One68 Global Capital LLC Makes New $304,000 Investment in Cleveland-Cliffs Inc. (NYSE:CLF)

One68 Global Capital LLC acquired a new stake in Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 32,381 shares of the mining company's stock, valued at approximately $304,000.

Several 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 in the fourth quarter worth $25,000. Estabrook Capital Management lifted its stake in shares of Cleveland-Cliffs by 207.7% in the fourth quarter. Estabrook Capital Management now owns 4,000 shares of the mining company's stock worth $38,000 after buying an additional 2,700 shares in the last quarter. Byrne Asset Management LLC lifted its stake in Cleveland-Cliffs by 130.0% in the 4th 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. Stonebridge Financial Group LLC acquired a new position in Cleveland-Cliffs during the fourth quarter worth $44,000. Finally, AllSquare Wealth Management LLC grew its holdings in shares of Cleveland-Cliffs by 24.4% in the fourth quarter. AllSquare Wealth Management LLC now owns 5,100 shares of the mining company's stock valued at $48,000 after purchasing an additional 1,000 shares during the period. Institutional investors own 67.68% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. The Goldman Sachs Group decreased their price objective 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. Glj Research lowered their price objective on Cleveland-Cliffs from $14.54 to $12.90 and set a "buy" rating for the company in a research report on Thursday, February 27th. Morgan Stanley cut their price target 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. Finally, B. Riley reaffirmed a "buy" rating and set a $17.00 price target (down from $20.00) on shares of Cleveland-Cliffs in a report on Wednesday, April 23rd. One equities research analyst has 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 company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $15.49.

Insider Transactions at Cleveland-Cliffs

In related news, EVP Keith Koci purchased 9,500 shares of Cleveland-Cliffs stock in a transaction that occurred on 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 transaction, the executive vice president now directly owns 543,475 shares in the company, valued at approximately $5,874,964.75. This represents a 1.78 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Jane M. Cronin purchased 10,000 shares of the business's stock in a transaction dated Friday, February 28th. The shares were purchased at an average cost of $10.56 per share, for a total transaction of $105,600.00. Following 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 ownership of the stock. The disclosure for this purchase can be found here. In the last 90 days, insiders have purchased 23,500 shares of company stock worth $243,095. 1.76% of the stock is currently owned by company insiders.

Cleveland-Cliffs Price Performance

Shares of NYSE:CLF traded up $0.22 during trading hours on Thursday, hitting $8.46. 16,978,433 shares of the company's stock traded hands, compared to its average volume of 14,335,360. Cleveland-Cliffs Inc. has a 52 week low of $6.17 and a 52 week high of $18.10. The company's fifty day simple moving average is $8.64 and its two-hundred day simple moving average is $10.37. The company has a market cap of $4.18 billion, a price-to-earnings ratio of -8.72 and a beta of 1.93. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.55 and a current ratio of 1.85.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last announced its quarterly earnings data 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 return on equity of 0.59% and a negative net margin of 2.31%. The firm had revenue of $4.33 billion for the quarter, compared to analysts' expectations of $4.46 billion. As a group, equities analysts anticipate that Cleveland-Cliffs Inc. will post -0.79 EPS for the current fiscal year.

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.