Cleveland-Cliffs Inc. (NYSE:CLF) Shares Sold by Ensign Peak Advisors Inc

Ensign Peak Advisors Inc trimmed its stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 43.4% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 353,385 shares of the mining company's stock after selling 271,030 shares during the period. Ensign Peak Advisors Inc owned 0.07% of Cleveland-Cliffs worth $3,322,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in CLF. Fairfax Financial Holdings Ltd. Can purchased a new position in Cleveland-Cliffs during the fourth quarter valued at $55,453,000. Norges Bank purchased a new position in Cleveland-Cliffs during the fourth quarter valued at $45,381,000. Slate Path Capital LP lifted its holdings in Cleveland-Cliffs by 35.4% during the fourth quarter. Slate Path Capital LP now owns 16,208,000 shares of the mining company's stock valued at $152,355,000 after purchasing an additional 4,239,000 shares in the last quarter. Vanguard Group Inc. lifted its holdings in Cleveland-Cliffs by 5.5% during the fourth quarter. Vanguard Group Inc. now owns 48,751,789 shares of the mining company's stock valued at $458,267,000 after purchasing an additional 2,556,332 shares in the last quarter. Finally, Barclays PLC lifted its holdings in Cleveland-Cliffs by 232.4% during 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 in the last quarter. 67.68% of the stock is owned by hedge funds and other institutional investors.

Cleveland-Cliffs Trading Up 2.0%

Shares of CLF traded up $0.15 during trading on Friday, reaching $7.58. 21,489,759 shares of the company traded hands, compared to its average volume of 15,232,655. Cleveland-Cliffs Inc. has a twelve month low of $6.17 and a twelve month high of $17.86. The stock has a market cap of $3.75 billion, a PE ratio of -7.81 and a beta of 2.03. The stock has a 50-day simple moving average of $8.17 and a 200-day simple moving average of $9.93. The company has a quick ratio of 0.55, a current ratio of 1.85 and a debt-to-equity ratio of 0.53.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last announced its quarterly earnings results on Wednesday, May 7th. The mining company reported ($0.92) earnings per share for the quarter, missing analysts' consensus estimates of ($0.78) by ($0.14). Cleveland-Cliffs had a negative net margin of 2.31% and a negative return on equity of 0.59%. 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 business earned $0.18 earnings per share. Cleveland-Cliffs's revenue was down 11.0% on a year-over-year basis. On average, analysts anticipate that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the stock. The Goldman Sachs Group decreased their price target on shares of Cleveland-Cliffs from $13.00 to $11.25 and set a "buy" rating on the stock in a research note on Monday, May 12th. Glj Research reduced their target price on shares of Cleveland-Cliffs from $14.54 to $12.90 and set a "buy" rating on the stock in a research note on Thursday, February 27th. B. Riley reaffirmed 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. Finally, Morgan Stanley reduced their target price on shares of 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. 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 given a strong buy rating to the company. Based on data from MarketBeat.com, Cleveland-Cliffs has an average rating of "Moderate Buy" and a consensus target price of $15.02.

Insider Buying and Selling at Cleveland-Cliffs

In other Cleveland-Cliffs news, EVP Keith Koci acquired 9,500 shares of the company's stock in a transaction that occurred on 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 completion of the acquisition, the executive vice president now owns 543,475 shares of the company's stock, valued at approximately $5,874,964.75. This trade represents a 1.78% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Jane M. Cronin acquired 10,000 shares of the company's stock in a transaction that occurred on Friday, February 28th. The stock was acquired at an average price of $10.56 per share, with a total value of $105,600.00. Following 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 purchased a total of 23,500 shares of company stock worth $243,095 over the last three months. Insiders own 1.71% of the company's stock.

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.