Swiss National Bank Purchases 39,261 Shares of Cleveland-Cliffs Inc. (NYSE:CLF)

Swiss National Bank increased its position in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 4.2% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 969,161 shares of the mining company’s stock after acquiring an additional 39,261 shares during the quarter. Swiss National Bank owned about 0.20% of Cleveland-Cliffs worth $9,110,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of the company. Bank of New York Mellon Corp raised its stake in shares of Cleveland-Cliffs by 20.1% during the 4th quarter. Bank of New York Mellon Corp now owns 7,382,769 shares of the mining company’s stock worth $69,398,000 after acquiring an additional 1,236,247 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of Cleveland-Cliffs by 11.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 4,176,194 shares of the mining company’s stock valued at $39,256,000 after acquiring an additional 425,041 shares during the last quarter. Hodges Capital Management Inc. lifted its stake in shares of Cleveland-Cliffs by 13.4% in the 4th quarter. Hodges Capital Management Inc. now owns 3,316,786 shares of the mining company’s stock valued at $31,178,000 after purchasing an additional 391,109 shares during the period. Barclays PLC lifted its stake in shares of Cleveland-Cliffs by 232.4% in the 3rd quarter. Barclays PLC now owns 3,113,337 shares of the mining company’s stock valued at $39,757,000 after purchasing an additional 2,176,837 shares during the period. Finally, Victory Capital Management Inc. lifted its stake in shares of Cleveland-Cliffs by 19.9% in the 4th quarter. Victory Capital Management Inc. now owns 2,787,870 shares of the mining company’s stock valued at $26,206,000 after purchasing an additional 461,874 shares during the period. Institutional investors own 67.68% of the company’s stock.

Cleveland-Cliffs Price Performance

Shares of NYSE CLF opened at $9.45 on Friday. The firm has a 50-day simple moving average of $10.38 and a 200-day simple moving average of $11.30. The stock has a market capitalization of $4.67 billion, a price-to-earnings ratio of -9.74 and a beta of 1.94. 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 52 week low of $8.50 and a 52 week high of $22.97.

Cleveland-Cliffs (NYSE:CLF) last issued its earnings results on Monday, February 24th. The mining company reported ($0.68) EPS for the quarter, missing analysts’ consensus estimates of ($0.65) by ($0.03). The business had revenue of $4.33 billion during the quarter, compared to analyst estimates of $4.46 billion. Cleveland-Cliffs had a negative net margin of 2.31% and a negative return on equity of 0.59%. On average, equities analysts predict that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current fiscal year.

Insider Activity

In other news, Director John T. Baldwin acquired 4,000 shares of the company’s stock in a transaction that occurred on Monday, March 10th. The stock was purchased 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 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 transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Keith Koci acquired 9,500 shares of the company’s stock in a transaction that occurred on Friday, February 28th. The stock was purchased at an average cost of $10.81 per share, with a total value of $102,695.00. Following the acquisition, the executive vice president now directly owns 543,475 shares of the company’s stock, valued at $5,874,964.75. This trade represents a 1.78 % increase in their position. The disclosure for this purchase can be found here. Insiders acquired 23,500 shares of company stock worth $243,095 over the last three months. Insiders own 1.76% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently issued reports on the stock. Glj Research decreased their target price on shares of Cleveland-Cliffs from $14.54 to $12.90 and set a “buy” rating for the company in a research note on Thursday, February 27th. 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. Citigroup reduced their price objective on shares of Cleveland-Cliffs from $12.50 to $11.00 and set a “neutral” rating for the company in a research report on Thursday, December 19th. B. Riley restated a “buy” rating on shares of Cleveland-Cliffs in a research report on Tuesday, February 4th. Finally, The Goldman Sachs Group reduced their price objective 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. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating, four have issued a buy rating and one has issued a strong buy rating to the stock. 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.