Wexford Capital LP Raises Holdings in Cleveland-Cliffs Inc. (NYSE:CLF)

Wexford Capital LP grew its stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 1,212.0% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,018,950 shares of the mining company's stock after acquiring an additional 941,284 shares during the period. Cleveland-Cliffs accounts for 1.5% of Wexford Capital LP's holdings, making the stock its 6th largest position. Wexford Capital LP owned about 0.21% of Cleveland-Cliffs worth $9,578,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently bought and sold shares of the stock. Vanguard Group Inc. lifted its position 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 worth $458,267,000 after acquiring an additional 2,556,332 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Cleveland-Cliffs by 3.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 21,247,426 shares of the mining company's stock valued at $199,724,000 after buying an additional 647,282 shares during the period. Slate Path Capital LP boosted its stake in shares of Cleveland-Cliffs by 35.4% in 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 buying an additional 4,239,000 shares during the period. Geode Capital Management LLC boosted its stake in shares of Cleveland-Cliffs by 3.2% in the fourth quarter. Geode Capital Management LLC now owns 8,466,747 shares of the mining company's stock valued at $79,611,000 after buying an additional 264,078 shares during the period. Finally, Bank of New York Mellon Corp boosted its stake in shares of Cleveland-Cliffs by 20.1% in the fourth quarter. Bank of New York Mellon Corp now owns 7,382,769 shares of the mining company's stock valued at $69,398,000 after buying an additional 1,236,247 shares during the period. 67.68% of the stock is currently owned by institutional investors and hedge funds.

Cleveland-Cliffs Price Performance

Shares of NYSE CLF traded down $0.03 during midday trading on Thursday, reaching $6.97. 21,820,559 shares of the company were exchanged, compared to its average volume of 15,368,350. The stock's 50-day moving average price is $8.00 and its 200-day moving average price is $9.83. The stock has a market cap of $3.45 billion, a P/E ratio of -7.19 and a beta of 2.03. Cleveland-Cliffs Inc. has a one year low of $6.17 and a one year high of $17.41. 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 issued its quarterly earnings data 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 business had revenue of $4.63 billion during the quarter, compared to the consensus estimate of $4.71 billion. During the same period in the prior year, the firm earned $0.18 EPS. The business's revenue for the quarter was down 11.0% compared to the same quarter last year. On average, sell-side analysts anticipate that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts have commented on the stock. Morgan Stanley lowered their price objective on shares of 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 objective on shares of Cleveland-Cliffs from $14.54 to $12.90 and set a "buy" rating for the company in a research report on Thursday, February 27th. The Goldman Sachs Group lowered their price objective on shares of Cleveland-Cliffs from $13.00 to $11.25 and set a "buy" rating for the company in a research report on Monday, May 12th. Finally, B. Riley restated a "buy" rating and set a $17.00 price objective (down from $20.00) on shares of Cleveland-Cliffs in a research report on Wednesday, April 23rd. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, Cleveland-Cliffs has an average rating of "Hold" and an average price target of $14.02.

Insider Buying and Selling

In other news, EVP Keith Koci purchased 9,500 shares of the business's stock in a transaction on Friday, February 28th. The shares were acquired at an average price of $10.81 per share, with a total value of $102,695.00. Following the completion of the transaction, the executive vice president now owns 543,475 shares of the company's stock, valued at $5,874,964.75. The trade was a 1.78% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director John T. Baldwin purchased 4,000 shares of the business's stock in a transaction 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 transaction, the director now directly owns 133,227 shares of the company's stock, valued at approximately $1,159,074.90. The trade was a 3.10% increase in their position. The disclosure for this purchase can be found here. Insiders have acquired a total of 23,500 shares of company stock valued at $243,095 over the last 90 days. 1.71% of the stock is owned by 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.