Drexel Morgan & Co. Acquires 88,680 Shares of Cleveland-Cliffs Inc. (NYSE:CLF)

Key Points

• Drexel Morgan & Co. increased its holdings in Cleveland-Cliffs Inc. by 2.1%, acquiring an additional 88,680 shares, bringing its total to 4,389,075 shares, making Cleveland-Cliffs its 2nd largest position.
• A number of institutional investors, including Fairfax Financial Holdings and Norges Bank, have also made significant purchases of Cleveland-Cliffs stock, reflecting a growing interest in the company.
• Analysts have given Cleveland-Cliffs a mixed rating, with a consensus rating of "Hold" and an average price target of $11.09, despite fluctuating price targets from various firms.

Drexel Morgan & Co. increased its holdings in shares of Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 2.1% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 4,389,075 shares of the mining company's stock after acquiring an additional 88,680 shares during the quarter. Cleveland-Cliffs comprises about 7.6% of Drexel Morgan & Co.'s investment portfolio, making the stock its 2nd largest holding. Drexel Morgan & Co. owned approximately 0.89% of Cleveland-Cliffs worth $36,078,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Slate Path Capital LP raised its stake in 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 purchasing an additional 4,239,000 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of Cleveland-Cliffs by 22.9% in the 4th 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 worth $12,209,000 after purchasing an additional 242,386 shares during the last quarter. Twelve Points Wealth Management LLC raised its position in Cleveland-Cliffs by 51.7% in the 1st quarter. Twelve Points Wealth Management LLC now owns 225,499 shares of the mining company's stock worth $1,854,000 after buying an additional 76,827 shares during the last quarter. Wexford Capital LP raised its position in Cleveland-Cliffs by 1,212.0% in the 4th quarter. Wexford Capital LP now owns 1,018,950 shares of the mining company's stock worth $9,578,000 after buying an additional 941,284 shares during the last quarter. Finally, Fairfax Financial Holdings Ltd. Can purchased a new stake in shares of Cleveland-Cliffs during the 4th quarter valued at about $55,453,000. 67.68% of the stock is owned by institutional investors.

Insider Buying and Selling

In other Cleveland-Cliffs news, EVP James D. Graham sold 120,000 shares of the company's stock in a transaction dated Friday, May 23rd. The shares were 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 $3,371,905.65. This represents a 19.60% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 1.76% of the stock is owned by insiders.

Wall Street Analyst Weigh In

CLF has been the topic of several recent research reports. The Goldman Sachs Group decreased their price objective on Cleveland-Cliffs from $13.00 to $11.25 and set a "buy" rating on the stock in a report on Monday, May 12th. B. Riley reissued a "buy" rating and set a $17.00 price target (down previously from $20.00) on shares of Cleveland-Cliffs in a research report on Wednesday, April 23rd. Morgan Stanley raised their price objective on Cleveland-Cliffs from $8.00 to $10.50 and gave the company an "equal weight" rating in a research report on Tuesday, July 22nd. KeyCorp raised Cleveland-Cliffs from a "sector weight" rating to an "overweight" rating and set a $14.00 target price for the company in a report on Tuesday, July 22nd. Finally, Citigroup boosted their price objective on Cleveland-Cliffs from $7.50 to $11.00 and gave the company a "neutral" rating in a research report on Monday, July 21st. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating, three have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $11.09.

Cleveland-Cliffs Stock Down 0.5%

Shares of CLF traded down $0.05 during midday trading on Tuesday, reaching $9.67. 13,504,236 shares of the company were exchanged, compared to its average volume of 25,814,010. The company has a current ratio of 2.04, a quick ratio of 0.61 and a debt-to-equity ratio of 1.28. Cleveland-Cliffs Inc. has a 1-year low of $5.63 and a 1-year high of $14.34. The stock has a 50-day moving average price of $8.49 and a 200-day moving average price of $8.83. The company has a market cap of $4.78 billion, a price-to-earnings ratio of -2.84 and a beta of 1.99.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last issued its quarterly earnings data on Monday, July 21st. The mining company reported ($0.50) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.68) by $0.18. Cleveland-Cliffs had a negative return on equity of 17.97% and a negative net margin of 9.03%. The business had revenue of $4.93 billion during the quarter, compared to analyst estimates of $4.90 billion. During the same period in the prior year, the company posted $0.11 EPS. The business's revenue for the quarter was up 7.5% compared to the same quarter last year. Research analysts expect that Cleveland-Cliffs Inc. will post -0.79 earnings per share 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.