Van ECK Associates Corp Increases Stake in Cleveland-Cliffs Inc. (NYSE:CLF)

Van ECK Associates Corp lifted its stake in Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 11.9% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 351,212 shares of the mining company's stock after purchasing an additional 37,343 shares during the period. Van ECK Associates Corp owned 0.07% of Cleveland-Cliffs worth $3,301,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of CLF. Pacer Advisors Inc. lifted its position in shares of Cleveland-Cliffs by 13.7% in the 3rd quarter. Pacer Advisors Inc. now owns 25,893,879 shares of the mining company's stock worth $330,665,000 after purchasing an additional 3,110,651 shares during the period. Barclays PLC lifted 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 acquiring an additional 2,176,837 shares during the period. Stonegate Investment Group LLC purchased a new position in Cleveland-Cliffs during the 4th quarter valued at about $18,999,000. Rockefeller Capital Management L.P. purchased a new position in Cleveland-Cliffs during the 3rd quarter valued at about $22,122,000. Finally, International Assets Investment Management LLC lifted its position in Cleveland-Cliffs by 1,893.6% during the 3rd quarter. International Assets Investment Management LLC now owns 1,227,848 shares of the mining company's stock valued at $156,800,000 after acquiring an additional 1,166,258 shares during the period. 67.68% of the stock is owned by hedge funds and other institutional investors.

Cleveland-Cliffs Price Performance

CLF stock traded down $0.64 during trading on Friday, hitting $11.35. 13,195,951 shares of the company's stock traded hands, compared to its average volume of 16,864,252. 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 business has a fifty day simple moving average of $10.22 and a 200 day simple moving average of $11.73. The stock has a market capitalization of $5.60 billion, a price-to-earnings ratio of -11.70 and a beta of 1.96.

Analysts Set New Price Targets

A number of brokerages recently issued reports on CLF. StockNews.com cut shares of Cleveland-Cliffs from a "hold" rating to a "sell" rating in a research report on Thursday, November 7th. Glj Research raised shares of Cleveland-Cliffs from a "sell" rating to a "buy" rating and set a $14.27 target price for the company in a report on Tuesday, January 7th. The Goldman Sachs Group started coverage on shares of Cleveland-Cliffs in a report on Monday, December 2nd. They issued a "buy" rating and a $16.00 target price for the company. Citigroup reduced their price target 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. Finally, Morgan Stanley reduced their price target 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. Three research analysts have rated the stock with a sell rating, four have given a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Cleveland-Cliffs presently has a consensus rating of "Hold" and a consensus price target of $16.68.

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.