Easterly Investment Partners LLC Grows Stock Holdings in Cleveland-Cliffs Inc. (NYSE:CLF)

Easterly Investment Partners LLC lifted its stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 34.0% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,715,794 shares of the mining company's stock after purchasing an additional 435,069 shares during the quarter. Cleveland-Cliffs comprises about 1.2% of Easterly Investment Partners LLC's investment portfolio, making the stock its 19th largest holding. Easterly Investment Partners LLC owned 0.35% of Cleveland-Cliffs worth $14,104,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of the stock. Slate Path Capital LP grew its stake in shares of Cleveland-Cliffs by 35.4% in the 4th 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 in the last quarter. Vanguard Group Inc. grew its position in Cleveland-Cliffs by 5.5% in the fourth quarter. Vanguard Group Inc. now owns 48,751,789 shares of the mining company's stock valued at $458,267,000 after acquiring an additional 2,556,332 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in Cleveland-Cliffs by 22.9% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,298,868 shares of the mining company's stock valued at $12,209,000 after acquiring an additional 242,386 shares during the period. Twelve Points Wealth Management LLC grew its position in Cleveland-Cliffs by 51.7% in the first quarter. Twelve Points Wealth Management LLC now owns 225,499 shares of the mining company's stock valued at $1,854,000 after acquiring an additional 76,827 shares during the period. Finally, Wexford Capital LP grew its holdings in shares of Cleveland-Cliffs by 1,212.0% during the fourth quarter. Wexford Capital LP now owns 1,018,950 shares of the mining company's stock worth $9,578,000 after purchasing an additional 941,284 shares during the last quarter. Hedge funds and other institutional investors own 67.68% of the company's stock.

Cleveland-Cliffs Stock Performance

CLF stock traded up $0.12 on Friday, reaching $9.51. The company's stock had a trading volume of 25,018,597 shares, compared to its average volume of 19,805,392. Cleveland-Cliffs Inc. has a 52 week low of $5.63 and a 52 week high of $16.00. The company has a market capitalization of $4.70 billion, a P/E ratio of -3.90 and a beta of 1.91. The firm has a fifty day moving average of $7.70 and a two-hundred day moving average of $8.78. The company has a debt-to-equity ratio of 1.17, a current ratio of 2.13 and a quick ratio of 0.64.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last posted 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). The company had revenue of $4.63 billion for the quarter, compared to the consensus estimate of $4.71 billion. Cleveland-Cliffs had a negative net margin of 6.35% and a negative return on equity of 12.84%. Cleveland-Cliffs's quarterly revenue was down 11.0% on a year-over-year basis. During the same quarter last year, the business earned $0.18 earnings per share. As a group, analysts predict that Cleveland-Cliffs Inc. will post -0.79 EPS for the current fiscal year.

Insider Activity at Cleveland-Cliffs

In other news, EVP James D. Graham sold 120,000 shares of the company's stock in a transaction on Friday, May 23rd. The stock was sold at an average price of $6.85, for a total transaction of $822,000.00. Following the completion of the sale, the executive vice president directly owned 492,249 shares in the company, valued at approximately $3,371,905.65. This represents a 19.60% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 1.76% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the company. Glj Research lowered Cleveland-Cliffs from a "strong-buy" rating to a "strong sell" rating and set a $3.91 price target on the stock. in a research report on Wednesday, May 28th. JPMorgan Chase & Co. reaffirmed a "neutral" rating and set a $7.50 price objective on shares of Cleveland-Cliffs in a report on Monday, July 14th. The Goldman Sachs Group dropped their price objective on Cleveland-Cliffs from $13.00 to $11.25 and set a "buy" rating for the company in a report on Monday, May 12th. B. Riley reiterated a "buy" rating and issued a $17.00 price objective (down from $20.00) on shares of Cleveland-Cliffs in a report on Wednesday, April 23rd. Finally, Morgan Stanley boosted their price target on Cleveland-Cliffs from $7.50 to $8.00 and gave the stock an "equal weight" rating in a report on Friday, June 20th. Two research analysts have rated the stock with a sell rating, three have given a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, Cleveland-Cliffs has an average rating of "Hold" and an average price target of $9.78.

Cleveland-Cliffs 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.