Collar Capital Management LLC Acquires New Shares in Cleveland-Cliffs Inc. (NYSE:CLF)

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

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. Pinpoint Asset Management Ltd acquired a new position in shares of Cleveland-Cliffs in the fourth quarter worth $25,000. Estabrook Capital Management boosted its stake in shares of Cleveland-Cliffs by 207.7% in the 4th quarter. Estabrook Capital Management now owns 4,000 shares of the mining company’s stock valued at $38,000 after buying an additional 2,700 shares during the period. Byrne Asset Management LLC grew its position in shares of Cleveland-Cliffs by 130.0% during the fourth quarter. Byrne Asset Management LLC now owns 4,600 shares of the mining company’s stock worth $43,000 after buying an additional 2,600 shares in the last quarter. Stonebridge Financial Group LLC purchased a new stake in shares of Cleveland-Cliffs during the fourth quarter worth approximately $44,000. Finally, AllSquare Wealth Management LLC increased its position in shares of Cleveland-Cliffs by 24.4% in the 4th quarter. AllSquare Wealth Management LLC now owns 5,100 shares of the mining company’s stock valued at $48,000 after purchasing an additional 1,000 shares during the last quarter. 67.68% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, EVP Keith Koci purchased 9,500 shares of the company’s stock in a transaction that occurred on Friday, February 28th. The shares were acquired at an average cost of $10.81 per share, with a total value 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. The trade was a 1.78 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director John T. Baldwin purchased 4,000 shares of the business’s stock in a transaction that occurred on Monday, March 10th. The stock was bought at an average cost of $8.70 per share, for a total transaction of $34,800.00. Following the acquisition, the director now owns 133,227 shares in the company, valued at approximately $1,159,074.90. The trade was a 3.10 % increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders bought 23,500 shares of company stock worth $243,095. 1.71% of the stock is currently owned by company insiders.

Cleveland-Cliffs Trading Down 0.6 %

NYSE CLF opened at $8.62 on Wednesday. Cleveland-Cliffs Inc. has a 52-week low of $6.17 and a 52-week high of $18.10. The firm has a 50-day moving average price of $8.52 and a 200 day moving average price of $10.25. The stock has a market capitalization of $4.26 billion, a P/E ratio of -8.88 and a beta of 2.03. 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 announced its quarterly earnings data 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). 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 analysts’ expectations of $4.46 billion. Equities research analysts expect that Cleveland-Cliffs Inc. will post -0.79 EPS for the current year.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the company. 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. B. Riley reiterated a “buy” rating and set a $17.00 price target (down from $20.00) on shares of Cleveland-Cliffs in a research note on Wednesday, April 23rd. Glj Research decreased their price objective on shares of Cleveland-Cliffs from $14.54 to $12.90 and set a “buy” rating for the company in a research note on Thursday, February 27th. Finally, Morgan Stanley reduced their target price on Cleveland-Cliffs from $13.00 to $11.00 and set an “equal weight” rating for the company in a report on Monday, February 3rd. One analyst has rated the stock with a sell rating, four have assigned a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Cleveland-Cliffs presently has an average rating of “Moderate Buy” and an average price target of $15.49.

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.