Fairfax Financial Holdings Ltd. Can Makes New $55.45 Million Investment in Cleveland-Cliffs Inc. (NYSE:CLF)

Fairfax Financial Holdings Ltd. Can acquired a new stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 5,899,273 shares of the mining company's stock, valued at approximately $55,453,000. Cleveland-Cliffs makes up approximately 3.6% of Fairfax Financial Holdings Ltd. Can's holdings, making the stock its 9th largest position. Fairfax Financial Holdings Ltd. Can owned approximately 1.19% of Cleveland-Cliffs at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in CLF. Pinpoint Asset Management Ltd purchased a new position in shares of Cleveland-Cliffs in the 4th quarter worth $25,000. Estabrook Capital Management lifted its position in Cleveland-Cliffs by 207.7% during the fourth quarter. Estabrook Capital Management now owns 4,000 shares of the mining company's stock valued at $38,000 after purchasing an additional 2,700 shares in the last quarter. Byrne Asset Management LLC lifted its position 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 valued at $43,000 after purchasing an additional 2,600 shares in the last quarter. Stonebridge Financial Group LLC purchased a new position in Cleveland-Cliffs during the fourth quarter valued at $44,000. Finally, Wilmington Savings Fund Society FSB purchased a new position in Cleveland-Cliffs during the third quarter valued at $64,000. Institutional investors own 67.68% of the company's stock.

Cleveland-Cliffs Price Performance

CLF traded down $0.14 during midday trading on Friday, hitting $7.01. 34,560,793 shares of the company traded hands, compared to its average volume of 14,824,951. The business has a 50 day simple moving average of $8.37 and a two-hundred day simple moving average of $10.11. Cleveland-Cliffs Inc. has a 52-week low of $6.17 and a 52-week high of $18.10. The company has a market capitalization of $3.47 billion, a price-to-earnings ratio of -7.23 and a beta of 2.03. The company has a current ratio of 1.85, a quick ratio of 0.55 and a debt-to-equity ratio of 0.53.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last issued its quarterly earnings results on Wednesday, May 7th. The mining company reported ($0.92) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.78) by ($0.14). The firm had revenue of $4.63 billion during the quarter, compared to analyst estimates of $4.71 billion. Cleveland-Cliffs had a negative return on equity of 0.59% and a negative net margin of 2.31%. The business's revenue was down 11.0% on a year-over-year basis. During the same period in the prior year, the firm earned $0.18 earnings per share. On average, equities analysts forecast that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the company. B. Riley reiterated a "buy" rating and set a $17.00 target price (down from $20.00) on shares of Cleveland-Cliffs in a research report on Wednesday, April 23rd. The Goldman Sachs Group lowered their target price on Cleveland-Cliffs from $17.00 to $15.00 and set a "buy" rating on the stock in a research report on Tuesday, March 4th. Glj Research lowered their price objective on Cleveland-Cliffs from $14.54 to $12.90 and set a "buy" rating on the stock in a research report on Thursday, February 27th. Finally, Morgan Stanley lowered their price objective on Cleveland-Cliffs from $13.00 to $11.00 and set an "equal weight" rating on the stock in a research report on Monday, February 3rd. One analyst has rated the stock with a sell rating, four have assigned a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $15.49.

Insider Buying and Selling

In other Cleveland-Cliffs news, Director Jane M. Cronin bought 10,000 shares of Cleveland-Cliffs stock in a transaction on Friday, February 28th. The shares were bought at an average price of $10.56 per share, for a total transaction of $105,600.00. Following the completion of the transaction, the director now directly owns 24,522 shares of the company's stock, valued at $258,952.32. This trade represents a 68.86% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Keith Koci bought 9,500 shares of the firm's stock in a transaction that occurred 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 purchase, the executive vice president now owns 543,475 shares in the company, valued at $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 90 days, insiders have purchased 23,500 shares of company stock worth $243,095. 1.71% of the stock is owned by corporate insiders.

Cleveland-Cliffs Company 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.