Cleveland-Cliffs Inc. (NYSE:CLF) Shares Purchased by Cladis Investment Advisory LLC

Cladis Investment Advisory LLC grew its stake in Cleveland-Cliffs Inc. (NYSE:CLF) by 11.9% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 79,700 shares of the mining company’s stock after buying an additional 8,500 shares during the quarter. Cladis Investment Advisory LLC’s holdings in Cleveland-Cliffs were worth $749,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Slate Path Capital LP increased its stake in Cleveland-Cliffs by 35.4% in the fourth quarter. Slate Path Capital LP now owns 16,208,000 shares of the mining company’s stock valued at $152,355,000 after purchasing an additional 4,239,000 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in shares of Cleveland-Cliffs by 20.1% in the fourth quarter. Bank of New York Mellon Corp now owns 7,382,769 shares of the mining company’s stock valued at $69,398,000 after buying an additional 1,236,247 shares during the last quarter. Franklin Resources Inc. lifted its position in Cleveland-Cliffs by 105.6% during the 3rd quarter. Franklin Resources Inc. now owns 262,771 shares of the mining company’s stock worth $3,429,000 after acquiring an additional 134,939 shares during the period. Stonegate Investment Group LLC acquired a new stake in shares of Cleveland-Cliffs during the fourth quarter worth $18,999,000. Finally, Vanguard Group Inc. boosted its holdings in shares of Cleveland-Cliffs by 5.5% in the fourth quarter. Vanguard Group Inc. now owns 48,751,789 shares of the mining company’s stock valued at $458,267,000 after acquiring an additional 2,556,332 shares in the last quarter. Hedge funds and other institutional investors own 67.68% of the company’s stock.

Insider Activity

In other Cleveland-Cliffs news, EVP Keith Koci purchased 9,500 shares of the company’s stock in a transaction dated Friday, February 28th. The shares were bought at an average price of $10.81 per share, for a total transaction of $102,695.00. Following the purchase, the executive vice president now directly owns 543,475 shares in the company, valued at $5,874,964.75. This trade represents a 1.78 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Jane M. Cronin bought 10,000 shares of Cleveland-Cliffs stock in a transaction that occurred on Friday, February 28th. The stock was bought at an average price of $10.56 per share, with a total value of $105,600.00. Following the completion of the acquisition, the director now 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. Insiders purchased a total of 23,500 shares of company stock valued at $243,095 over the last three months. Insiders own 1.71% of the company’s stock.

Cleveland-Cliffs Price Performance

Shares of NYSE:CLF opened at $8.49 on Thursday. The company has a current ratio of 1.85, a quick ratio of 0.55 and a debt-to-equity ratio of 0.53. The firm’s 50 day moving average is $8.47 and its two-hundred day moving average is $10.24. The firm has a market capitalization of $4.20 billion, a P/E ratio of -8.75 and a beta of 2.03. Cleveland-Cliffs Inc. has a 52 week low of $6.17 and a 52 week high of $18.10.

Cleveland-Cliffs (NYSE:CLF) last released its earnings results on Wednesday, May 7th. The mining company reported ($0.92) EPS for the quarter, missing the consensus estimate of ($0.78) by ($0.14). Cleveland-Cliffs had a negative net margin of 2.31% and a negative return on equity of 0.59%. The company had revenue of $4.63 billion for the quarter, compared to analyst estimates of $4.71 billion. During the same period in the previous year, the business posted $0.18 EPS. The firm’s quarterly revenue was down 11.0% on a year-over-year basis. Analysts anticipate that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current year.

Wall Street Analyst Weigh In

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