Geode Capital Management LLC Buys 1,286,042 Shares of Cleveland-Cliffs Inc. $CLF

Geode Capital Management LLC boosted its stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 14.7% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 10,039,851 shares of the mining company’s stock after purchasing an additional 1,286,042 shares during the quarter. Geode Capital Management LLC’s holdings in Cleveland-Cliffs were worth $133,372,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its position in Cleveland-Cliffs by 13.4% during the fourth quarter. Vanguard Group Inc. now owns 54,391,397 shares of the mining company’s stock worth $722,318,000 after purchasing an additional 6,447,462 shares during the period. State Street Corp boosted its position in Cleveland-Cliffs by 20.2% during the second quarter. State Street Corp now owns 27,450,442 shares of the mining company’s stock worth $208,623,000 after purchasing an additional 4,603,807 shares during the period. Citigroup Inc. boosted its position in Cleveland-Cliffs by 17.5% during the third quarter. Citigroup Inc. now owns 8,010,913 shares of the mining company’s stock worth $97,733,000 after purchasing an additional 1,195,035 shares during the period. BNP Paribas Financial Markets boosted its position in Cleveland-Cliffs by 200.4% during the second quarter. BNP Paribas Financial Markets now owns 6,329,414 shares of the mining company’s stock worth $48,104,000 after purchasing an additional 4,222,528 shares during the period. Finally, Voloridge Investment Management LLC boosted its position in Cleveland-Cliffs by 960.4% during the third quarter. Voloridge Investment Management LLC now owns 4,683,251 shares of the mining company’s stock worth $57,136,000 after purchasing an additional 4,241,582 shares during the period. Institutional investors own 67.68% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cleveland-Cliffs in a research report on Friday, April 24th. Morgan Stanley reduced their price objective on Cleveland-Cliffs from $16.80 to $12.00 and set an “overweight” rating for the company in a research report on Tuesday, April 21st. Glj Research reissued a “sell” rating and issued a $9.42 price objective on shares of Cleveland-Cliffs in a research report on Monday, March 16th. Barclays started coverage on Cleveland-Cliffs in a research report on Thursday, May 21st. They issued an “underweight” rating and a $9.00 price objective for the company. Finally, KeyCorp started coverage on Cleveland-Cliffs in a research report on Wednesday, March 25th. They issued a “sector weight” rating for the company. One research analyst has rated the stock with a Buy rating, seven have given a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of “Reduce” and an average target price of $11.99.

Cleveland-Cliffs Stock Up 2.1%

CLF opened at $14.45 on Friday. Cleveland-Cliffs Inc. has a 1-year low of $6.72 and a 1-year high of $16.70. The company has a current ratio of 2.02, a quick ratio of 0.64 and a debt-to-equity ratio of 1.29. The stock has a market capitalization of $8.24 billion, a price-to-earnings ratio of -6.17 and a beta of 2.09. The business has a 50 day moving average of $10.37 and a 200-day moving average of $11.49.

Cleveland-Cliffs (NYSE:CLF) last posted its quarterly earnings data on Monday, April 20th. The mining company reported ($0.40) earnings per share for the quarter, beating the consensus estimate of ($0.44) by $0.04. The company had revenue of $4.92 billion during the quarter, compared to analysts’ expectations of $4.84 billion. Cleveland-Cliffs had a negative return on equity of 15.48% and a negative net margin of 6.42%.Cleveland-Cliffs’s revenue for the quarter was up 6.3% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.92) earnings per share. As a group, sell-side analysts anticipate that Cleveland-Cliffs Inc. will post -0.46 earnings per share for the current year.

About Cleveland-Cliffs

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.