Collar Capital Management LLC Takes $1.76 Million Position in Cleveland-Cliffs Inc. (NYSE:CLF)

Collar Capital Management LLC acquired 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 Securities and Exchange Commission. The firm acquired 187,343 shares of the mining company's stock, valued at approximately $1,761,000. Cleveland-Cliffs comprises about 1.5% of Collar Capital Management LLC's portfolio, making the stock its 26th biggest holding.

A number of other institutional investors have also recently bought and sold shares of CLF. Barclays PLC increased its holdings in shares of Cleveland-Cliffs by 232.4% in the third quarter. Barclays PLC now owns 3,113,337 shares of the mining company's stock valued at $39,757,000 after purchasing an additional 2,176,837 shares during the last quarter. Wilmington Savings Fund Society FSB acquired a new stake in Cleveland-Cliffs during the 3rd quarter valued at approximately $64,000. Franklin Resources Inc. boosted its holdings in shares of Cleveland-Cliffs by 105.6% during the 3rd quarter. Franklin Resources Inc. now owns 262,771 shares of the mining company's stock worth $3,429,000 after buying an additional 134,939 shares in the last quarter. GAMMA Investing LLC boosted its holdings in shares of 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 buying an additional 4,917 shares in the last quarter. Finally, Matrix Trust Co lifted its holdings in shares of Cleveland-Cliffs by 813.5% in the 4th quarter. Matrix Trust Co now owns 17,412 shares of the mining company's stock worth $164,000 after purchasing an additional 15,506 shares in the last quarter. Institutional investors own 67.68% of the company's stock.

Insider Activity at Cleveland-Cliffs

In other Cleveland-Cliffs news, Director John T. Baldwin bought 4,000 shares of Cleveland-Cliffs stock in a transaction that occurred on Monday, March 10th. The shares were purchased at an average cost of $8.70 per share, for a total transaction of $34,800.00. Following the completion of the transaction, the director now owns 133,227 shares of the company's stock, valued at $1,159,074.90. This represents a 3.10% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Keith Koci bought 9,500 shares of the stock in a transaction dated Friday, February 28th. The stock was bought at an average price of $10.81 per share, with a total value 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. Insiders have acquired 23,500 shares of company stock valued at $243,095 over the last quarter. 1.71% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the company. Morgan Stanley lowered their target price 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. Glj Research cut their target price on Cleveland-Cliffs from $14.54 to $12.90 and set a "buy" rating for the company in a research note on Thursday, February 27th. The Goldman Sachs Group lowered their price objective on Cleveland-Cliffs from $17.00 to $15.00 and set a "buy" rating for the company in a research report on Tuesday, March 4th. Finally, B. Riley reaffirmed a "buy" rating and issued a $17.00 price target (down previously from $20.00) on shares of Cleveland-Cliffs in a research note on Wednesday, April 23rd. One 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 company. According to data from MarketBeat.com, Cleveland-Cliffs presently has an average rating of "Moderate Buy" and a consensus price target of $15.49.

Cleveland-Cliffs Price Performance

Shares of Cleveland-Cliffs stock traded up $0.56 on Monday, hitting $7.56. The company's stock had a trading volume of 22,690,209 shares, compared to its average volume of 14,864,027. 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 Inc. has a 1 year low of $6.17 and a 1 year high of $18.10. The firm has a fifty day moving average price of $8.37 and a 200-day moving average price of $10.11. The company has a market capitalization of $3.74 billion, a price-to-earnings ratio of -7.80 and a beta of 2.03.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last issued its earnings results on Wednesday, May 7th. The mining company reported ($0.92) earnings per share for the quarter, missing the consensus estimate 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 for the quarter, compared to analyst estimates of $4.71 billion. During the same quarter in the prior year, the firm earned $0.18 earnings per share. The company's revenue for the quarter was down 11.0% on a year-over-year basis. As a group, sell-side analysts anticipate that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current fiscal 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.