Edgestream Partners L.P. Buys Shares of 434,300 Cleveland-Cliffs Inc. (NYSE:CLF)

Edgestream Partners L.P. bought a new stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) during the 1st quarter, according to its most recent filing with the SEC. The fund bought 434,300 shares of the mining company's stock, valued at approximately $3,570,000. Edgestream Partners L.P. owned approximately 0.09% of Cleveland-Cliffs as of its most recent filing with the SEC.

Other institutional investors have also made changes to their positions in the company. Pinpoint Asset Management Ltd acquired a new position in Cleveland-Cliffs in the fourth quarter valued at about $25,000. Estabrook Capital Management boosted its position in Cleveland-Cliffs by 207.7% in the fourth quarter. Estabrook Capital Management now owns 4,000 shares of the mining company's stock valued at $38,000 after buying an additional 2,700 shares in the last quarter. AllSquare Wealth Management LLC raised its stake 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 acquiring an additional 1,000 shares during the last quarter. Farther Finance Advisors LLC raised its stake in shares of Cleveland-Cliffs by 487.8% in the fourth quarter. Farther Finance Advisors LLC now owns 5,990 shares of the mining company's stock worth $56,000 after acquiring an additional 4,971 shares during the last quarter. Finally, Fifth Third Bancorp raised its stake in shares of Cleveland-Cliffs by 36.6% in the first quarter. Fifth Third Bancorp now owns 6,216 shares of the mining company's stock worth $51,000 after acquiring an additional 1,664 shares during the last quarter. 67.68% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on CLF shares. JPMorgan Chase & Co. reaffirmed a "neutral" rating and issued a $7.50 target price on shares of Cleveland-Cliffs in a research note on Monday. B. Riley reissued a "buy" rating and set a $17.00 price target (down from $20.00) on shares of Cleveland-Cliffs in a research note on Wednesday, April 23rd. Glj Research downgraded shares of Cleveland-Cliffs from a "strong-buy" rating to a "strong sell" rating and set a $3.91 target price for the company. in a research note on Wednesday, May 28th. The Goldman Sachs Group lowered their target price 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, Morgan Stanley upped their target price on shares of Cleveland-Cliffs from $7.50 to $8.00 and gave the company an "equal weight" rating in a research note on Friday, June 20th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $9.78.

Cleveland-Cliffs Stock Performance

CLF stock traded up $0.26 during trading hours on Thursday, reaching $9.40. The stock had a trading volume of 23,396,706 shares, compared to its average volume of 19,689,963. The stock has a market capitalization of $4.65 billion, a PE ratio of -3.85 and a beta of 1.91. The company has a debt-to-equity ratio of 1.17, a current ratio of 2.13 and a quick ratio of 0.64. The stock has a 50-day simple moving average of $7.65 and a 200 day simple moving average of $8.79. Cleveland-Cliffs Inc. has a fifty-two week low of $5.63 and a fifty-two week high of $16.00.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last announced its quarterly earnings results on Wednesday, May 7th. The mining company reported ($0.92) EPS for the quarter, missing analysts' consensus estimates of ($0.78) by ($0.14). The firm had revenue of $4.63 billion during the quarter, compared to analyst estimates of $4.71 billion. Cleveland-Cliffs had a negative net margin of 6.35% and a negative return on equity of 12.84%. The business's revenue was down 11.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.18 EPS. Analysts predict that Cleveland-Cliffs Inc. will post -0.79 EPS for the current fiscal year.

Insider Buying and Selling at Cleveland-Cliffs

In related news, EVP James D. Graham sold 120,000 shares of the firm'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 transaction, the executive vice president directly owned 492,249 shares of the company's stock, valued at approximately $3,371,905.65. This trade 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 through the SEC website. 1.71% of the stock is owned by insiders.

About Cleveland-Cliffs

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.