Cleveland-Cliffs Inc. (NYSE:CLF) Shares Acquired by Thomist Capital Management LP

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

A number of other hedge funds have also bought and sold shares of CLF. Summit Investment Advisors Inc. boosted its stake in shares of Cleveland-Cliffs by 1.0% during the 4th quarter. Summit Investment Advisors Inc. now owns 96,956 shares of the mining company's stock worth $911,000 after purchasing an additional 932 shares during the period. AllSquare Wealth Management LLC raised its holdings in shares of Cleveland-Cliffs by 24.4% in the fourth quarter. AllSquare Wealth Management LLC now owns 5,100 shares of the mining company's stock worth $48,000 after buying an additional 1,000 shares during the period. MRP Capital Investments LLC lifted its stake in shares of Cleveland-Cliffs by 10.0% during the 4th quarter. MRP Capital Investments LLC now owns 11,000 shares of the mining company's stock worth $103,000 after acquiring an additional 1,000 shares during the last quarter. Jones Financial Companies Lllp lifted its stake in shares of Cleveland-Cliffs by 21.3% during the 4th quarter. Jones Financial Companies Lllp now owns 6,723 shares of the mining company's stock worth $63,000 after acquiring an additional 1,182 shares during the last quarter. Finally, Patriot Financial Group Insurance Agency LLC boosted its holdings in Cleveland-Cliffs by 11.0% during the 4th quarter. Patriot Financial Group Insurance Agency LLC now owns 13,270 shares of the mining company's stock valued at $125,000 after acquiring an additional 1,313 shares during the period. Institutional investors own 67.68% of the company's stock.

Cleveland-Cliffs Stock Down 1.8%

CLF stock traded down $0.13 during trading on Friday, hitting $6.85. 7,077,585 shares of the company's stock traded hands, compared to its average volume of 15,337,168. The firm has a market capitalization of $3.38 billion, a P/E ratio of -7.04 and a beta of 2.03. Cleveland-Cliffs Inc. has a 1 year low of $6.17 and a 1 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. The business has a fifty day simple moving average of $7.94 and a two-hundred day simple moving average of $9.79.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last released its quarterly earnings results on Wednesday, May 7th. The mining company reported ($0.92) EPS 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 company had revenue of $4.63 billion during the quarter, compared to the consensus estimate of $4.71 billion. During the same period in the previous year, the firm posted $0.18 earnings per share. The company's revenue was down 11.0% on a year-over-year basis. Sell-side analysts anticipate that Cleveland-Cliffs Inc. will post -0.79 EPS for the current year.

Insider Buying and Selling at Cleveland-Cliffs

In other news, EVP Keith Koci bought 9,500 shares of Cleveland-Cliffs stock in a transaction that occurred on Friday, February 28th. The stock was bought at an average price of $10.81 per share, for a total transaction of $102,695.00. Following the purchase, the executive vice president now directly owns 543,475 shares of the company's stock, valued at approximately $5,874,964.75. The trade was a 1.78% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Jane M. Cronin purchased 10,000 shares of the business's stock in a transaction that occurred on Friday, February 28th. The stock was acquired at an average price of $10.56 per share, for a total transaction of $105,600.00. Following the acquisition, the director now owns 24,522 shares in the company, valued at $258,952.32. This trade represents a 68.86% increase in their position. The disclosure for this purchase can be found here. Over the last ninety days, insiders bought 23,500 shares of company stock valued at $243,095. 1.71% of the stock is currently owned by insiders.

Analyst Ratings Changes

CLF has been the subject of several research analyst reports. The Goldman Sachs Group decreased their target price on Cleveland-Cliffs from $13.00 to $11.25 and set a "buy" rating for the company in a research report on Monday, May 12th. Morgan Stanley decreased 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 report on Monday, February 3rd. Glj Research dropped their target price on shares of Cleveland-Cliffs from $14.54 to $12.90 and set a "buy" rating on the stock in a research note on Thursday, February 27th. Finally, B. Riley reaffirmed 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. One analyst has rated the stock with a sell rating, four have issued a hold rating, three have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $14.02.

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.