Boothbay Fund Management LLC Invests $360,000 in Cleveland-Cliffs Inc. (NYSE:CLF)

Boothbay Fund Management LLC bought a new position in shares of Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor bought 38,337 shares of the mining company's stock, valued at approximately $360,000.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Pinpoint Asset Management Ltd purchased a new position in shares of Cleveland-Cliffs in the fourth quarter valued at approximately $25,000. Estabrook Capital Management lifted its holdings in Cleveland-Cliffs by 207.7% during the 4th 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 holdings 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 in the last quarter. Stonebridge Financial Group LLC purchased a new position in Cleveland-Cliffs in the 4th quarter valued at approximately $44,000. Finally, AllSquare Wealth Management LLC grew its stake 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 worth $48,000 after acquiring an additional 1,000 shares in the last quarter. 67.68% of the stock is currently owned by hedge funds and other institutional investors.

Cleveland-Cliffs Stock Down 2.0 %

Shares of Cleveland-Cliffs stock traded down $0.18 during trading hours on Wednesday, hitting $8.43. The company had a trading volume of 2,580,269 shares, compared to its average volume of 14,372,473. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.85 and a quick ratio of 0.55. The company's 50-day moving average is $8.52 and its two-hundred day moving average is $10.25. The company has a market cap of $4.17 billion, a P/E ratio of -8.67 and a beta of 2.03. Cleveland-Cliffs Inc. has a twelve month low of $6.17 and a twelve month high of $18.10.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last released 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 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. Analysts anticipate that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current fiscal year.

Insider Activity at Cleveland-Cliffs

In related news, Director John T. Baldwin purchased 4,000 shares of the company's stock in a transaction that occurred on Monday, March 10th. The shares were purchased at an average price of $8.70 per share, for a total transaction of $34,800.00. Following the transaction, the director now directly owns 133,227 shares of the company's stock, 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 SEC, which is accessible through this link. Also, EVP Keith Koci acquired 9,500 shares of Cleveland-Cliffs stock in a transaction on Friday, February 28th. The shares were bought at an average cost of $10.81 per share, with a total value of $102,695.00. Following the completion of the purchase, the executive vice president now owns 543,475 shares in the company, valued at $5,874,964.75. The trade was a 1.78 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders bought a total of 23,500 shares of company stock valued at $243,095 in the last three months. 1.71% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the company. B. Riley reiterated a "buy" rating and issued a $17.00 target price (down from $20.00) on shares of Cleveland-Cliffs in a report on Wednesday, April 23rd. Morgan Stanley lowered their price objective on Cleveland-Cliffs from $13.00 to $11.00 and set an "equal weight" rating for the company in a research report on Monday, February 3rd. Glj Research cut their target price on shares of Cleveland-Cliffs from $14.54 to $12.90 and set a "buy" rating on the stock in a research note on Thursday, February 27th. Finally, The Goldman Sachs Group lowered their price target on shares of Cleveland-Cliffs from $17.00 to $15.00 and set a "buy" rating for the company in a report on Tuesday, March 4th. One research analyst has rated the stock with a sell rating, four have given a hold rating, four have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Cleveland-Cliffs has a consensus rating of "Moderate Buy" and a consensus target price of $15.49.

Cleveland-Cliffs Company 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.