Intech Investment Management LLC Acquires 16,256 Shares of Cleveland-Cliffs Inc. (NYSE:CLF)

Intech Investment Management LLC lifted its holdings in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 19.0% in the 4th quarter, HoldingsChannel reports. The fund owned 101,824 shares of the mining company’s stock after purchasing an additional 16,256 shares during the period. Intech Investment Management LLC’s holdings in Cleveland-Cliffs were worth $957,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Bank of New York Mellon Corp grew its position 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 worth $69,398,000 after purchasing an additional 1,236,247 shares in the last quarter. Franklin Resources Inc. grew its position in Cleveland-Cliffs by 105.6% in the 3rd quarter. Franklin Resources Inc. now owns 262,771 shares of the mining company’s stock worth $3,429,000 after purchasing an additional 134,939 shares in the last quarter. Stonegate Investment Group LLC bought a new stake in Cleveland-Cliffs in the 4th quarter worth about $18,999,000. Connor Clark & Lunn Investment Management Ltd. bought a new stake in Cleveland-Cliffs in the 4th quarter worth about $4,432,000. Finally, Janus Henderson Group PLC grew its position in Cleveland-Cliffs by 987.0% in the 3rd quarter. Janus Henderson Group PLC now owns 207,000 shares of the mining company’s stock worth $2,644,000 after purchasing an additional 187,957 shares in the last quarter. 67.68% of the stock is owned by institutional investors.

Cleveland-Cliffs Stock Performance

Shares of CLF stock opened at $9.45 on Friday. Cleveland-Cliffs Inc. has a 12 month low of $8.50 and a 12 month high of $22.97. 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 stock has a market capitalization of $4.67 billion, a P/E ratio of -9.74 and a beta of 1.94. The firm’s 50 day moving average is $10.38 and its 200 day moving average is $11.29.

Cleveland-Cliffs (NYSE:CLF) last posted 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 firm had revenue of $4.33 billion during the quarter, compared to analysts’ expectations of $4.46 billion. On average, sell-side analysts anticipate that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on CLF shares. 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. Morgan Stanley reduced 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 report on Monday, February 3rd. Glj Research reduced 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 report on Thursday, February 27th. The Goldman Sachs Group reduced their target price 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. Finally, B. Riley reissued a “buy” rating on shares of Cleveland-Cliffs in a research report on Tuesday, February 4th. Two research analysts have rated the stock with a sell rating, four have given a hold rating, four have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $16.43.

Insiders Place Their Bets

In other news, Director John T. Baldwin bought 4,000 shares of the stock in a transaction on Monday, March 10th. The shares were acquired at an average cost of $8.70 per share, for a total transaction of $34,800.00. Following the purchase, the director now directly 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 document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Jane M. Cronin acquired 10,000 shares of the stock in a transaction dated Friday, February 28th. The shares were bought at an average price of $10.56 per share, for a total transaction of $105,600.00. Following the transaction, the director now owns 24,522 shares in the company, valued at approximately $258,952.32. This represents a 68.86 % increase in their position. The disclosure for this purchase can be found here. Insiders have bought 23,500 shares of company stock worth $243,095 in the last three months. 1.76% of the stock is currently owned by corporate insiders.

Cleveland-Cliffs Company 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.