Connor Clark & Lunn Investment Management Ltd. Takes Position in Cleveland-Cliffs Inc. (NYSE:CLF)

Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 471,537 shares of the mining company’s stock, valued at approximately $4,432,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Avantax Advisory Services Inc. lifted its holdings in shares of Cleveland-Cliffs by 9.0% during the fourth quarter. Avantax Advisory Services Inc. now owns 17,848 shares of the mining company’s stock valued at $168,000 after purchasing an additional 1,479 shares in the last quarter. Farther Finance Advisors LLC increased its position in Cleveland-Cliffs by 487.8% during the fourth quarter. Farther Finance Advisors LLC now owns 5,990 shares of the mining company’s stock valued at $56,000 after acquiring an additional 4,971 shares during the last quarter. AGF Management Ltd. purchased a new stake in Cleveland-Cliffs during the fourth quarter valued at $213,000. Marathon Trading Investment Management LLC purchased a new stake in Cleveland-Cliffs during the fourth quarter valued at $141,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its position in Cleveland-Cliffs by 42.9% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 129,809 shares of the mining company’s stock valued at $1,220,000 after acquiring an additional 38,982 shares during the last quarter. 67.68% of the stock is owned by institutional investors.

Insider Activity at Cleveland-Cliffs

In other news, Director Jane M. Cronin purchased 10,000 shares of the company’s stock in a transaction that occurred on Friday, February 28th. The stock was bought at an average cost of $10.56 per share, with a total value of $105,600.00. Following the completion of the purchase, the director now owns 24,522 shares in the company, valued at approximately $258,952.32. This represents a 68.86 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Keith Koci purchased 9,500 shares of the company’s stock in a transaction that occurred on Friday, February 28th. The shares were purchased at an average cost of $10.81 per share, with a total value of $102,695.00. Following the completion of the purchase, the executive vice president now owns 543,475 shares of the company’s stock, valued at $5,874,964.75. The trade was a 1.78 % increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders bought 23,500 shares of company stock valued at $243,095. Insiders own 1.76% of the company’s stock.

Wall Street Analysts Forecast Growth

CLF has been the subject of a number of research reports. Morgan Stanley reduced their price objective 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. B. Riley reiterated a “buy” rating on shares of Cleveland-Cliffs in a research report on Tuesday, February 4th. Citigroup reduced their price objective on Cleveland-Cliffs from $12.50 to $11.00 and set a “neutral” rating for the company in a research report on Thursday, December 19th. Glj Research reduced their price target on Cleveland-Cliffs from $14.54 to $12.90 and set a “buy” rating for the company in a research report on Thursday, February 27th. Finally, The Goldman Sachs Group reduced their price target on Cleveland-Cliffs from $17.00 to $15.00 and set a “buy” rating for the company in a research report on Tuesday, March 4th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating, four have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $16.43.

Cleveland-Cliffs Stock Performance

NYSE:CLF opened at $10.42 on Monday. The company has a current ratio of 1.85, a quick ratio of 0.55 and a debt-to-equity ratio of 0.53. Cleveland-Cliffs Inc. has a 12-month low of $8.50 and a 12-month high of $22.97. The stock has a 50-day moving average price of $10.40 and a 200 day moving average price of $11.40. The stock has a market capitalization of $5.15 billion, a P/E ratio of -10.74 and a beta of 1.94.

Cleveland-Cliffs (NYSE:CLF) last released its earnings results on Monday, February 24th. The mining company reported ($0.68) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.65) by ($0.03). Cleveland-Cliffs had a negative return on equity of 0.59% and a negative net margin of 2.31%. The business had revenue of $4.33 billion for the quarter, compared to analysts’ expectations of $4.46 billion. Equities research analysts forecast that Cleveland-Cliffs Inc. will post -0.79 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.