares in the company, valued at approximately $10,793,917.23. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Arlene M. Yocum acquired 2,000 shares of the stock in a transaction dated Wednesday, March 6th. The stock was acquired at an average price of $20.02 per share, for a total transaction of $40,040.00. Following the purchase, the director now directly owns 94,887 shares in the company, valued at $1,899,637.74. The disclosure for this purchase can be found here. Over the last three months, insiders purchased 87,000 shares of company stock valued at $1,470,640 and sold 221,066 shares valued at $4,464,688. 1.76% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of equities analysts have issued reports on CLF shares. Citigroup downgraded Cleveland-Cliffs from a "buy" rating to a "neutral" rating and set a $22.00 price objective for the company. in a report on Wednesday, March 13th. Morgan Stanley lowered their price target on shares of Cleveland-Cliffs from $20.00 to $19.00 and set an "equal weight" rating for the company in a research report on Tuesday, April 30th. BNP Paribas cut shares of Cleveland-Cliffs from a "neutral" rating to an "underperform" rating and set a $16.50 price objective on the stock. in a report on Wednesday, February 28th. JPMorgan Chase & Co. decreased their target price on shares of Cleveland-Cliffs from $24.00 to $23.00 and set an "overweight" rating for the company in a research note on Wednesday, April 24th. Finally, Jefferies Financial Group assumed coverage on Cleveland-Cliffs in a research report on Monday, May 20th. They issued a "buy" rating and a $22.00 price target on the stock. Two analysts have rated the stock with a sell rating, four have given a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $20.64.

Cleveland-Cliffs Stock Up 2.7 %

CLF traded up $0.45 during trading on Friday, hitting $17.28. 10,145,852 shares of the company's stock traded hands, compared to its average volume of 5,858,438. Cleveland-Cliffs Inc. has a 12-month low of $13.61 and a 12-month high of $22.97. The company's 50 day simple moving average is $19.30 and its two-hundred day simple moving average is $19.25. The company has a current ratio of 1.90, a quick ratio of 0.59 and a debt-to-equity ratio of 0.49. The stock has a market capitalization of $8.22 billion, a price-to-earnings ratio of 23.35, a PEG ratio of 0.38 and a beta of 2.10.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last released its quarterly earnings data on Monday, April 22nd. The mining company reported $0.18 EPS for the quarter, missing the consensus estimate of $0.19 by ($0.01). The business had revenue of $5.20 billion during the quarter, compared to the consensus estimate of $5.34 billion. Cleveland-Cliffs had a return on equity of 8.69% and a net margin of 1.78%. Cleveland-Cliffs's quarterly revenue was down 1.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.11) earnings per share. Analysts predict that Cleveland-Cliffs Inc. will post 0.95 earnings per share for the current fiscal year.

Cleveland-Cliffs announced that its board has approved a stock repurchase program on Monday, April 22nd that authorizes the company to repurchase $1.50 billion in shares. This repurchase authorization authorizes the mining company to repurchase up to 17.2% of its stock through open market purchases. Stock repurchase programs are often a sign that the company's board of directors believes its stock is undervalued.

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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