AGF Management Ltd. Takes $213,000 Position in Cleveland-Cliffs Inc. (NYSE:CLF)

AGF Management Ltd. acquired a new position in shares of Cleveland-Cliffs Inc. (NYSE:CLF) in the fourth quarter, HoldingsChannel reports. The firm acquired 22,700 shares of the mining company’s stock, valued at approximately $213,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Pacer Advisors Inc. boosted its stake in shares of Cleveland-Cliffs by 13.7% during the 3rd quarter. Pacer Advisors Inc. now owns 25,893,879 shares of the mining company’s stock worth $330,665,000 after purchasing an additional 3,110,651 shares during the last quarter. Barclays PLC lifted its stake in shares of Cleveland-Cliffs by 232.4% during the third quarter. Barclays PLC now owns 3,113,337 shares of the mining company’s stock valued at $39,757,000 after buying an additional 2,176,837 shares during the period. Stonegate Investment Group LLC acquired a new stake in Cleveland-Cliffs during the fourth quarter worth approximately $18,999,000. Rockefeller Capital Management L.P. purchased a new stake in Cleveland-Cliffs in the 3rd quarter worth approximately $22,122,000. Finally, Bank of New York Mellon Corp raised its holdings in Cleveland-Cliffs by 20.1% in the 4th quarter. Bank of New York Mellon Corp now owns 7,382,769 shares of the mining company’s stock valued at $69,398,000 after acquiring an additional 1,236,247 shares during the last quarter. Hedge funds and other institutional investors own 67.68% of the company’s stock.

Cleveland-Cliffs Trading Up 7.1 %

Shares of CLF stock opened at $10.42 on Friday. The company has a quick ratio of 0.55, a current ratio of 1.85 and a debt-to-equity ratio of 0.53. Cleveland-Cliffs Inc. has a fifty-two week low of $8.50 and a fifty-two week high of $22.97. The firm’s 50 day moving average price is $10.40 and its two-hundred day moving average price is $11.41. The stock has a market cap of $5.15 billion, a price-to-earnings ratio of -10.74 and a beta of 1.94.

Cleveland-Cliffs (NYSE:CLF) last announced its quarterly earnings results on Monday, February 24th. The mining company reported ($0.68) earnings per share for the quarter, missing analysts’ consensus estimates 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. On average, analysts anticipate that Cleveland-Cliffs Inc. will post -0.79 EPS for the current year.

Insider Transactions at Cleveland-Cliffs

In other news, Director John T. Baldwin purchased 4,000 shares of the company’s stock in a transaction that occurred on Monday, March 10th. The shares were purchased at an average price of $8.70 per share, with a total value of $34,800.00. Following the purchase, the director now directly owns 133,227 shares of the company’s stock, valued at approximately $1,159,074.90. This represents a 3.10 % increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Keith Koci acquired 9,500 shares of the business’s stock in a transaction on Friday, February 28th. The stock was purchased at an average price of $10.81 per share, for a total transaction of $102,695.00. Following the acquisition, the executive vice president now directly owns 543,475 shares in the company, valued at $5,874,964.75. This represents a 1.78 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders purchased 23,500 shares of company stock valued at $243,095 over the last quarter. Company insiders own 1.76% of the company’s stock.

Analyst Upgrades and Downgrades

CLF has been the topic of several analyst reports. Citigroup decreased their price objective on Cleveland-Cliffs from $12.50 to $11.00 and set a “neutral” rating on the stock in a report on Thursday, December 19th. Glj Research lowered their price target on Cleveland-Cliffs from $14.54 to $12.90 and set a “buy” rating for the company in a report on Thursday, February 27th. B. Riley reaffirmed a “buy” rating on shares of Cleveland-Cliffs in a research note on Tuesday, February 4th. The Goldman Sachs Group decreased their target price on shares of Cleveland-Cliffs from $17.00 to $15.00 and set a “buy” rating on the stock in a research report on Tuesday, March 4th. Finally, Morgan Stanley dropped their price target on shares of 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. Two equities 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 assigned a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $16.43.

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.