Wexford Capital LP Purchases Shares of 77,666 Cleveland-Cliffs Inc. (NYSE:CLF)

Wexford Capital LP bought a new position in shares of Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 77,666 shares of the mining company's stock, valued at approximately $992,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in CLF. Janus Henderson Group PLC raised its position in shares of Cleveland-Cliffs by 987.0% in the 3rd quarter. Janus Henderson Group PLC now owns 207,000 shares of the mining company's stock valued at $2,644,000 after buying an additional 187,957 shares in the last quarter. HighTower Advisors LLC boosted its position in Cleveland-Cliffs by 46.3% during the 3rd quarter. HighTower Advisors LLC now owns 253,742 shares of the mining company's stock worth $3,239,000 after buying an additional 80,304 shares during the period. Cladis Investment Advisory LLC grew its stake in shares of Cleveland-Cliffs by 16.4% in the third quarter. Cladis Investment Advisory LLC now owns 71,200 shares of the mining company's stock worth $909,000 after purchasing an additional 10,050 shares during the last quarter. Concentric Capital Strategies LP increased its stake in shares of Cleveland-Cliffs by 3.0% in the third quarter. Concentric Capital Strategies LP now owns 149,684 shares of the mining company's stock valued at $1,911,000 after buying an additional 4,412 shares during the period. Finally, Benjamin Edwards Inc. acquired a new stake in Cleveland-Cliffs during the 3rd quarter valued at approximately $203,000. 67.68% of the stock is owned by institutional investors and hedge funds.

Cleveland-Cliffs Trading Down 1.8 %

CLF stock traded down $0.22 during mid-day trading on Friday, reaching $11.84. 10,554,474 shares of the company traded hands, compared to its average volume of 12,379,779. The company has a fifty day moving average price of $12.69 and a 200-day moving average price of $13.74. The company has a quick ratio of 0.55, a current ratio of 1.85 and a debt-to-equity ratio of 0.53. Cleveland-Cliffs Inc. has a 52-week low of $10.21 and a 52-week high of $22.97.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last posted its earnings results on Monday, November 4th. The mining company reported ($0.33) EPS for the quarter, missing the consensus estimate of ($0.31) by ($0.02). The business had revenue of $4.57 billion for the quarter, compared to analysts' expectations of $4.72 billion. Cleveland-Cliffs had a negative return on equity of 0.59% and a negative net margin of 2.31%. Cleveland-Cliffs's quarterly revenue was down 18.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.54 earnings per share. On average, analysts anticipate that Cleveland-Cliffs Inc. will post -0.45 EPS for the current year.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the company. Citigroup lowered their price objective on Cleveland-Cliffs from $18.00 to $12.50 and set a "neutral" rating for the company in a research report on Tuesday, September 10th. Seaport Res Ptn raised shares of Cleveland-Cliffs from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, August 27th. StockNews.com downgraded shares of Cleveland-Cliffs from a "hold" rating to a "sell" rating in a report on Thursday, November 7th. Morgan Stanley reduced their target price on Cleveland-Cliffs from $15.00 to $13.50 and set an "equal weight" rating for the company in a report on Wednesday, September 18th. Finally, The Goldman Sachs Group initiated coverage on shares of Cleveland-Cliffs in a report on Monday, December 2nd. They set a "buy" rating and a $16.00 price objective for the company. Three investment analysts have rated the stock with a sell rating, five have issued a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $17.39.

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.