Ninety One UK Ltd Takes $27.93 Million Position in Cleveland-Cliffs Inc. (NYSE:CLF)

Ninety One UK Ltd purchased a new stake in Cleveland-Cliffs Inc. (NYSE:CLF) during the fourth quarter, Holdings Channel reports. The firm purchased 1,367,682 shares of the mining company’s stock, valued at approximately $27,928,000.

A number of other institutional investors have also modified their holdings of CLF. State Street Corp boosted its holdings in shares of Cleveland-Cliffs by 18.6% in the 2nd quarter. State Street Corp now owns 21,000,065 shares of the mining company’s stock valued at $322,771,000 after buying an additional 3,295,448 shares in the last quarter. Norges Bank acquired a new stake in Cleveland-Cliffs in the 4th quarter worth approximately $50,678,000. Vanguard Group Inc. boosted its stake in Cleveland-Cliffs by 5.4% in the 1st quarter. Vanguard Group Inc. now owns 44,506,741 shares of the mining company’s stock worth $1,433,561,000 after purchasing an additional 2,276,018 shares in the last quarter. BlackRock Inc. boosted its stake in Cleveland-Cliffs by 3.8% in the 1st quarter. BlackRock Inc. now owns 56,453,183 shares of the mining company’s stock worth $1,034,787,000 after purchasing an additional 2,041,111 shares in the last quarter. Finally, First Trust Advisors LP boosted its stake in Cleveland-Cliffs by 176.8% in the 1st quarter. First Trust Advisors LP now owns 3,006,668 shares of the mining company’s stock worth $96,845,000 after purchasing an additional 1,920,377 shares in the last quarter. 67.68% of the stock is currently owned by institutional investors.

Cleveland-Cliffs Price Performance

NYSE:CLF opened at $20.83 on Friday. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.89 and a quick ratio of 0.62. The firm has a market cap of $9.90 billion, a price-to-earnings ratio of 27.05, a price-to-earnings-growth ratio of 0.75 and a beta of 2.03. The company has a 50 day moving average price of $20.93 and a 200-day moving average price of $18.85. Cleveland-Cliffs Inc. has a 1-year low of $13.61 and a 1-year high of $22.97.

Cleveland-Cliffs (NYSE:CLF) last posted its earnings results on Tuesday, January 30th. The mining company reported ($0.05) earnings per share for the quarter, meeting the consensus estimate of ($0.05). The firm had revenue of $5.11 billion during the quarter, compared to analyst estimates of $5.16 billion. Cleveland-Cliffs had a net margin of 1.81% and a return on equity of 6.79%. The business’s quarterly revenue was up 1.3% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.30) EPS. Equities research analysts forecast that Cleveland-Cliffs Inc. will post 1.62 EPS for the current year.

Analyst Ratings Changes

A number of analysts recently commented on CLF shares. BNP Paribas cut shares of Cleveland-Cliffs from a “neutral” rating to an “underperform” rating and set a $16.50 target price for the company. in a research note on Wednesday, February 28th. TheStreet cut shares of Cleveland-Cliffs from a “b-” rating to a “c” rating in a research note on Tuesday, January 30th. Argus cut shares of Cleveland-Cliffs from a “buy” rating to a “hold” rating in a research note on Thursday, February 8th. Wolfe Research reiterated an “underperform” rating and issued a $18.00 target price on shares of Cleveland-Cliffs in a research note on Tuesday, April 9th. Finally, StockNews.com upgraded shares of Cleveland-Cliffs from a “hold” rating to a “buy” rating in a research note on Thursday. Two analysts have rated the stock with a sell rating, four have given a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $19.92.

Insider Activity

In other news, Director Susan Miranda Green sold 6,500 shares of Cleveland-Cliffs stock in a transaction that occurred on Wednesday, March 13th. The shares were sold at an average price of $20.40, for a total transaction of $132,600.00. Following the completion of the transaction, the director now directly owns 90,286 shares of the company’s stock, valued at approximately $1,841,834.40. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, Director Arlene M. Yocum acquired 2,000 shares of Cleveland-Cliffs stock in a transaction on Wednesday, March 6th. The stock was bought at an average cost of $20.02 per share, for a total transaction of $40,040.00. Following the completion of the transaction, the director now owns 94,887 shares of the company’s stock, valued at approximately $1,899,637.74. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Susan Miranda Green sold 6,500 shares of the company’s stock in a transaction on Wednesday, March 13th. The stock was sold at an average price of $20.40, for a total transaction of $132,600.00. Following the transaction, the director now owns 90,286 shares of the company’s stock, valued at $1,841,834.40. The disclosure for this sale can be found here. Insiders sold a total of 221,066 shares of company stock valued at $4,464,688 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.