Victory Capital Management Inc. Increases Position in Cleveland-Cliffs Inc. (NYSE:CLF)

Victory Capital Management Inc. increased its stake in Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 19.9% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,787,870 shares of the mining company's stock after acquiring an additional 461,874 shares during the period. Victory Capital Management Inc. owned approximately 0.56% of Cleveland-Cliffs worth $26,206,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in CLF. Jones Financial Companies Lllp boosted its stake in Cleveland-Cliffs by 21.3% during the fourth quarter. Jones Financial Companies Lllp now owns 6,723 shares of the mining company's stock worth $63,000 after buying an additional 1,182 shares during the period. Patriot Financial Group Insurance Agency LLC boosted its stake in shares of Cleveland-Cliffs by 11.0% during the 4th quarter. Patriot Financial Group Insurance Agency LLC now owns 13,270 shares of the mining company's stock worth $125,000 after purchasing an additional 1,313 shares during the period. Strengthening Families & Communities LLC grew its holdings in Cleveland-Cliffs by 299.8% during the 3rd quarter. Strengthening Families & Communities LLC now owns 1,987 shares of the mining company's stock valued at $25,000 after purchasing an additional 1,490 shares during the last quarter. Private Trust Co. NA raised its position in Cleveland-Cliffs by 3.8% in the 3rd quarter. Private Trust Co. NA now owns 40,531 shares of the mining company's stock worth $518,000 after purchasing an additional 1,500 shares during the period. Finally, Archer Investment Corp raised its position in Cleveland-Cliffs by 25.8% in the 3rd quarter. Archer Investment Corp now owns 7,799 shares of the mining company's stock worth $100,000 after purchasing an additional 1,600 shares during the period. 67.68% of the stock is owned by institutional investors.

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Insider Activity

In other news, EVP Keith Koci bought 9,500 shares of the business's stock in a transaction that occurred on Friday, February 28th. The shares were purchased at an average cost of $10.81 per share, with a total value of $102,695.00. Following the transaction, the executive vice president now directly owns 543,475 shares in the company, valued at approximately $5,874,964.75. The trade was a 1.78 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Jane M. Cronin acquired 10,000 shares of Cleveland-Cliffs stock in a transaction dated Friday, February 28th. The stock was purchased at an average price of $10.56 per share, with a total value of $105,600.00. Following the completion of the purchase, the director now owns 24,522 shares of the company's stock, valued at approximately $258,952.32. The trade was a 68.86 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have purchased a total of 23,500 shares of company stock worth $243,095 over the last 90 days. 1.76% of the stock is currently owned by corporate insiders.

Cleveland-Cliffs Stock Up 7.1 %

Shares of CLF stock traded up $0.69 during mid-day trading on Friday, hitting $10.42. 20,287,816 shares of the stock traded hands, compared to its average volume of 18,583,580. The stock's fifty day moving average is $10.38 and its two-hundred day moving average is $11.45. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.85 and a quick ratio of 0.55. Cleveland-Cliffs Inc. has a 52-week low of $8.50 and a 52-week high of $22.97. The stock has a market cap of $5.15 billion, a P/E ratio of -10.74 and a beta of 1.94.

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

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on CLF. 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 report on Tuesday, March 4th. B. Riley reiterated a "buy" rating on shares of Cleveland-Cliffs in a research report on Tuesday, February 4th. Morgan Stanley lowered their target price 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. Citigroup reduced their price target 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. Finally, Glj Research lowered 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 report on Thursday, February 27th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $16.43.

Cleveland-Cliffs Company 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.