Sei Investments Co. Has $2.55 Million Stock Holdings in Cleveland-Cliffs Inc. (NYSE:CLF)

Sei Investments Co. decreased its holdings in shares of Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 14.6% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 271,157 shares of the mining company's stock after selling 46,373 shares during the period. Sei Investments Co. owned approximately 0.05% of Cleveland-Cliffs worth $2,549,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently made changes to their positions in the business. Benjamin Edwards Inc. purchased a new stake in shares of Cleveland-Cliffs during the third quarter valued at $203,000. HighTower Advisors LLC lifted its stake in Cleveland-Cliffs by 46.3% during the third quarter. HighTower Advisors LLC now owns 253,742 shares of the mining company's stock valued at $3,239,000 after buying an additional 80,304 shares in the last quarter. Janus Henderson Group PLC boosted its holdings in shares of Cleveland-Cliffs by 987.0% in the third quarter. Janus Henderson Group PLC now owns 207,000 shares of the mining company's stock worth $2,644,000 after buying an additional 187,957 shares during the period. Wexford Capital LP purchased a new position in shares of Cleveland-Cliffs in the third quarter worth approximately $992,000. Finally, National Bank of Canada FI raised its holdings in shares of Cleveland-Cliffs by 3,033.4% during the third quarter. National Bank of Canada FI now owns 264,081 shares of the mining company's stock valued at $3,372,000 after acquiring an additional 255,653 shares during the period. Institutional investors and hedge funds own 67.68% of the company's stock.

Remove Ads

Analyst Upgrades and Downgrades

A number of research firms recently commented on CLF. Glj Research decreased their price objective on shares of 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 on shares of Cleveland-Cliffs in a report on Tuesday, February 4th. Morgan Stanley reduced their price objective on 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. Citigroup lowered their target price on Cleveland-Cliffs from $12.50 to $11.00 and set a "neutral" rating on the stock in a research note on Thursday, December 19th. Finally, The Goldman Sachs Group reduced their price target on shares of Cleveland-Cliffs from $17.00 to $15.00 and set a "buy" rating for the company in a research report on Tuesday, March 4th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $16.43.

Insider Buying and Selling

In other news, Director Jane M. Cronin purchased 10,000 shares of the business's stock in a transaction that occurred on Friday, February 28th. The stock was purchased at an average cost of $10.56 per share, with a total value of $105,600.00. Following the acquisition, the director now directly owns 24,522 shares of the company's stock, valued at approximately $258,952.32. This trade represents a 68.86 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director John T. Baldwin purchased 4,000 shares of Cleveland-Cliffs stock in a transaction on Monday, March 10th. The stock was purchased at an average price 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. This represents a 3.10 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders bought a total of 23,500 shares of company stock valued at $243,095 over the last ninety days. 1.76% of the stock is owned by company insiders.

Cleveland-Cliffs Stock Performance

Cleveland-Cliffs stock traded down $0.53 during mid-day trading on Tuesday, reaching $6.82. The company had a trading volume of 30,573,387 shares, compared to its average volume of 13,911,898. The company has a 50 day moving average of $9.86 and a 200-day moving average of $10.98. Cleveland-Cliffs Inc. has a 52 week low of $6.17 and a 52 week high of $22.39. The company has a quick ratio of 0.55, a current ratio of 1.85 and a debt-to-equity ratio of 0.53. The firm has a market cap of $3.37 billion, a price-to-earnings ratio of -7.03 and a beta of 1.93.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last released its earnings results on Monday, February 24th. The mining company reported ($0.68) earnings per share for the quarter, missing analysts' consensus estimates 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 firm had revenue of $4.33 billion for the quarter, compared to analyst estimates of $4.46 billion. On average, sell-side analysts expect that Cleveland-Cliffs Inc. will post -0.79 EPS for the current fiscal year.

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.