Collar Capital Management LLC Invests $1.76 Million in Cleveland-Cliffs Inc. (NYSE:CLF)

Collar Capital Management LLC acquired a new position in Cleveland-Cliffs Inc. (NYSE:CLF) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 187,343 shares of the mining company’s stock, valued at approximately $1,761,000. Cleveland-Cliffs accounts for approximately 1.5% of Collar Capital Management LLC’s investment portfolio, making the stock its 26th biggest holding.

Several other large investors have also recently bought and sold shares of CLF. Slate Path Capital LP grew its position in Cleveland-Cliffs by 35.4% in the fourth quarter. Slate Path Capital LP now owns 16,208,000 shares of the mining company’s stock worth $152,355,000 after buying an additional 4,239,000 shares during the last quarter. Bank of New York Mellon Corp raised its position in shares of Cleveland-Cliffs by 20.1% during the fourth 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 during the period. Franklin Resources Inc. lifted its holdings in shares of Cleveland-Cliffs by 105.6% during the third quarter. Franklin Resources Inc. now owns 262,771 shares of the mining company’s stock valued at $3,429,000 after purchasing an additional 134,939 shares during the last quarter. Stonegate Investment Group LLC acquired a new position in shares of Cleveland-Cliffs in the 4th quarter valued at $18,999,000. Finally, Vanguard Group Inc. increased its stake in Cleveland-Cliffs by 5.5% in the 4th quarter. Vanguard Group Inc. now owns 48,751,789 shares of the mining company’s stock worth $458,267,000 after purchasing an additional 2,556,332 shares in the last quarter. Institutional investors and hedge funds own 67.68% of the company’s stock.

Insider Buying and Selling at Cleveland-Cliffs

In other Cleveland-Cliffs news, EVP Keith Koci bought 9,500 shares of the business’s stock in a transaction on Friday, February 28th. The shares were 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 owns 543,475 shares in the company, valued at approximately $5,874,964.75. This trade represents a 1.78 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Jane M. Cronin purchased 10,000 shares of the stock in a transaction dated Friday, February 28th. The shares were acquired at an average price of $10.56 per share, with a total value of $105,600.00. Following the transaction, the director now owns 24,522 shares in the company, valued at $258,952.32. This trade represents a 68.86 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last quarter, insiders acquired 23,500 shares of company stock worth $243,095. 1.71% of the stock is currently owned by insiders.

Cleveland-Cliffs Stock Down 0.6 %

NYSE CLF opened at $8.62 on Wednesday. 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 company has a market capitalization of $4.26 billion, a price-to-earnings ratio of -8.88 and a beta of 2.03. Cleveland-Cliffs Inc. has a 1-year low of $6.17 and a 1-year high of $18.10. The stock’s 50 day moving average is $8.52 and its two-hundred day moving average is $10.25.

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

Analysts Set New Price Targets

Several equities research analysts recently commented on the stock. B. Riley restated a “buy” rating and issued a $17.00 price target (down previously from $20.00) on shares of Cleveland-Cliffs in a research report on Wednesday, April 23rd. Glj Research decreased their price target on shares of Cleveland-Cliffs from $14.54 to $12.90 and set a “buy” rating for the company in a report on Thursday, February 27th. Morgan Stanley dropped their price target on shares of Cleveland-Cliffs from $13.00 to $11.00 and set an “equal weight” rating on the stock in a research note on Monday, February 3rd. Finally, The Goldman Sachs Group reduced their price target on Cleveland-Cliffs from $17.00 to $15.00 and set a “buy” rating for the company in a report on Tuesday, March 4th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, four have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $15.49.

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.