Cleveland-Cliffs Inc. (NYSE:CLF) Shares Bought by Voya Investment Management LLC

Voya Investment Management LLC lifted its holdings in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 44.6% during the 4th quarter, Holdings Channel.com reports. The firm owned 294,769 shares of the mining company’s stock after acquiring an additional 90,868 shares during the period. Voya Investment Management LLC’s holdings in Cleveland-Cliffs were worth $2,771,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in CLF. Barclays PLC grew its holdings in Cleveland-Cliffs by 232.4% in the 3rd quarter. Barclays PLC now owns 3,113,337 shares of the mining company’s stock valued at $39,757,000 after buying an additional 2,176,837 shares during the period. Wilmington Savings Fund Society FSB purchased a new stake in Cleveland-Cliffs in the third quarter valued at approximately $64,000. Franklin Resources Inc. increased its position in Cleveland-Cliffs by 105.6% during the third quarter. Franklin Resources Inc. now owns 262,771 shares of the mining company’s stock worth $3,429,000 after purchasing an additional 134,939 shares during the last quarter. GAMMA Investing LLC raised its stake in Cleveland-Cliffs by 1,190.6% during the fourth quarter. GAMMA Investing LLC now owns 5,330 shares of the mining company’s stock worth $50,000 after purchasing an additional 4,917 shares during the period. Finally, Matrix Trust Co boosted its holdings in shares of Cleveland-Cliffs by 813.5% in the 4th quarter. Matrix Trust Co now owns 17,412 shares of the mining company’s stock valued at $164,000 after purchasing an additional 15,506 shares during the last quarter. Hedge funds and other institutional investors own 67.68% of the company’s stock.

Cleveland-Cliffs Stock Up 5.0 %

NYSE CLF opened at $8.87 on Friday. The stock has a market cap of $4.39 billion, a PE ratio of -9.14 and a beta of 2.03. The business has a 50 day moving average price of $8.60 and a two-hundred day moving average price of $10.35. Cleveland-Cliffs Inc. has a fifty-two week low of $6.17 and a fifty-two week high of $18.10. 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) last released its quarterly earnings results 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 analysts’ expectations 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, sell-side analysts predict that Cleveland-Cliffs Inc. will post -0.79 EPS for the current fiscal year.

Wall Street Analyst Weigh In

CLF has been the subject of a number of research analyst reports. The Goldman Sachs Group dropped their price objective on Cleveland-Cliffs from $17.00 to $15.00 and set a “buy” rating for the company in a report on Tuesday, March 4th. B. Riley restated a “buy” rating and issued a $17.00 price objective (down from $20.00) on shares of Cleveland-Cliffs in a report on Wednesday, April 23rd. Glj Research decreased their target price on Cleveland-Cliffs from $14.54 to $12.90 and set a “buy” rating for the company in a report on Thursday, February 27th. Finally, Morgan Stanley cut 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 report on Monday, February 3rd. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, four have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $15.49.

Insider Activity at Cleveland-Cliffs

In related news, EVP Keith Koci purchased 9,500 shares of the business’s stock in a transaction that occurred on Friday, February 28th. The shares were purchased at an average cost of $10.81 per share, with a total value of $102,695.00. Following the completion of the acquisition, the executive vice president now directly owns 543,475 shares of the company’s stock, valued at approximately $5,874,964.75. The trade was a 1.78 % increase in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Jane M. Cronin bought 10,000 shares of the company’s stock in a transaction dated Friday, February 28th. The stock was bought at an average cost of $10.56 per share, with a total value of $105,600.00. Following the transaction, the director now directly owns 24,522 shares in the company, valued at approximately $258,952.32. The trade was a 68.86 % increase in their position. The disclosure for this purchase can be found here. Over the last 90 days, insiders acquired 23,500 shares of company stock valued at $243,095. Insiders own 1.71% of the company’s stock.

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.