Treasurer of the State of North Carolina Buys 10,560 Shares of Cleveland-Cliffs Inc. (NYSE:CLF)

Treasurer of the State of North Carolina increased its stake in Cleveland-Cliffs Inc. (NYSE:CLF) by 5.2% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 211,869 shares of the mining company’s stock after acquiring an additional 10,560 shares during the period. Treasurer of the State of North Carolina’s holdings in Cleveland-Cliffs were worth $1,992,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Pinpoint Asset Management Ltd bought a new position in shares of Cleveland-Cliffs in the 4th quarter worth approximately $25,000. Estabrook Capital Management grew its stake in Cleveland-Cliffs by 207.7% in the fourth quarter. Estabrook Capital Management now owns 4,000 shares of the mining company’s stock worth $38,000 after purchasing an additional 2,700 shares during the period. Byrne Asset Management LLC raised its holdings in Cleveland-Cliffs by 130.0% in the fourth quarter. Byrne Asset Management LLC now owns 4,600 shares of the mining company’s stock worth $43,000 after purchasing an additional 2,600 shares in the last quarter. Stonebridge Financial Group LLC purchased a new position in Cleveland-Cliffs during the fourth quarter valued at $44,000. Finally, AllSquare Wealth Management LLC boosted its holdings in shares of Cleveland-Cliffs by 24.4% during the 4th quarter. AllSquare Wealth Management LLC now owns 5,100 shares of the mining company’s stock valued at $48,000 after buying an additional 1,000 shares in the last quarter. 67.68% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts recently issued reports on the stock. The Goldman Sachs Group decreased 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 note on Tuesday, March 4th. Morgan Stanley decreased their target price on shares of Cleveland-Cliffs from $13.00 to $11.00 and set an “equal weight” rating for the company in a research note on Monday, February 3rd. Glj Research dropped their price target on Cleveland-Cliffs from $14.54 to $12.90 and set a “buy” rating on the stock in a research report on Thursday, February 27th. B. Riley reaffirmed a “buy” rating on shares of Cleveland-Cliffs in a research report on Tuesday, February 4th. Finally, Citigroup dropped their target price on Cleveland-Cliffs from $12.50 to $11.00 and set a “neutral” rating on the stock in a report on Thursday, December 19th. One investment analyst has rated the stock with a sell rating, four have issued 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 stock currently has an average rating of “Moderate Buy” and a consensus price target of $16.24.

Insider Transactions at Cleveland-Cliffs

In other news, Director John T. Baldwin acquired 4,000 shares of the business’s stock in a transaction that occurred on Monday, March 10th. The stock was bought at an average price of $8.70 per share, with a total value of $34,800.00. Following the completion of the acquisition, the director now directly owns 133,227 shares of the company’s stock, valued at approximately $1,159,074.90. The trade was a 3.10 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Jane M. Cronin acquired 10,000 shares of Cleveland-Cliffs stock in a transaction that occurred on Friday, February 28th. The shares were purchased at an average price of $10.56 per share, with a total value of $105,600.00. Following the transaction, the director now owns 24,522 shares of the company’s stock, valued at $258,952.32. The trade was a 68.86 % increase in their position. The disclosure for this purchase can be found here. Insiders purchased 23,500 shares of company stock worth $243,095 over the last three months. 1.76% of the stock is currently owned by company insiders.

Cleveland-Cliffs Stock Performance

Shares of CLF opened at $7.31 on Friday. Cleveland-Cliffs Inc. has a 12 month low of $6.17 and a 12 month high of $21.32. The business’s fifty day simple moving average is $9.37 and its two-hundred day simple moving average is $10.72. The company has a current ratio of 1.85, a quick ratio of 0.55 and a debt-to-equity ratio of 0.53. The company has a market cap of $3.61 billion, a price-to-earnings ratio of -7.54 and a beta of 1.93.

Cleveland-Cliffs (NYSE:CLF) last released its quarterly earnings data on Monday, February 24th. The mining company reported ($0.68) EPS for the quarter, missing the consensus estimate 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 for the quarter, compared to analysts’ expectations of $4.46 billion. Research analysts anticipate that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current fiscal 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.