Thomist Capital Management LP Buys 387,922 Shares of Cleveland-Cliffs Inc. (NYSE:CLF)

Thomist Capital Management LP increased its holdings in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 191.7% during the fourth quarter, Holdings Channel reports. The fund owned 590,300 shares of the mining company’s stock after purchasing an additional 387,922 shares during the period. Cleveland-Cliffs makes up about 1.3% of Thomist Capital Management LP’s portfolio, making the stock its 18th biggest position. Thomist Capital Management LP’s holdings in Cleveland-Cliffs were worth $5,522,000 as of its most recent SEC filing.

A number of other large investors have also bought and sold shares of CLF. Pinpoint Asset Management Ltd bought a new stake in Cleveland-Cliffs during the 4th quarter worth approximately $25,000. Estabrook Capital Management grew its position in Cleveland-Cliffs by 207.7% during the 4th quarter. Estabrook Capital Management now owns 4,000 shares of the mining company’s stock worth $38,000 after acquiring an additional 2,700 shares during the last quarter. Byrne Asset Management LLC grew its position in Cleveland-Cliffs by 130.0% during the 4th quarter. Byrne Asset Management LLC now owns 4,600 shares of the mining company’s stock worth $43,000 after acquiring an additional 2,600 shares during the last quarter. Stonebridge Financial Group LLC bought a new stake in Cleveland-Cliffs during the 4th quarter worth approximately $44,000. Finally, AllSquare Wealth Management LLC boosted its position in 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 buying an additional 1,000 shares during the last quarter. 67.68% of the stock is currently owned by institutional investors.

Cleveland-Cliffs Stock Up 2.0%

NYSE:CLF opened at $7.58 on Friday. Cleveland-Cliffs Inc. has a 1 year low of $6.17 and a 1 year high of $17.86. 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 stock has a market cap of $3.75 billion, a price-to-earnings ratio of -7.81 and a beta of 2.03. The stock has a 50-day moving average price of $8.17 and a two-hundred day moving average price of $9.93.

Cleveland-Cliffs (NYSE:CLF) last released its quarterly earnings results on Wednesday, May 7th. The mining company reported ($0.92) earnings per share (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 firm had revenue of $4.63 billion during the quarter, compared to analyst estimates of $4.71 billion. During the same period in the prior year, the business earned $0.18 EPS. The business’s revenue for the quarter was down 11.0% compared to the same quarter last year. As a group, equities analysts expect that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current year.

Analysts Set New Price Targets

A number of research analysts have commented on CLF shares. Glj Research decreased their price objective on Cleveland-Cliffs from $14.54 to $12.90 and set a “buy” rating on the stock in a research report on Thursday, February 27th. B. Riley reissued a “buy” rating and issued a $17.00 price target (down previously from $20.00) on shares of Cleveland-Cliffs in a research note on Wednesday, April 23rd. Morgan Stanley cut 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. Finally, The Goldman Sachs Group decreased their target price on Cleveland-Cliffs from $13.00 to $11.25 and set a “buy” rating for the company in a research note on Monday, May 12th. 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 assigned a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $15.02.

Insider Buying and Selling at Cleveland-Cliffs

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