Ninety One UK Ltd Acquires Shares of 1,367,682 Cleveland-Cliffs Inc. (NYSE:CLF)

Ninety One UK Ltd acquired a new stake in Cleveland-Cliffs Inc. (NYSE:CLF) during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 1,367,682 shares of the mining company’s stock, valued at approximately $27,928,000. Ninety One UK Ltd owned 0.27% of Cleveland-Cliffs at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of CLF. Stonebridge Capital Advisors LLC boosted its stake in shares of Cleveland-Cliffs by 20.0% during the 4th quarter. Stonebridge Capital Advisors LLC now owns 3,600 shares of the mining company’s stock valued at $58,000 after purchasing an additional 600 shares in the last quarter. Dorsey & Whitney Trust CO LLC boosted its stake in shares of Cleveland-Cliffs by 2.3% during the 3rd quarter. Dorsey & Whitney Trust CO LLC now owns 27,337 shares of the mining company’s stock valued at $427,000 after purchasing an additional 609 shares in the last quarter. Allworth Financial LP boosted its stake in shares of Cleveland-Cliffs by 50.3% during the 4th quarter. Allworth Financial LP now owns 1,850 shares of the mining company’s stock valued at $38,000 after purchasing an additional 619 shares in the last quarter. Cibc World Market Inc. boosted its stake in shares of Cleveland-Cliffs by 1.1% during the 1st quarter. Cibc World Market Inc. now owns 58,149 shares of the mining company’s stock valued at $1,873,000 after purchasing an additional 623 shares in the last quarter. Finally, Stratos Wealth Partners LTD. boosted its stake in shares of Cleveland-Cliffs by 0.7% during the 3rd quarter. Stratos Wealth Partners LTD. now owns 103,397 shares of the mining company’s stock valued at $1,616,000 after purchasing an additional 674 shares in the last quarter. Hedge funds and other institutional investors own 67.68% of the company’s stock.

Insider Transactions at Cleveland-Cliffs

In other news, Director Arlene M. Yocum bought 2,000 shares of the company’s stock in a transaction dated Wednesday, March 6th. The shares were purchased 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 owns 94,887 shares in the company, valued at approximately $1,899,637.74. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, Director Arlene M. Yocum acquired 2,000 shares of the firm’s stock in a transaction dated Wednesday, March 6th. The stock was purchased at an average cost of $20.02 per share, with a total value of $40,040.00. Following the completion of the acquisition, the director now directly owns 94,887 shares of the company’s stock, valued at $1,899,637.74. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Lourenco Goncalves sold 187,136 shares of the business’s stock in a transaction that occurred on Wednesday, March 6th. The shares were sold at an average price of $20.19, for a total transaction of $3,778,275.84. Following the transaction, the chief executive officer now directly owns 2,699,089 shares of the company’s stock, valued at $54,494,606.91. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 221,066 shares of company stock worth $4,464,688. Corporate insiders own 1.76% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on CLF shares. Argus lowered shares of Cleveland-Cliffs from a “buy” rating to a “hold” rating in a research note on Thursday, February 8th. StockNews.com raised shares of Cleveland-Cliffs from a “hold” rating to a “buy” rating in a research note on Thursday. BNP Paribas lowered shares of Cleveland-Cliffs from a “neutral” rating to an “underperform” rating and set a $16.50 price objective on the stock. in a research note on Wednesday, February 28th. Wolfe Research reissued an “underperform” rating and set a $18.00 price objective on shares of Cleveland-Cliffs in a research note on Tuesday, April 9th. Finally, TheStreet lowered shares of Cleveland-Cliffs from a “b-” rating to a “c” rating in a research note on Tuesday, January 30th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, Cleveland-Cliffs presently has a consensus rating of “Hold” and a consensus target price of $19.92.

Cleveland-Cliffs Trading Down 1.8 %

Shares of NYSE CLF opened at $20.83 on Friday. The firm’s 50 day moving average price is $20.93 and its 200-day moving average price is $18.85. The company has a market cap of $9.90 billion, a PE ratio of 27.05, a P/E/G ratio of 0.75 and a beta of 2.03. Cleveland-Cliffs Inc. has a 52-week low of $13.61 and a 52-week high of $22.97. 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 (NYSE:CLF) last issued its earnings results on Tuesday, January 30th. The mining company reported ($0.05) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.05). The firm had revenue of $5.11 billion for the quarter, compared to the consensus estimate of $5.16 billion. Cleveland-Cliffs had a net margin of 1.81% and a return on equity of 6.79%. The business’s revenue was up 1.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.30) earnings per share. On average, equities research analysts expect that Cleveland-Cliffs Inc. will post 1.62 EPS for the current fiscal year.

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.