Thomist Capital Management LP Boosts Holdings in Cleveland-Cliffs Inc. (NYSE:CLF)

Thomist Capital Management LP raised its holdings in shares of Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 191.7% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 590,300 shares of the mining company's stock after purchasing an additional 387,922 shares during the quarter. Cleveland-Cliffs accounts for approximately 1.3% of Thomist Capital Management LP's portfolio, making the stock its 18th largest position. Thomist Capital Management LP owned about 0.12% of Cleveland-Cliffs worth $5,522,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Toronto Dominion Bank lifted its position in shares of Cleveland-Cliffs by 9,170.9% during the 4th quarter. Toronto Dominion Bank now owns 69,995 shares of the mining company's stock worth $658,000 after buying an additional 69,240 shares in the last quarter. SG Capital Management LLC bought a new position in Cleveland-Cliffs during the fourth quarter valued at about $3,224,000. Point72 Hong Kong Ltd bought a new position in Cleveland-Cliffs during the fourth quarter valued at about $1,015,000. ProShare Advisors LLC grew its position in Cleveland-Cliffs by 11.1% during the fourth quarter. ProShare Advisors LLC now owns 22,660 shares of the mining company's stock valued at $213,000 after buying an additional 2,257 shares during the period. Finally, Quantinno Capital Management LP bought a new position in Cleveland-Cliffs during the fourth quarter valued at about $260,000. Institutional investors own 67.68% of the company's stock.

Analysts Set New Price Targets

Several equities analysts recently weighed in on CLF shares. Morgan Stanley reduced their price target 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 dropped their price objective on shares of Cleveland-Cliffs from $14.54 to $12.90 and set a "buy" rating on the stock in a report on Thursday, February 27th. The Goldman Sachs Group reduced 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 note on Monday, May 12th. Finally, B. Riley reiterated a "buy" rating and issued a $17.00 price objective (down from $20.00) on shares of Cleveland-Cliffs in a research note on Wednesday, April 23rd. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $15.02.

Insider Transactions at Cleveland-Cliffs

In other Cleveland-Cliffs news, EVP Keith Koci purchased 9,500 shares of the firm's stock in a transaction on Friday, February 28th. The shares were purchased at an average cost of $10.81 per share, with a total value of $102,695.00. Following the completion of the purchase, 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 filing with the Securities & Exchange Commission, which is available through this link. Also, Director Jane M. Cronin purchased 10,000 shares of the firm's stock in a transaction on Friday, February 28th. The shares were acquired at an average cost of $10.56 per share, for a total transaction of $105,600.00. Following the completion of the purchase, 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. In the last ninety days, insiders purchased 23,500 shares of company stock valued at $243,095. Insiders own 1.71% of the company's stock.

Cleveland-Cliffs Price Performance

Shares of Cleveland-Cliffs stock traded up $0.05 on Tuesday, reaching $7.41. The stock had a trading volume of 14,768,291 shares, compared to its average volume of 15,260,882. Cleveland-Cliffs Inc. has a 1 year low of $6.17 and a 1 year high of $17.77. The company has a market cap of $3.66 billion, a P/E ratio of -7.64 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. The business's 50 day moving average is $8.07 and its two-hundred day moving average is $9.85.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last announced its 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 during the quarter, compared to analysts' expectations of $4.71 billion. During the same period in the prior year, the business earned $0.18 earnings per share. The company's revenue for the quarter was down 11.0% compared to the same quarter last year. As a group, research analysts anticipate that Cleveland-Cliffs Inc. will post -0.79 EPS for the current year.

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.