Masters Capital Management LLC Sells 1,000,000 Shares of Cleveland-Cliffs Inc (CLF)

Masters Capital Management LLC cut its holdings in Cleveland-Cliffs Inc (NYSE:CLF) by 33.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 2,000,000 shares of the mining company’s stock after selling 1,000,000 shares during the quarter. Masters Capital Management LLC’s holdings in Cleveland-Cliffs were worth $14,420,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. BlackRock Inc. increased its position in Cleveland-Cliffs by 4.0% in the 4th quarter. BlackRock Inc. now owns 20,192,937 shares of the mining company’s stock valued at $145,592,000 after acquiring an additional 774,210 shares during the period. APG Asset Management N.V. acquired a new position in shares of Cleveland-Cliffs during the fourth quarter worth about $4,002,000. Bank of New York Mellon Corp lifted its stake in shares of Cleveland-Cliffs by 23.9% during the fourth quarter. Bank of New York Mellon Corp now owns 1,909,955 shares of the mining company’s stock worth $13,770,000 after purchasing an additional 367,940 shares in the last quarter. Adirondack Research & Management Inc. lifted its stake in shares of Cleveland-Cliffs by 975.9% during the fourth quarter. Adirondack Research & Management Inc. now owns 392,956 shares of the mining company’s stock worth $2,833,000 after purchasing an additional 356,432 shares in the last quarter. Finally, Creative Planning lifted its stake in shares of Cleveland-Cliffs by 38.8% during the fourth quarter. Creative Planning now owns 1,219,824 shares of the mining company’s stock worth $8,795,000 after purchasing an additional 341,254 shares in the last quarter. 60.71% of the stock is currently owned by hedge funds and other institutional investors.

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Shares of Cleveland-Cliffs Inc (NYSE:CLF) opened at $7.43 on Monday. Cleveland-Cliffs Inc has a 52-week low of $5.56 and a 52-week high of $9.92. The stock has a market capitalization of $2,210.00, a PE ratio of -82.56 and a beta of 1.48. The company has a debt-to-equity ratio of -5.19, a quick ratio of 2.80 and a current ratio of 3.42.

Cleveland-Cliffs (NYSE:CLF) last announced its quarterly earnings data on Thursday, January 25th. The mining company reported $0.26 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.15 by $0.11. The firm had revenue of $600.90 million during the quarter, compared to analyst estimates of $612.50 million. Cleveland-Cliffs had a negative return on equity of 35.81% and a net margin of 16.09%. Cleveland-Cliffs’s quarterly revenue was down 20.3% on a year-over-year basis. During the same period in the previous year, the company earned $0.42 earnings per share. research analysts predict that Cleveland-Cliffs Inc will post 1.15 EPS for the current year.

A number of research analysts have commented on CLF shares. B. Riley restated a “buy” rating and set a $11.00 price objective on shares of Cleveland-Cliffs in a research note on Friday, January 26th. Credit Suisse Group raised Cleveland-Cliffs from an “underperform” rating to an “outperform” rating in a research report on Wednesday, February 7th. Zacks Investment Research raised Cleveland-Cliffs from a “hold” rating to a “buy” rating and set a $8.75 target price on the stock in a research report on Thursday, January 4th. Vertical Group raised Cleveland-Cliffs from a “sell” rating to a “hold” rating in a research report on Friday, February 23rd. Finally, ValuEngine lowered Cleveland-Cliffs from a “buy” rating to a “hold” rating in a research report on Sunday, December 31st. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and five have assigned a buy rating to the stock. Cleveland-Cliffs presently has a consensus rating of “Hold” and a consensus price target of $9.79.

In related news, Director Susan Miranda Green sold 11,305 shares of the business’s stock in a transaction dated Tuesday, March 6th. The stock was sold at an average price of $7.62, for a total value of $86,144.10. Following the completion of the sale, the director now directly owns 60,367 shares of the company’s stock, valued at $459,996.54. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 0.46% of the stock is owned by insiders.

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Cleveland-Cliffs Company Profile

Cleveland-Cliffs Inc, formerly Cliffs Natural Resources Inc, is a mining and natural resources company. The Company is a supplier of iron ore pellets to the North American steel industry from its mines and pellet plants located in Michigan and Minnesota. The Company’s segments include U.S. Iron Ore and Asia Pacific Iron Ore.

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Institutional Ownership by Quarter for Cleveland-Cliffs (NYSE:CLF)

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