Legal & General Group Plc Lowers Position in Cleveland-Cliffs Inc. (NYSE:CLF)

Legal & General Group Plc trimmed its position in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 4.3% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 922,679 shares of the mining company’s stock after selling 41,953 shares during the quarter. Legal & General Group Plc owned approximately 0.19% of Cleveland-Cliffs worth $8,673,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Invesco Ltd. grew its holdings in Cleveland-Cliffs by 0.7% in the fourth quarter. Invesco Ltd. now owns 2,323,181 shares of the mining company’s stock valued at $21,838,000 after purchasing an additional 16,699 shares during the period. Aster Capital Management DIFC Ltd acquired a new stake in Cleveland-Cliffs in the 4th quarter valued at $350,000. Russell Investments Group Ltd. increased its holdings in Cleveland-Cliffs by 12.9% in the 4th quarter. Russell Investments Group Ltd. now owns 315,969 shares of the mining company’s stock worth $2,970,000 after acquiring an additional 36,174 shares in the last quarter. JB Capital Partners LP acquired a new position in Cleveland-Cliffs during the fourth quarter worth $107,000. Finally, Pinpoint Asset Management Ltd purchased a new position in Cleveland-Cliffs during the fourth quarter valued at $25,000. 67.68% of the stock is currently owned by institutional investors and hedge funds.

Cleveland-Cliffs Stock Up 1.8 %

Shares of CLF opened at $7.31 on Friday. Cleveland-Cliffs Inc. has a 52-week low of $6.17 and a 52-week high of $21.15. The company has a quick ratio of 0.55, a current ratio of 1.85 and a debt-to-equity ratio of 0.53. The stock has a fifty day simple moving average of $9.29 and a two-hundred day simple moving average of $10.69. The company has a market capitalization of $3.61 billion, a PE 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) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.65) by ($0.03). The firm had revenue of $4.33 billion for the quarter, compared to analyst estimates of $4.46 billion. Cleveland-Cliffs had a negative return on equity of 0.59% and a negative net margin of 2.31%. As a group, equities analysts forecast that Cleveland-Cliffs Inc. will post -0.79 EPS for the current year.

Insider Activity

In other Cleveland-Cliffs news, Director Jane M. Cronin acquired 10,000 shares of the business’s stock in a transaction that occurred on Friday, February 28th. The stock was purchased at an average cost 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. This trade represents a 68.86 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Keith Koci bought 9,500 shares of the firm’s stock in a transaction on Friday, February 28th. The stock was bought at an average cost of $10.81 per share, for a total transaction of $102,695.00. Following the transaction, the executive vice president now directly owns 543,475 shares of the company’s stock, valued at $5,874,964.75. The trade was a 1.78 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last 90 days, insiders have bought 23,500 shares of company stock valued at $243,095. 1.76% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

CLF has been the subject of a number of research reports. The Goldman Sachs Group cut 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 note on Tuesday, March 4th. Morgan Stanley decreased their target price on Cleveland-Cliffs from $13.00 to $11.00 and set an “equal weight” rating on the stock in a research report on Monday, February 3rd. B. Riley reiterated a “buy” rating on shares of Cleveland-Cliffs in a research report on Tuesday, February 4th. Finally, Glj Research decreased their price objective on Cleveland-Cliffs from $14.54 to $12.90 and set a “buy” rating on the stock in a report on Thursday, February 27th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, four have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $16.24.

About Cleveland-Cliffs

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.