Swiss National Bank Boosts Holdings in Cleveland-Cliffs Inc. (NYSE:CLF)

Swiss National Bank boosted its position in shares of Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 4.2% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 969,161 shares of the mining company's stock after buying an additional 39,261 shares during the quarter. Swiss National Bank owned approximately 0.20% of Cleveland-Cliffs worth $9,110,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in CLF. Darwin Wealth Management LLC purchased a new position in Cleveland-Cliffs in the 3rd quarter valued at about $34,000. Truvestments Capital LLC acquired a new position in shares of Cleveland-Cliffs during the 3rd quarter valued at about $34,000. Byrne Asset Management LLC boosted its holdings in Cleveland-Cliffs by 130.0% in the 4th quarter. Byrne Asset Management LLC now owns 4,600 shares of the mining company's stock valued at $43,000 after purchasing an additional 2,600 shares during the last quarter. Stonebridge Financial Group LLC acquired a new position in Cleveland-Cliffs in the fourth quarter valued at approximately $44,000. Finally, GAMMA Investing LLC lifted its stake in shares of Cleveland-Cliffs by 1,190.6% in the 4th quarter. GAMMA Investing LLC now owns 5,330 shares of the mining company's stock valued at $50,000 after purchasing an additional 4,917 shares during the last quarter. Hedge funds and other institutional investors own 67.68% of the company's stock.

Insider Activity at Cleveland-Cliffs

In other Cleveland-Cliffs news, Director John T. Baldwin bought 4,000 shares of Cleveland-Cliffs stock in a transaction dated Monday, March 10th. The stock was acquired at an average cost of $8.70 per share, with a total value of $34,800.00. Following the completion of the acquisition, 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 purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Keith Koci bought 9,500 shares of the firm's stock in a transaction dated Friday, February 28th. The shares were acquired at an average price of $10.81 per share, with a total value of $102,695.00. Following the purchase, the executive vice president now directly owns 543,475 shares of the company's stock, valued at approximately $5,874,964.75. This trade represents a 1.78 % increase in their position. The disclosure for this purchase can be found here. Insiders bought a total of 23,500 shares of company stock valued at $243,095 in the last three months. 1.76% of the stock is currently owned by company insiders.

Remove Ads

Cleveland-Cliffs Stock Up 1.3 %

Shares of NYSE:CLF traded up $0.12 during trading on Tuesday, hitting $9.41. 17,932,370 shares of the company were exchanged, compared to its average volume of 12,774,881. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.85 and a quick ratio of 0.55. The firm's 50 day moving average price is $10.36 and its 200-day moving average price is $11.27. The stock has a market capitalization of $4.65 billion, a P/E ratio of -9.70 and a beta of 1.94. Cleveland-Cliffs Inc. has a 12-month low of $8.50 and a 12-month high of $22.97.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last released its quarterly earnings data on Monday, February 24th. The mining company reported ($0.68) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.65) by ($0.03). The company had revenue of $4.33 billion during the quarter, compared to analyst estimates of $4.46 billion. Cleveland-Cliffs had a negative net margin of 2.31% and a negative return on equity of 0.59%. On average, research analysts predict that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. B. Riley reaffirmed a "buy" rating on shares of Cleveland-Cliffs in a research report on Tuesday, February 4th. Glj Research lowered their price target on Cleveland-Cliffs from $14.54 to $12.90 and set a "buy" rating for the company in a research report on Thursday, February 27th. Citigroup cut their price objective on Cleveland-Cliffs from $12.50 to $11.00 and set a "neutral" rating on the stock in a report on Thursday, December 19th. Morgan Stanley decreased their target price on Cleveland-Cliffs from $13.00 to $11.00 and set an "equal weight" rating on the stock in a research note on Monday, February 3rd. Finally, The Goldman Sachs Group dropped their target price on 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 assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $16.43.

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.