Cleveland-Cliffs Inc. $CLF Shares Bought by Monaco Asset Management SAM

Monaco Asset Management SAM raised its holdings in Cleveland-Cliffs Inc. (NYSE:CLF) by 76.9% in the fourth quarter, Holdings Channel.com reports. The fund owned 575,000 shares of the mining company’s stock after acquiring an additional 250,000 shares during the period. Cleveland-Cliffs comprises 1.3% of Monaco Asset Management SAM’s portfolio, making the stock its 17th biggest holding. Monaco Asset Management SAM’s holdings in Cleveland-Cliffs were worth $7,636,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Essex Financial Services Inc. acquired a new stake in Cleveland-Cliffs in the 4th quarter valued at about $139,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its stake in Cleveland-Cliffs by 12.3% during the fourth quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 142,564 shares of the mining company’s stock valued at $1,893,000 after buying an additional 15,602 shares in the last quarter. Norges Bank purchased a new stake in Cleveland-Cliffs during the fourth quarter valued at about $49,797,000. Eurizon Capital SGR S.p.A. purchased a new stake in Cleveland-Cliffs during the fourth quarter valued at about $44,000. Finally, Geode Capital Management LLC lifted its stake in Cleveland-Cliffs by 14.7% during the fourth quarter. Geode Capital Management LLC now owns 10,039,851 shares of the mining company’s stock valued at $133,372,000 after buying an additional 1,286,042 shares in the last quarter. 67.68% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts have commented on CLF shares. KeyCorp started coverage on shares of Cleveland-Cliffs in a research note on Wednesday, March 25th. They set a “sector weight” rating for the company. Citigroup upped their price objective on shares of Cleveland-Cliffs from $11.00 to $13.00 and gave the company a “neutral” rating in a research note on Monday, February 9th. Wall Street Zen raised shares of Cleveland-Cliffs from a “sell” rating to a “hold” rating in a research note on Saturday, February 14th. The Goldman Sachs Group reaffirmed a “neutral” rating and set a $10.00 price objective on shares of Cleveland-Cliffs in a research note on Friday, May 1st. Finally, Morgan Stanley reduced their price objective on shares of Cleveland-Cliffs from $16.80 to $12.00 and set an “overweight” rating for the company in a research note on Tuesday, April 21st. One analyst has rated the stock with a Buy rating, seven have given a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Reduce” and a consensus price target of $11.49.

Cleveland-Cliffs Price Performance

Shares of CLF opened at $13.56 on Monday. The company has a market capitalization of $7.73 billion, a price-to-earnings ratio of -5.79 and a beta of 2.08. Cleveland-Cliffs Inc. has a fifty-two week low of $5.63 and a fifty-two week high of $16.70. The company has a debt-to-equity ratio of 1.29, a current ratio of 2.02 and a quick ratio of 0.64. The business’s 50-day moving average is $9.88 and its 200-day moving average is $11.39.

Cleveland-Cliffs (NYSE:CLF) last issued its earnings results on Monday, April 20th. The mining company reported ($0.40) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.44) by $0.04. The company had revenue of $4.92 billion for the quarter, compared to the consensus estimate of $4.84 billion. Cleveland-Cliffs had a negative return on equity of 15.48% and a negative net margin of 6.42%.The firm’s quarterly revenue was up 6.3% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.92) EPS. Equities research analysts expect that Cleveland-Cliffs Inc. will post -0.46 EPS for the current fiscal year.

Cleveland-Cliffs Company Profile

Cleveland-Cliffs Inc is a leading North American producer of iron ore pellets and flat-rolled steel products. Tracing its roots to 1847, the company has evolved from an iron-ore mining concern in the Great Lakes region into a fully integrated steelmaker. Today, Cleveland-Cliffs operates iron ore mining complexes in Michigan and Minnesota as well as steelmaking and finishing facilities across the United States.

The company’s integrated platform begins with direct control of key raw materials, including iron ore and scrap, and extends through every stage of steel production.