Cleveland-Cliffs Inc. (NYSE:CLF) Director John T. Baldwin Acquires 4,000 Shares

Cleveland-Cliffs Inc. (NYSE:CLF) Director John T. Baldwin acquired 4,000 shares of Cleveland-Cliffs stock in a transaction on Monday, March 10th. The shares were purchased at an average cost of $8.70 per share, with a total value of $34,800.00. Following the completion of the acquisition, the director now owns 133,227 shares of the company’s stock, valued at $1,159,074.90. This trade represents a 3.10 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website.

Cleveland-Cliffs Trading Down 11.3 %

Shares of CLF stock traded down $1.11 on Monday, hitting $8.71. 35,196,941 shares of the company’s stock traded hands, compared to its average volume of 17,805,797. The stock has a market capitalization of $4.30 billion, a price-to-earnings ratio of -8.97 and a beta of 1.94. The company’s fifty day simple moving average is $10.39 and its 200 day simple moving average is $11.53. Cleveland-Cliffs Inc. has a one year low of $8.51 and a one year 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.

Cleveland-Cliffs (NYSE:CLF) last announced its quarterly earnings data 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). Cleveland-Cliffs had a negative net margin of 2.31% and a negative return on equity of 0.59%. The company had revenue of $4.33 billion for the quarter, compared to the consensus estimate of $4.46 billion. Equities analysts forecast that Cleveland-Cliffs Inc. will post -0.79 EPS for the current year.

Analyst Ratings Changes

A number of brokerages have weighed in on CLF. The Goldman Sachs Group cut their target price 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. Morgan Stanley reduced their price target on Cleveland-Cliffs from $13.00 to $11.00 and set an “equal weight” rating for the company in a research report on Monday, February 3rd. Glj Research reduced their target price on Cleveland-Cliffs from $14.54 to $12.90 and set a “buy” rating for the company in a report on Thursday, February 27th. Citigroup lowered their price target on shares of Cleveland-Cliffs from $12.50 to $11.00 and set a “neutral” rating on the stock in a report on Thursday, December 19th. Finally, B. Riley reaffirmed a “buy” rating on shares of Cleveland-Cliffs in a research note on Tuesday, February 4th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Cleveland-Cliffs presently has an average rating of “Hold” and an average price target of $16.43.

Hedge Funds Weigh In On Cleveland-Cliffs

A number of large investors have recently bought and sold shares of CLF. Bank of New York Mellon Corp grew its holdings in shares of Cleveland-Cliffs by 20.1% in 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 purchasing an additional 1,236,247 shares during the last quarter. Franklin Resources Inc. boosted its position in Cleveland-Cliffs by 105.6% during the 3rd quarter. Franklin Resources Inc. now owns 262,771 shares of the mining company’s stock valued at $3,429,000 after buying an additional 134,939 shares during the period. Stonegate Investment Group LLC bought a new stake in Cleveland-Cliffs in the 4th quarter worth $18,999,000. Janus Henderson Group PLC increased its position in shares of Cleveland-Cliffs by 987.0% in the third quarter. Janus Henderson Group PLC now owns 207,000 shares of the mining company’s stock valued at $2,644,000 after acquiring an additional 187,957 shares during the period. Finally, Rockefeller Capital Management L.P. bought a new position in shares of Cleveland-Cliffs during the third quarter valued at about $22,122,000. 67.68% of the stock is owned by hedge funds and other institutional investors.

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.