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

Fairfax Financial Holdings Ltd. Can bought a new position in shares of Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 5,899,273 shares of the mining company's stock, valued at approximately $55,453,000. Cleveland-Cliffs makes up about 3.6% of Fairfax Financial Holdings Ltd. Can's holdings, making the stock its 9th biggest position. Fairfax Financial Holdings Ltd. Can owned about 1.19% of Cleveland-Cliffs as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Pinpoint Asset Management Ltd bought a new stake in shares of Cleveland-Cliffs during the fourth quarter worth about $25,000. Estabrook Capital Management lifted its stake 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 buying an additional 2,700 shares during the period. Byrne Asset Management LLC lifted its stake in 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 during the period. Stonebridge Financial Group LLC acquired a new position in shares of Cleveland-Cliffs during the fourth quarter worth approximately $44,000. Finally, AllSquare Wealth Management LLC raised its position in shares of Cleveland-Cliffs by 24.4% during the fourth quarter. AllSquare Wealth Management LLC now owns 5,100 shares of the mining company's stock worth $48,000 after purchasing an additional 1,000 shares during the period. Institutional investors and hedge funds own 67.68% of the company's stock.

Cleveland-Cliffs Stock Performance

NYSE:CLF traded down $0.09 during trading on Wednesday, reaching $7.49. The company's stock had a trading volume of 15,344,925 shares, compared to its average volume of 15,026,381. The firm has a market cap of $3.70 billion, a price-to-earnings ratio of -7.72 and a beta of 2.03. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.55 and a current ratio of 1.85. The firm has a 50 day moving average of $8.27 and a 200-day moving average of $10.05. Cleveland-Cliffs Inc. has a 12 month low of $6.17 and a 12 month high of $18.10.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last posted its quarterly 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). The firm had revenue of $4.63 billion for the quarter, compared to the consensus estimate of $4.71 billion. Cleveland-Cliffs had a negative return on equity of 0.59% and a negative net margin of 2.31%. The firm's revenue was down 11.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.18 EPS. Research analysts expect that Cleveland-Cliffs Inc. will post -0.79 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

CLF has been the subject of a number of analyst reports. The Goldman Sachs Group lowered their price target on Cleveland-Cliffs from $13.00 to $11.25 and set a "buy" rating for the company in a research report on Monday. Morgan Stanley lowered their price target on Cleveland-Cliffs from $13.00 to $11.00 and set an "equal weight" rating for the company in a research report on Monday, February 3rd. Glj Research lowered their price target on Cleveland-Cliffs from $14.54 to $12.90 and set a "buy" rating for the company in a research report on Thursday, February 27th. Finally, B. Riley reissued a "buy" rating and issued a $17.00 price target (down from $20.00) on shares of Cleveland-Cliffs in a research report on Wednesday, April 23rd. One investment analyst has rated the stock with a sell rating, four have given a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $15.02.

Insider Transactions at Cleveland-Cliffs

In other Cleveland-Cliffs news, Director John T. Baldwin purchased 4,000 shares of the stock in a transaction on Monday, March 10th. The shares were purchased at an average price of $8.70 per share, with a total value of $34,800.00. Following the acquisition, the director now directly 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 document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Keith Koci purchased 9,500 shares of the stock in a transaction on Friday, February 28th. The stock was acquired 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 in the company, valued at approximately $5,874,964.75. This represents a 1.78% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last 90 days, insiders bought 23,500 shares of company stock worth $243,095. 1.71% of the stock is owned by company insiders.

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.