Alliancebernstein L.P. Decreases Stock Holdings in Cleveland-Cliffs Inc. (NYSE:CLF)

Alliancebernstein L.P. decreased its position in Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 9.1% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 629,826 shares of the mining company's stock after selling 63,120 shares during the quarter. Alliancebernstein L.P. owned approximately 0.13% of Cleveland-Cliffs worth $5,920,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Byrne Asset Management LLC raised its stake in Cleveland-Cliffs by 130.0% during the fourth quarter. Byrne Asset Management LLC now owns 4,600 shares of the mining company's stock valued at $43,000 after buying an additional 2,600 shares during the last quarter. Stonebridge Financial Group LLC purchased a new stake in Cleveland-Cliffs during the 4th quarter valued at about $44,000. AllSquare Wealth Management LLC raised its holdings in 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 buying an additional 1,000 shares during the last quarter. GAMMA Investing LLC grew its holdings in shares of Cleveland-Cliffs by 1,190.6% during the fourth quarter. GAMMA Investing LLC now owns 5,330 shares of the mining company's stock valued at $50,000 after buying an additional 4,917 shares during the last quarter. Finally, Farther Finance Advisors LLC increased its position in shares of Cleveland-Cliffs by 487.8% during the fourth quarter. Farther Finance Advisors LLC now owns 5,990 shares of the mining company's stock valued at $56,000 after acquiring an additional 4,971 shares in the last quarter. Hedge funds and other institutional investors own 67.68% of the company's stock.

Cleveland-Cliffs Trading Up 2.8 %

Shares of CLF traded up $0.20 during midday trading on Wednesday, hitting $7.36. The stock had a trading volume of 3,038,455 shares, compared to its average volume of 14,165,091. The firm has a market cap of $3.64 billion, a PE ratio of -7.59 and a beta of 1.93. Cleveland-Cliffs Inc. has a 1 year low of $6.17 and a 1 year high of $21.79. The stock's 50 day moving average is $9.51 and its 200 day moving average is $10.79. 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 - Get Free Report) last issued its quarterly earnings results on Monday, February 24th. The mining company reported ($0.68) earnings per share for the quarter, missing the consensus estimate of ($0.65) by ($0.03). The business had revenue of $4.33 billion during the quarter, compared to analysts' expectations of $4.46 billion. Cleveland-Cliffs had a negative return on equity of 0.59% and a negative net margin of 2.31%. As a group, analysts forecast that Cleveland-Cliffs Inc. will post -0.79 EPS for the current fiscal year.

Insider Transactions at Cleveland-Cliffs

In other news, Director Jane M. Cronin bought 10,000 shares of the stock in a transaction on Friday, February 28th. The stock was acquired at an average cost of $10.56 per share, for a total transaction of $105,600.00. Following the acquisition, the director now owns 24,522 shares of the company's stock, valued at $258,952.32. This represents a 68.86 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director John T. Baldwin acquired 4,000 shares of the stock in a transaction that occurred on Monday, March 10th. The stock was acquired 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 of the company's stock, valued at $1,159,074.90. This trade represents a 3.10 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last ninety days, insiders have purchased 23,500 shares of company stock worth $243,095. Insiders own 1.76% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the company. Morgan Stanley decreased their price target on Cleveland-Cliffs from $13.00 to $11.00 and set an "equal weight" rating for the company in a research note on Monday, February 3rd. B. Riley restated a "buy" rating on shares of Cleveland-Cliffs in a research note on Tuesday, February 4th. Citigroup decreased their price objective on shares of Cleveland-Cliffs from $12.50 to $11.00 and set a "neutral" rating for the company in a report on Thursday, December 19th. The Goldman Sachs Group cut their price objective on Cleveland-Cliffs from $17.00 to $15.00 and set a "buy" rating for the company in a report on Tuesday, March 4th. Finally, Glj Research decreased their target price on Cleveland-Cliffs from $14.54 to $12.90 and set a "buy" rating on the stock in a report on Thursday, February 27th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, four have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average 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.