Cleveland-Cliffs Inc. (NYSE:CLF) Shares Sold by Legal & General Group Plc

Legal & General Group Plc decreased its position in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 4.3% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 922,679 shares of the mining company’s stock after selling 41,953 shares during the period. Legal & General Group Plc’s holdings in Cleveland-Cliffs were worth $8,673,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of CLF. Pinpoint Asset Management Ltd acquired a new stake in shares of Cleveland-Cliffs during the fourth quarter worth about $25,000. Byrne Asset Management LLC increased its stake 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 buying an additional 2,600 shares during the period. Stonebridge Financial Group LLC acquired a new stake in Cleveland-Cliffs during the 4th quarter worth approximately $44,000. 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 period. Finally, GAMMA Investing LLC grew its stake in shares of Cleveland-Cliffs by 1,190.6% in the fourth quarter. GAMMA Investing LLC now owns 5,330 shares of the mining company’s stock worth $50,000 after acquiring an additional 4,917 shares in the last quarter. 67.68% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, EVP Keith Koci purchased 9,500 shares of the stock in a transaction that occurred on Friday, February 28th. The shares were purchased at an average price of $10.81 per share, with a total value of $102,695.00. Following the completion of the acquisition, the executive vice president now directly owns 543,475 shares in the company, valued at $5,874,964.75. This represents a 1.78 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director John T. Baldwin acquired 4,000 shares of Cleveland-Cliffs stock in a transaction on Monday, March 10th. The shares were bought at an average cost of $8.70 per share, with a total value of $34,800.00. Following the completion of the purchase, the director now owns 133,227 shares in the company, valued at $1,159,074.90. The trade was a 3.10 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last three months, insiders bought 23,500 shares of company stock valued at $243,095. Insiders own 1.76% of the company’s stock.

Cleveland-Cliffs Stock Performance

Shares of CLF opened at $7.31 on Friday. The company has a market capitalization of $3.61 billion, a price-to-earnings ratio of -7.54 and a beta of 1.93. Cleveland-Cliffs Inc. has a 52-week low of $6.17 and a 52-week high of $21.15. The company has a quick ratio of 0.55, a current ratio of 1.85 and a debt-to-equity ratio of 0.53. The stock has a 50 day moving average price of $9.29 and a 200 day moving average price of $10.69.

Cleveland-Cliffs (NYSE:CLF) last issued its earnings results on Monday, February 24th. The mining company reported ($0.68) earnings per share (EPS) for the quarter, missing the consensus estimate 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 during the quarter, compared to analyst estimates of $4.46 billion. Research analysts predict that Cleveland-Cliffs Inc. will post -0.79 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the company. Morgan Stanley decreased their target price on Cleveland-Cliffs from $13.00 to $11.00 and set an “equal weight” rating for the company in a report on Monday, February 3rd. B. Riley reiterated a “buy” rating on shares of Cleveland-Cliffs in a research note on Tuesday, February 4th. The Goldman Sachs Group lowered their price objective on Cleveland-Cliffs from $17.00 to $15.00 and set a “buy” rating for the company in a research report on Tuesday, March 4th. Finally, Glj Research decreased their price target on shares of Cleveland-Cliffs from $14.54 to $12.90 and set a “buy” rating for the company in a research note on Thursday, February 27th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Cleveland-Cliffs presently has an average rating of “Moderate Buy” and a consensus target price of $16.24.

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.