CANADA LIFE ASSURANCE Co Purchases 61,604 Shares of Cleveland-Cliffs Inc. (NYSE:CLF)

CANADA LIFE ASSURANCE Co increased its position in Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 17.8% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 407,136 shares of the mining company's stock after acquiring an additional 61,604 shares during the period. CANADA LIFE ASSURANCE Co owned approximately 0.08% of Cleveland-Cliffs worth $3,826,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of CLF. Pinpoint Asset Management Ltd purchased a new position in shares of Cleveland-Cliffs during the 4th quarter worth $25,000. Estabrook Capital Management boosted its holdings in Cleveland-Cliffs by 207.7% in the fourth quarter. Estabrook Capital Management now owns 4,000 shares of the mining company's stock valued at $38,000 after acquiring an additional 2,700 shares during the last quarter. Byrne Asset Management LLC increased 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 worth $43,000 after acquiring an additional 2,600 shares during the last quarter. Stonebridge Financial Group LLC purchased a new position in Cleveland-Cliffs in the fourth quarter valued at approximately $44,000. Finally, AllSquare Wealth Management LLC increased its position 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. Institutional investors and hedge funds own 67.68% of the company's stock.

Analysts Set New Price Targets

Several brokerages have recently weighed in on CLF. B. Riley restated a "buy" rating and set a $17.00 target price (down from $20.00) on shares of Cleveland-Cliffs in a research note on Wednesday, April 23rd. The Goldman Sachs Group decreased their price target 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. Morgan Stanley reduced their price objective on Cleveland-Cliffs from $13.00 to $11.00 and set an "equal weight" rating on the stock in a research note on Monday, February 3rd. Finally, Glj Research dropped their target price on shares of Cleveland-Cliffs from $14.54 to $12.90 and set a "buy" rating on the stock in a report on Thursday, February 27th. One analyst has rated the stock with a sell rating, four have issued a hold rating, four have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $15.49.

Cleveland-Cliffs Price Performance

Shares of CLF stock traded up $0.01 during mid-day trading on Tuesday, reaching $8.18. The company's stock had a trading volume of 2,081,261 shares, compared to its average volume of 14,261,333. The firm's 50-day moving average is $8.83 and its two-hundred day moving average is $10.43. The company has a market cap of $4.04 billion, a P/E ratio of -8.42 and a beta of 1.93. Cleveland-Cliffs Inc. has a 1-year low of $6.17 and a 1-year high of $18.20. 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 posted its earnings results on Monday, February 24th. The mining company reported ($0.68) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.65) by ($0.03). The firm had revenue of $4.33 billion during the quarter, compared to the consensus estimate of $4.46 billion. Cleveland-Cliffs had a negative net margin of 2.31% and a negative return on equity of 0.59%. On average, research analysts predict that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current year.

Insider Activity at Cleveland-Cliffs

In other news, Director John T. Baldwin purchased 4,000 shares of the business's stock in a transaction dated Monday, March 10th. The stock was bought at an average price of $8.70 per share, with a total value of $34,800.00. Following the acquisition, the director now owns 133,227 shares in the company, valued at approximately $1,159,074.90. The trade was a 3.10 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Jane M. Cronin purchased 10,000 shares of the stock in a transaction dated Friday, February 28th. The shares were bought at an average price of $10.56 per share, with a total value of $105,600.00. Following the completion of the acquisition, the director now directly owns 24,522 shares of the company's stock, valued at approximately $258,952.32. This represents a 68.86 % increase in their position. The disclosure for this purchase can be found here. Insiders bought a total of 23,500 shares of company stock worth $243,095 in the last quarter. Corporate insiders own 1.76% of the company's stock.

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.