Cleveland-Cliffs Inc. (NYSE:CLF) Shares Sold by Arrowstreet Capital Limited Partnership

by · The Cerbat Gem

Arrowstreet Capital Limited Partnership cut its holdings in shares of Cleveland-Cliffs Inc. (NYSE:CLF – Free Report) by 69.5% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,310,898 shares of the mining company’s stock after selling 5,257,861 shares during the period. Arrowstreet Capital Limited Partnership’s holdings in Cleveland-Cliffs were worth $21,722,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. AllSquare Wealth Management LLC raised its position in shares of Cleveland-Cliffs by 24.4% during the 4th quarter. AllSquare Wealth Management LLC now owns 5,100 shares of the mining company’s stock worth $48,000 after buying an additional 1,000 shares in the last quarter. MRP Capital Investments LLC lifted its position in Cleveland-Cliffs by 10.0% in the fourth quarter. MRP Capital Investments LLC now owns 11,000 shares of the mining company’s stock worth $103,000 after purchasing an additional 1,000 shares during the period. Jones Financial Companies Lllp boosted its stake in Cleveland-Cliffs by 21.3% during the 4th quarter. Jones Financial Companies Lllp now owns 6,723 shares of the mining company’s stock valued at $63,000 after purchasing an additional 1,182 shares in the last quarter. Patriot Financial Group Insurance Agency LLC boosted its stake in Cleveland-Cliffs by 11.0% during the 4th quarter. Patriot Financial Group Insurance Agency LLC now owns 13,270 shares of the mining company’s stock valued at $125,000 after purchasing an additional 1,313 shares in the last quarter. Finally, Avantax Advisory Services Inc. increased its position in shares of Cleveland-Cliffs by 9.0% during the 4th quarter. Avantax Advisory Services Inc. now owns 17,848 shares of the mining company’s stock valued at $168,000 after purchasing an additional 1,479 shares during the period. 67.68% of the stock is owned by institutional investors.

Insider Transactions at Cleveland-Cliffs

In other news, Director John T. Baldwin bought 4,000 shares of the company’s stock in a transaction on Monday, March 10th. The shares were bought at an average cost of $8.70 per share, with a total value of $34,800.00. Following the transaction, the director now directly owns 133,227 shares in the company, valued at approximately $1,159,074.90. This trade represents a 3.10 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Keith Koci purchased 9,500 shares of Cleveland-Cliffs stock in a transaction dated Friday, February 28th. The shares were purchased at an average price of $10.81 per share, with a total value of $102,695.00. Following the completion of the acquisition, the executive vice president now owns 543,475 shares in the company, 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. Insiders purchased 23,500 shares of company stock valued at $243,095 over the last three months. 1.76% of the stock is owned by corporate insiders.

Analyst Ratings Changes

CLF has been the subject of several research reports. The Goldman Sachs Group decreased their target price on 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 lowered their price objective 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. B. Riley reiterated a “buy” rating on shares of Cleveland-Cliffs in a report on Tuesday, February 4th. 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 report on Thursday, February 27th. Finally, Citigroup dropped their price target on Cleveland-Cliffs from $12.50 to $11.00 and set a “neutral” rating on the stock in a report on Thursday, December 19th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating, four have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $16.43.

Read Our Latest Analysis on Cleveland-Cliffs

Cleveland-Cliffs Price Performance

Shares of NYSE:CLF opened at $7.26 on Friday. The company’s fifty day moving average is $10.11 and its two-hundred day moving average is $11.12. The company has a market cap of $3.59 billion, a P/E ratio of -7.48 and a beta of 1.94. Cleveland-Cliffs Inc. has a 12-month low of $7.25 and a 12-month high of $22.97. 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 (NYSE:CLF – Get Free Report) last posted its quarterly earnings results on Monday, February 24th. The mining company reported ($0.68) earnings per share for the quarter, missing the consensus estimate 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 business had revenue of $4.33 billion for the quarter, compared to analyst estimates of $4.46 billion. Equities analysts expect that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current fiscal year.

About Cleveland-Cliffs

(Free Report)

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.

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