Cleveland-Cliffs Inc. (NYSE:CLF) Shares Bought by Vanguard Group Inc.

Vanguard Group Inc. boosted its holdings in Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 5.5% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 48,751,789 shares of the mining company's stock after buying an additional 2,556,332 shares during the period. Vanguard Group Inc. owned 9.87% of Cleveland-Cliffs worth $458,267,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of the stock. Drexel Morgan & Co. raised its position in shares of Cleveland-Cliffs by 34.4% in the 4th quarter. Drexel Morgan & Co. now owns 4,300,395 shares of the mining company's stock worth $40,424,000 after buying an additional 1,100,000 shares during the period. Stevens Capital Management LP purchased a new position in shares of Cleveland-Cliffs in the 4th quarter worth about $159,000. KLP Kapitalforvaltning AS acquired a new position in shares of Cleveland-Cliffs in the 4th quarter valued at about $3,273,000. AXQ Capital LP grew its holdings in shares of Cleveland-Cliffs by 15.4% during the 4th quarter. AXQ Capital LP now owns 54,277 shares of the mining company's stock worth $510,000 after purchasing an additional 7,246 shares during the period. Finally, American Century Companies Inc. raised its holdings in Cleveland-Cliffs by 135.4% in the fourth quarter. American Century Companies Inc. now owns 3,615,774 shares of the mining company's stock valued at $33,988,000 after buying an additional 2,079,589 shares during the period. 67.68% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts have recently commented on the stock. Morgan Stanley cut their target price on shares of 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. B. Riley reaffirmed a "buy" rating on shares of Cleveland-Cliffs in a research report on Tuesday, February 4th. Glj Research lowered their target price on Cleveland-Cliffs from $14.54 to $12.90 and set a "buy" rating for the company in a research note on Thursday, February 27th. The Goldman Sachs Group reduced their price target on Cleveland-Cliffs from $17.00 to $15.00 and set a "buy" rating on the stock in a research report on Tuesday, March 4th. Finally, Citigroup dropped their price objective on shares of Cleveland-Cliffs from $12.50 to $11.00 and set a "neutral" rating on the stock in a research note on Thursday, December 19th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating, four have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Cleveland-Cliffs presently has a consensus rating of "Hold" and a consensus target price of $16.43.

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Cleveland-Cliffs Stock Down 4.8 %

CLF stock traded down $0.35 during mid-day trading on Friday, hitting $6.91. 39,077,294 shares of the company were exchanged, compared to its average volume of 13,721,844. The company has a market capitalization of $3.42 billion, a PE ratio of -7.13 and a beta of 1.94. The firm has a fifty day simple moving average of $10.04 and a 200 day simple moving average of $11.08. The company has a current ratio of 1.85, a quick ratio of 0.55 and a debt-to-equity ratio of 0.53. Cleveland-Cliffs Inc. has a twelve month low of $6.17 and a twelve month high of $22.67.

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

Insider Buying and Selling

In other news, EVP Keith Koci bought 9,500 shares of Cleveland-Cliffs stock in a transaction on Friday, February 28th. The stock was purchased at an average cost 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 transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Jane M. Cronin purchased 10,000 shares of the company's stock in a transaction on Friday, February 28th. The stock was purchased at an average price of $10.56 per share, for a total transaction of $105,600.00. Following the purchase, the director now directly owns 24,522 shares of the company's stock, valued at $258,952.32. This trade represents a 68.86 % increase in their position. The disclosure for this purchase can be found here. Insiders have bought 23,500 shares of company stock worth $243,095 over the last ninety days. 1.76% of the stock is owned by insiders.

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.