Stonegate Investment Group LLC Makes New Investment in Cleveland-Cliffs Inc. (NYSE:CLF)

Stonegate Investment Group LLC bought a new stake in Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 2,021,210 shares of the mining company's stock, valued at approximately $18,999,000. Stonegate Investment Group LLC owned 0.41% of Cleveland-Cliffs as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also modified their holdings of the business. Strengthening Families & Communities LLC increased its stake in Cleveland-Cliffs by 299.8% in the third quarter. Strengthening Families & Communities LLC now owns 1,987 shares of the mining company's stock valued at $25,000 after acquiring an additional 1,490 shares during the last quarter. Darwin Wealth Management LLC bought a new position in shares of Cleveland-Cliffs in the 3rd quarter valued at $34,000. Truvestments Capital LLC acquired a new position in shares of Cleveland-Cliffs during the 3rd quarter worth $34,000. Blue Trust Inc. lifted its position in shares of Cleveland-Cliffs by 231.9% during the 3rd quarter. Blue Trust Inc. now owns 3,634 shares of the mining company's stock worth $46,000 after buying an additional 2,539 shares during the last quarter. Finally, GAMMA Investing LLC boosted its stake in Cleveland-Cliffs by 1,190.6% in the fourth quarter. GAMMA Investing LLC now owns 5,330 shares of the mining company's stock valued at $50,000 after buying an additional 4,917 shares in the last quarter. 67.68% of the stock is currently owned by institutional investors and hedge funds.

Cleveland-Cliffs Trading Down 2.2 %

Shares of NYSE:CLF traded down $0.24 during trading on Friday, reaching $10.26. The stock had a trading volume of 9,272,994 shares, compared to its average volume of 12,593,333. Cleveland-Cliffs Inc. has a 52 week low of $8.99 and a 52 week high of $22.97. 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 firm's fifty day moving average is $10.54 and its 200 day moving average is $12.19. The stock has a market cap of $5.07 billion, a price-to-earnings ratio of -10.57 and a beta of 1.97.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last issued its quarterly earnings results on Monday, November 4th. The mining company reported ($0.33) EPS for the quarter, missing analysts' consensus estimates of ($0.31) by ($0.02). Cleveland-Cliffs had a negative net margin of 2.31% and a negative return on equity of 0.59%. The firm had revenue of $4.57 billion for the quarter, compared to the consensus estimate of $4.72 billion. During the same period last year, the company posted $0.54 EPS. The business's revenue was down 18.5% compared to the same quarter last year. As a group, equities analysts forecast that Cleveland-Cliffs Inc. will post -0.69 EPS for the current fiscal year.

Analyst Ratings Changes

Several research analysts have commented on CLF shares. Glj Research raised Cleveland-Cliffs from a "sell" rating to a "buy" rating and set a $14.27 target price for the company in a research note on Tuesday, January 7th. Citigroup dropped their price objective on shares of Cleveland-Cliffs from $12.50 to $11.00 and set a "neutral" rating for the company in a research note on Thursday, December 19th. StockNews.com cut shares of Cleveland-Cliffs from a "hold" rating to a "sell" rating in a research note on Thursday, November 7th. Finally, The Goldman Sachs Group started coverage on Cleveland-Cliffs in a research note on Monday, December 2nd. They issued a "buy" rating and a $16.00 price target for the company. Three investment analysts have rated the stock with a sell rating, five have given a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Hold" and an average target price of $16.93.

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.