Ipswich Investment Management Co. Inc. decreased its holdings in Cleveland-Cliffs Inc. (NYSE:CLF – Free Report) by 20.0% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 10,000 shares of the mining company’s stock after selling 2,500 shares during the quarter. Ipswich Investment Management Co. Inc.’s holdings in Cleveland-Cliffs were worth $156,000 at the end of the most recent quarter.
Several other hedge funds have also recently bought and sold shares of the business. State Street Corp grew its position in Cleveland-Cliffs by 18.6% in the second quarter. State Street Corp now owns 21,000,065 shares of the mining company’s stock valued at $322,771,000 after acquiring an additional 3,295,448 shares in the last quarter. Norges Bank acquired a new stake in Cleveland-Cliffs in the fourth quarter valued at approximately $50,678,000. Encompass Capital Advisors LLC acquired a new stake in Cleveland-Cliffs in the second quarter valued at approximately $49,233,000. Vanguard Group Inc. grew its position in Cleveland-Cliffs by 5.4% in the first quarter. Vanguard Group Inc. now owns 44,506,741 shares of the mining company’s stock valued at $1,433,561,000 after acquiring an additional 2,276,018 shares in the last quarter. Finally, BlackRock Inc. grew its position in Cleveland-Cliffs by 3.8% in the first quarter. BlackRock Inc. now owns 56,453,183 shares of the mining company’s stock valued at $1,034,787,000 after acquiring an additional 2,041,111 shares in the last quarter. Hedge funds and other institutional investors own 60.97% of the company’s stock.
Cleveland-Cliffs Stock Down 1.3 %
CLF stock opened at $20.08 on Monday. The firm has a 50 day simple moving average of $18.90 and a 200-day simple moving average of $16.82. Cleveland-Cliffs Inc. has a twelve month low of $13.61 and a twelve month high of $22.83. The company has a market capitalization of $10.14 billion, a P/E ratio of 26.42 and a beta of 2.04. The company has a current ratio of 1.89, a quick ratio of 0.62 and a debt-to-equity ratio of 0.39.
Analyst Upgrades and Downgrades
A number of analysts have recently weighed in on the stock. StockNews.com raised shares of Cleveland-Cliffs from a “hold” rating to a “buy” rating in a research report on Tuesday, January 30th. TheStreet downgraded shares of Cleveland-Cliffs from a “b-” rating to a “c” rating in a research report on Tuesday, January 30th. Finally, Morgan Stanley raised their price target on shares of Cleveland-Cliffs from $19.00 to $21.50 and gave the stock an “overweight” rating in a research report on Tuesday, October 31st. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, Cleveland-Cliffs has a consensus rating of “Moderate Buy” and an average target price of $21.63.
Insider Buying and Selling
In other news, Director Ron A. Bloom acquired 25,000 shares of Cleveland-Cliffs stock in a transaction that occurred on Thursday, February 1st. The shares were purchased 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.57% of the stock is currently owned by company insiders.
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.
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