Zurcher Kantonalbank Zurich Cantonalbank Has $1.22 Million Stake in Cleveland-Cliffs Inc. (NYSE:CLF)

Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 42.9% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 129,809 shares of the mining company's stock after purchasing an additional 38,982 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank's holdings in Cleveland-Cliffs were worth $1,220,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Pacer Advisors Inc. grew its position in shares of Cleveland-Cliffs by 13.7% during the third quarter. Pacer Advisors Inc. now owns 25,893,879 shares of the mining company's stock worth $330,665,000 after acquiring an additional 3,110,651 shares during the last quarter. Barclays PLC grew its position in shares of Cleveland-Cliffs by 232.4% during the third quarter. Barclays PLC now owns 3,113,337 shares of the mining company's stock worth $39,757,000 after acquiring an additional 2,176,837 shares during the last quarter. Stonegate Investment Group LLC bought a new position in shares of Cleveland-Cliffs during the fourth quarter worth about $18,999,000. Rockefeller Capital Management L.P. bought a new position in shares of Cleveland-Cliffs during the third quarter worth about $22,122,000. Finally, Bank of New York Mellon Corp grew its position in shares of Cleveland-Cliffs by 20.1% during the fourth quarter. Bank of New York Mellon Corp now owns 7,382,769 shares of the mining company's stock worth $69,398,000 after acquiring an additional 1,236,247 shares during the last quarter. Institutional investors own 67.68% of the company's stock.

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Analyst Upgrades and Downgrades

CLF has been the subject of several recent research reports. The Goldman Sachs Group lowered their price target on shares of Cleveland-Cliffs from $17.00 to $15.00 and set a "buy" rating for the company in a research report on Tuesday, March 4th. Glj Research lowered their price target 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. Morgan Stanley reduced their price objective on shares of Cleveland-Cliffs from $13.00 to $11.00 and set an "equal weight" rating for the company in a report on Monday, February 3rd. B. Riley reaffirmed a "buy" rating on shares of Cleveland-Cliffs in a report on Tuesday, February 4th. Finally, Citigroup reduced their price objective on shares of Cleveland-Cliffs from $12.50 to $11.00 and set a "neutral" rating for the company in a report on Thursday, December 19th. Two analysts have rated the stock with a sell rating, four have given a hold rating, four have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $16.43.

Insider Buying and Selling at Cleveland-Cliffs

In related news, EVP Keith Koci acquired 9,500 shares of the business's stock in a transaction on Friday, February 28th. The shares were purchased at an average price of $10.81 per share, for a total transaction of $102,695.00. Following the acquisition, the executive vice president now owns 543,475 shares in the company, valued at approximately $5,874,964.75. This represents a 1.78 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Jane M. Cronin acquired 10,000 shares of the business's stock in a transaction on Friday, February 28th. The shares were bought at an average price of $10.56 per share, for a total transaction of $105,600.00. Following the acquisition, the director now owns 24,522 shares in the company, valued at approximately $258,952.32. This trade represents a 68.86 % increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders acquired 23,500 shares of company stock valued at $243,095. 1.76% of the stock is owned by insiders.

Cleveland-Cliffs Price Performance

NYSE CLF traded down $0.09 on Friday, reaching $9.45. The company's stock had a trading volume of 21,024,561 shares, compared to its average volume of 12,745,436. Cleveland-Cliffs Inc. has a twelve month low of $8.50 and a twelve month 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 stock has a market cap of $4.67 billion, a PE ratio of -9.74 and a beta of 1.94. The firm's 50 day moving average is $10.38 and its two-hundred day moving average is $11.29.

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 for the quarter, missing analysts' consensus estimates 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 business had revenue of $4.33 billion during the quarter, compared to analyst estimates of $4.46 billion. As a group, sell-side analysts predict that Cleveland-Cliffs Inc. will post -0.79 EPS for the current year.

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.