Cleveland-Cliffs Inc. (NYSE:CLF) Holdings Trimmed by Fisher Asset Management LLC

Fisher Asset Management LLC lowered its holdings in Cleveland-Cliffs Inc. (NYSE:CLF) by 37.2% in the fourth quarter, Holdings Channel.com reports. The firm owned 3,424,514 shares of the mining company’s stock after selling 2,024,607 shares during the period. Fisher Asset Management LLC’s holdings in Cleveland-Cliffs were worth $32,190,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of CLF. Strengthening Families & Communities LLC raised its position in Cleveland-Cliffs by 299.8% during the third quarter. Strengthening Families & Communities LLC now owns 1,987 shares of the mining company’s stock valued at $25,000 after buying an additional 1,490 shares during the period. Darwin Wealth Management LLC purchased a new position in Cleveland-Cliffs during the 3rd quarter valued at about $34,000. Truvestments Capital LLC acquired a new position in shares of Cleveland-Cliffs in the 3rd quarter valued at about $34,000. Byrne Asset Management LLC lifted its position in shares of Cleveland-Cliffs by 130.0% in the fourth quarter. Byrne Asset Management LLC now owns 4,600 shares of the mining company’s stock worth $43,000 after purchasing an additional 2,600 shares in the last quarter. Finally, Stonebridge Financial Group LLC acquired a new stake in shares of Cleveland-Cliffs during the fourth quarter worth approximately $44,000. Hedge funds and other institutional investors own 67.68% of the company’s stock.

Cleveland-Cliffs Price Performance

NYSE CLF opened at $10.83 on Monday. Cleveland-Cliffs Inc. has a fifty-two week low of $8.99 and a fifty-two week high of $22.97. The stock’s 50-day moving average is $10.34 and its two-hundred day moving average is $11.63. The firm has a market cap of $5.35 billion, a P/E ratio of -11.16 and a beta of 1.96. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.85 and a quick ratio of 0.55.

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

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the stock. B. Riley reiterated a “buy” rating on shares of Cleveland-Cliffs in a research note on Tuesday, February 4th. Morgan Stanley dropped their price target on shares of 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. Citigroup cut their price objective on Cleveland-Cliffs from $12.50 to $11.00 and set a “neutral” rating for the company in a report on Thursday, December 19th. Glj Research lowered their target price on Cleveland-Cliffs from $14.54 to $12.90 and set a “buy” rating on the stock in a research note on Thursday. Finally, The Goldman Sachs Group started coverage on Cleveland-Cliffs in a research note on Monday, December 2nd. They set a “buy” rating and a $16.00 price target for the company. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $16.54.

Insider Buying and Selling at Cleveland-Cliffs

In other news, EVP Keith Koci purchased 9,500 shares of the firm’s stock in a transaction 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 completion of the acquisition, the executive vice president now directly owns 543,475 shares of the company’s stock, valued at approximately $5,874,964.75. The trade was a 1.78 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Jane M. Cronin acquired 10,000 shares of the company’s stock in a transaction dated Friday, February 28th. The stock was acquired at an average price of $10.56 per share, for a total transaction of $105,600.00. Following the completion of the purchase, the director now directly owns 24,522 shares of the company’s stock, valued at $258,952.32. This trade represents a 68.86 % increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 1.76% of the company’s stock.

About Cleveland-Cliffs

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.