11,350 Shares in Cleveland-Cliffs Inc. (NYSE:CLF) Purchased by JB Capital Partners LP

JB Capital Partners LP bought a new stake in Cleveland-Cliffs Inc. (NYSE:CLF) during the 4th quarter, HoldingsChannel reports. The fund bought 11,350 shares of the mining company’s stock, valued at approximately $107,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in CLF. Norges Bank bought a new stake in shares of Cleveland-Cliffs during the 4th quarter worth $45,381,000. Vanguard Group Inc. lifted 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 worth $458,267,000 after acquiring an additional 2,556,332 shares during the last quarter. Barclays PLC boosted its stake in shares of Cleveland-Cliffs by 232.4% in the 3rd quarter. Barclays PLC now owns 3,113,337 shares of the mining company’s stock valued at $39,757,000 after purchasing an additional 2,176,837 shares in the last quarter. American Century Companies Inc. grew its holdings in shares of Cleveland-Cliffs by 135.4% during the 4th quarter. American Century Companies Inc. now owns 3,615,774 shares of the mining company’s stock valued at $33,988,000 after purchasing an additional 2,079,589 shares during the last quarter. Finally, Stonegate Investment Group LLC acquired a new position in Cleveland-Cliffs during the 4th quarter worth approximately $18,999,000. 67.68% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Cleveland-Cliffs news, Director Jane M. Cronin acquired 10,000 shares of the company’s stock in a transaction on Friday, February 28th. The shares were purchased at an average cost of $10.56 per share, with a total value of $105,600.00. Following the completion of the purchase, the director now owns 24,522 shares of the company’s stock, valued at approximately $258,952.32. This represents a 68.86 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Keith Koci bought 9,500 shares of the firm’s stock in a transaction dated 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 completion of the transaction, the executive vice president now owns 543,475 shares of the company’s stock, valued at $5,874,964.75. This represents a 1.78 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last quarter, insiders have bought 23,500 shares of company stock worth $243,095. Corporate insiders own 1.76% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have weighed in on CLF shares. The Goldman Sachs Group decreased their target price on shares of Cleveland-Cliffs from $17.00 to $15.00 and set a “buy” rating on the stock in a research note on Tuesday, March 4th. Morgan Stanley reduced their price objective on Cleveland-Cliffs from $13.00 to $11.00 and set an “equal weight” rating on the stock in a research report on Monday, February 3rd. B. Riley reaffirmed a “buy” rating on shares of Cleveland-Cliffs in a research note on Tuesday, February 4th. Glj Research decreased their price objective on Cleveland-Cliffs from $14.54 to $12.90 and set a “buy” rating for the company in a report on Thursday, February 27th. Finally, Citigroup decreased their price target on Cleveland-Cliffs from $12.50 to $11.00 and set a “neutral” rating for the company in a research note on Thursday, December 19th. Two analysts have 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 stock has a consensus rating of “Hold” and a consensus target price of $16.43.

Cleveland-Cliffs Stock Performance

NYSE:CLF opened at $7.26 on Friday. 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 Inc. has a twelve month low of $6.89 and a twelve month high of $22.97. The company has a fifty day moving average of $10.11 and a 200-day moving average of $11.12. The firm has a market capitalization of $3.59 billion, a P/E ratio of -7.48 and a beta of 1.94.

Cleveland-Cliffs (NYSE:CLF) last announced its quarterly earnings data on Monday, February 24th. The mining company reported ($0.68) earnings per share for the quarter, missing the consensus estimate of ($0.65) by ($0.03). The company had revenue of $4.33 billion for the quarter, compared to analyst estimates of $4.46 billion. Cleveland-Cliffs had a negative net margin of 2.31% and a negative return on equity of 0.59%. As a group, sell-side analysts anticipate that Cleveland-Cliffs Inc. will post -0.79 EPS for the current year.

Cleveland-Cliffs 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.