Cullen Investment Group LTD. Takes Position in Cleveland-Cliffs Inc. (NYSE:CLF)

Cullen Investment Group LTD. purchased a new stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF) during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 38,944 shares of the mining company’s stock, valued at approximately $795,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Korea Investment CORP lifted its position in Cleveland-Cliffs by 30.6% in the third quarter. Korea Investment CORP now owns 514,890 shares of the mining company’s stock valued at $8,048,000 after buying an additional 120,540 shares during the last quarter. Barclays PLC lifted its position in Cleveland-Cliffs by 240.4% in the third quarter. Barclays PLC now owns 1,988,689 shares of the mining company’s stock valued at $31,083,000 after buying an additional 1,404,491 shares during the last quarter. Douglas Lane & Associates LLC lifted its position in Cleveland-Cliffs by 55.5% in the third quarter. Douglas Lane & Associates LLC now owns 1,743,513 shares of the mining company’s stock valued at $27,251,000 after buying an additional 621,937 shares during the last quarter. Aigen Investment Management LP acquired a new position in Cleveland-Cliffs in the third quarter valued at about $4,970,000. Finally, Handelsinvest Investeringsforvaltning acquired a new position in Cleveland-Cliffs in the third quarter valued at about $3,908,000. Institutional investors and hedge funds own 67.68% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the stock. TheStreet cut shares of Cleveland-Cliffs from a “b-” rating to a “c” rating in a research report on Tuesday, January 30th. StockNews.com cut shares of Cleveland-Cliffs from a “buy” rating to a “hold” rating in a research report on Wednesday, February 21st. Wolfe Research reissued an “underperform” rating and set a $18.00 price target on shares of Cleveland-Cliffs in a research report on Tuesday, April 9th. Citigroup cut shares of Cleveland-Cliffs from a “buy” rating to a “neutral” rating and set a $22.00 price target on the stock. in a research report on Wednesday, March 13th. Finally, Argus cut shares of Cleveland-Cliffs from a “buy” rating to a “hold” rating in a research report on Thursday, February 8th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and one has given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $19.92.

Insider Buying and Selling at Cleveland-Cliffs

In related news, Director Ron A. Bloom purchased 25,000 shares of the company’s stock in a transaction on Thursday, February 1st. The shares were bought at an average cost of $20.24 per share, for a total transaction of $506,000.00. Following the completion of the purchase, the director now directly owns 27,221 shares of the company’s stock, valued at approximately $550,953.04. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, Director Ron A. Bloom purchased 25,000 shares of the company’s stock in a transaction on Thursday, February 1st. The shares were bought at an average cost of $20.24 per share, for a total transaction of $506,000.00. Following the completion of the purchase, the director now directly owns 27,221 shares of the company’s stock, valued at approximately $550,953.04. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Arlene M. Yocum purchased 2,000 shares of the company’s stock in a transaction on Wednesday, March 6th. The stock was bought at an average price of $20.02 per share, for a total transaction of $40,040.00. Following the completion of the purchase, the director now directly owns 94,887 shares of the company’s stock, valued at $1,899,637.74. The disclosure for this purchase can be found here. Insiders have sold 221,066 shares of company stock worth $4,464,688 over the last three months. Insiders own 1.76% of the company’s stock.

Cleveland-Cliffs Stock Down 1.9 %

CLF stock opened at $21.23 on Tuesday. The company’s 50 day moving average price is $20.85 and its 200 day moving average price is $18.78. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.62 and a current ratio of 1.89. Cleveland-Cliffs Inc. has a fifty-two week low of $13.61 and a fifty-two week high of $22.97. The firm has a market capitalization of $10.09 billion, a price-to-earnings ratio of 27.57, a PEG ratio of 0.77 and a beta of 2.03.

Cleveland-Cliffs (NYSE:CLF) last released its earnings results on Tuesday, January 30th. The mining company reported ($0.05) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.05). Cleveland-Cliffs had a net margin of 1.81% and a return on equity of 6.79%. The firm had revenue of $5.11 billion for the quarter, compared to analyst estimates of $5.16 billion. During the same period in the prior year, the firm earned ($0.30) earnings per share. The business’s quarterly revenue was up 1.3% compared to the same quarter last year. On average, equities research analysts anticipate that Cleveland-Cliffs Inc. will post 1.63 EPS for the current fiscal year.

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.