Swiss National Bank Increases Stock Position in Cleveland-Cliffs Inc. (NYSE:CLF)

Swiss National Bank grew its holdings in Cleveland-Cliffs Inc. (NYSE:CLF) by 4.2% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 969,161 shares of the mining company’s stock after purchasing an additional 39,261 shares during the quarter. Swiss National Bank’s holdings in Cleveland-Cliffs were worth $9,110,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Bank of New York Mellon Corp boosted its stake in shares of Cleveland-Cliffs by 20.1% in the fourth quarter. Bank of New York Mellon Corp now owns 7,382,769 shares of the mining company’s stock valued at $69,398,000 after purchasing an additional 1,236,247 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in shares of Cleveland-Cliffs by 11.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 4,176,194 shares of the mining company’s stock valued at $39,256,000 after purchasing an additional 425,041 shares during the period. Hodges Capital Management Inc. boosted its stake in shares of Cleveland-Cliffs by 13.4% in the fourth quarter. Hodges Capital Management Inc. now owns 3,316,786 shares of the mining company’s stock valued at $31,178,000 after purchasing an additional 391,109 shares during the period. Barclays PLC boosted its stake in shares of Cleveland-Cliffs by 232.4% in the third 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 during the period. Finally, Victory Capital Management Inc. boosted its stake in shares of Cleveland-Cliffs by 19.9% in the fourth quarter. Victory Capital Management Inc. now owns 2,787,870 shares of the mining company’s stock valued at $26,206,000 after purchasing an additional 461,874 shares during the period. Hedge funds and other institutional investors own 67.68% of the company’s stock.

Cleveland-Cliffs Stock Down 0.9 %

CLF stock opened at $9.45 on Friday. The company has a current ratio of 1.85, a quick ratio of 0.55 and a debt-to-equity ratio of 0.53. Cleveland-Cliffs Inc. has a twelve month low of $8.50 and a twelve month high of $22.97. The company’s 50 day moving average is $10.38 and its two-hundred day moving average is $11.30. The stock has a market cap of $4.67 billion, a P/E ratio of -9.74 and a beta of 1.94.

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

Analyst Upgrades and Downgrades

Several research firms have recently commented on CLF. Citigroup lowered their price objective on shares of Cleveland-Cliffs from $12.50 to $11.00 and set a “neutral” rating for the company in a research note on Thursday, December 19th. Morgan Stanley reduced their target price on shares of Cleveland-Cliffs from $13.00 to $11.00 and set an “equal weight” rating on the stock in a report on Monday, February 3rd. B. Riley reaffirmed a “buy” rating on shares of Cleveland-Cliffs in a report on Tuesday, February 4th. Glj Research reduced their target price on shares of Cleveland-Cliffs from $14.54 to $12.90 and set a “buy” rating on the stock in a report on Thursday, February 27th. Finally, The Goldman Sachs Group reduced their target price on shares of Cleveland-Cliffs from $17.00 to $15.00 and set a “buy” rating on the stock in a report on Tuesday, March 4th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $16.43.

Insider Transactions at Cleveland-Cliffs

In other Cleveland-Cliffs news, Director John T. Baldwin bought 4,000 shares of the stock in a transaction dated Monday, March 10th. The shares were acquired at an average cost of $8.70 per share, for a total transaction of $34,800.00. Following the completion of the transaction, the director now owns 133,227 shares in the company, valued at approximately $1,159,074.90. The trade was a 3.10 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Keith Koci bought 9,500 shares of the stock in a transaction dated Friday, February 28th. The shares were acquired at an average price of $10.81 per share, for a total transaction 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 approximately $5,874,964.75. The trade was a 1.78 % increase in their position. The disclosure for this purchase can be found here. Over the last ninety days, insiders have acquired 23,500 shares of company stock worth $243,095. Insiders own 1.76% of the company’s stock.

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.