Arrowstreet Capital Limited Partnership Sells 5,257,861 Shares of Cleveland-Cliffs Inc. (NYSE:CLF)

Arrowstreet Capital Limited Partnership cut its position in shares of Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 69.5% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,310,898 shares of the mining company's stock after selling 5,257,861 shares during the quarter. Arrowstreet Capital Limited Partnership owned approximately 0.47% of Cleveland-Cliffs worth $21,722,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Byrne Asset Management LLC lifted its stake in Cleveland-Cliffs by 130.0% in the fourth 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 during the last quarter. Stonebridge Financial Group LLC bought a new stake in shares of Cleveland-Cliffs in the 4th quarter valued at about $44,000. AllSquare Wealth Management LLC boosted its holdings in Cleveland-Cliffs by 24.4% during the 4th quarter. AllSquare Wealth Management LLC now owns 5,100 shares of the mining company's stock valued at $48,000 after acquiring an additional 1,000 shares during the period. GAMMA Investing LLC grew its position in Cleveland-Cliffs by 1,190.6% during the 4th 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 during the last quarter. Finally, Farther Finance Advisors LLC increased its stake in Cleveland-Cliffs by 487.8% in the 4th quarter. Farther Finance Advisors LLC now owns 5,990 shares of the mining company's stock worth $56,000 after purchasing an additional 4,971 shares during the period. 67.68% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director Jane M. Cronin acquired 10,000 shares of Cleveland-Cliffs 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 purchase, the director now owns 24,522 shares in the company, valued at $258,952.32. This trade represents a 68.86 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Keith Koci bought 9,500 shares of the company's stock in a transaction dated Friday, February 28th. The stock was purchased at an average price of $10.81 per share, for a total transaction of $102,695.00. Following the purchase, the executive vice president now owns 543,475 shares of the company's stock, valued at approximately $5,874,964.75. This represents a 1.78 % increase in their position. The disclosure for this purchase can be found here. Over the last ninety days, insiders acquired 23,500 shares of company stock worth $243,095. Insiders own 1.76% of the company's stock.

Analysts Set New Price Targets

A number of research firms have recently weighed in on CLF. Morgan Stanley dropped their price objective 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. Glj Research dropped 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 report on Thursday, February 27th. 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. The Goldman Sachs Group cut their target price on Cleveland-Cliffs from $17.00 to $15.00 and set a "buy" rating on the stock in a research note on Tuesday, March 4th. Finally, B. Riley reaffirmed a "buy" rating on shares of Cleveland-Cliffs in a research report on Tuesday, February 4th. Two analysts have rated the stock with a sell rating, four have issued a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $16.43.

Cleveland-Cliffs Stock Up 5.1 %

Shares of CLF traded up $0.36 on Monday, reaching $7.32. The stock had a trading volume of 34,582,686 shares, compared to its average volume of 13,805,270. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.55 and a current ratio of 1.85. The firm has a market capitalization of $3.62 billion, a price-to-earnings ratio of -7.54 and a beta of 1.93. The company has a 50-day simple moving average of $9.99 and a 200-day simple moving average of $11.05. Cleveland-Cliffs Inc. has a 12-month low of $6.17 and a 12-month high of $22.67.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last released its earnings results 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 business had revenue of $4.33 billion during the quarter, compared to analysts' expectations of $4.46 billion. Sell-side analysts predict that Cleveland-Cliffs Inc. will post -0.79 EPS for the current 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.