Bayesian Capital Management LP Has $2.23 Million Stock Holdings in Cleveland-Cliffs Inc. (NYSE:CLF)

Bayesian Capital Management LP increased its stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 307.4% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 236,700 shares of the mining company's stock after buying an additional 178,600 shares during the period. Bayesian Capital Management LP's holdings in Cleveland-Cliffs were worth $2,225,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also bought and sold shares of the company. Pinpoint Asset Management Ltd bought a new stake in Cleveland-Cliffs in the 4th quarter valued at $25,000. Estabrook Capital Management increased its holdings in shares of Cleveland-Cliffs by 207.7% during the fourth quarter. Estabrook Capital Management now owns 4,000 shares of the mining company's stock worth $38,000 after purchasing an additional 2,700 shares during the period. Byrne Asset Management LLC raised its position in shares of Cleveland-Cliffs by 130.0% in 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 in the last quarter. Stonebridge Financial Group LLC acquired a new stake in Cleveland-Cliffs during the fourth quarter worth approximately $44,000. Finally, AllSquare Wealth Management LLC increased its stake 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 worth $48,000 after acquiring an additional 1,000 shares during the period. Institutional investors and hedge funds own 67.68% of the company's stock.

Cleveland-Cliffs Trading Down 1.3 %

Shares of Cleveland-Cliffs stock traded down $0.09 during trading on Friday, hitting $7.06. The company's stock had a trading volume of 25,410,772 shares, compared to its average volume of 14,717,292. The stock has a market cap of $3.49 billion, a price-to-earnings ratio of -7.28 and a beta of 2.03. Cleveland-Cliffs Inc. has a 52 week low of $6.17 and a 52 week high of $18.10. The stock has a 50-day moving average price of $8.42 and a two-hundred day moving average price of $10.20. 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 posted its quarterly earnings data on Wednesday, May 7th. The mining company reported ($0.92) EPS for the quarter, missing analysts' consensus estimates of ($0.78) by ($0.14). Cleveland-Cliffs had a negative return on equity of 0.59% and a negative net margin of 2.31%. The company had revenue of $4.63 billion during the quarter, compared to analyst estimates of $4.71 billion. During the same period in the prior year, the firm earned $0.18 earnings per share. Cleveland-Cliffs's revenue was down 11.0% compared to the same quarter last year. Equities research analysts anticipate that Cleveland-Cliffs Inc. will post -0.79 EPS for the current fiscal year.

Insider Buying and Selling

In other Cleveland-Cliffs news, EVP Keith Koci purchased 9,500 shares of the business's stock in a transaction on Friday, February 28th. The shares were purchased at an average cost of $10.81 per share, for a total transaction of $102,695.00. Following the acquisition, 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director John T. Baldwin acquired 4,000 shares of the company's stock in a transaction dated Monday, March 10th. The shares were bought at an average price of $8.70 per share, for a total transaction of $34,800.00. Following the acquisition, the director now directly owns 133,227 shares of the company's stock, valued at approximately $1,159,074.90. This trade represents a 3.10 % increase in their position. The disclosure for this purchase can be found here. Insiders bought 23,500 shares of company stock valued at $243,095 over the last quarter. Insiders own 1.71% of the company's stock.

Analysts Set New Price Targets

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

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.