GAMMA Investing LLC Acquires 65,485 Shares of Cleveland-Cliffs Inc. (NYSE:CLF)

GAMMA Investing LLC raised its holdings in Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 1,228.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 70,815 shares of the mining company's stock after buying an additional 65,485 shares during the period. GAMMA Investing LLC's holdings in Cleveland-Cliffs were worth $582,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in CLF. Vanguard Group Inc. increased its stake in shares of Cleveland-Cliffs by 5.5% during the 4th quarter. Vanguard Group Inc. now owns 48,751,789 shares of the mining company's stock worth $458,267,000 after purchasing an additional 2,556,332 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Cleveland-Cliffs by 3.1% during the 4th quarter. Dimensional Fund Advisors LP now owns 21,247,426 shares of the mining company's stock worth $199,724,000 after buying an additional 647,282 shares during the period. Slate Path Capital LP boosted its holdings in shares of Cleveland-Cliffs by 35.4% during the 4th quarter. Slate Path Capital LP now owns 16,208,000 shares of the mining company's stock worth $152,355,000 after buying an additional 4,239,000 shares during the period. Geode Capital Management LLC boosted its holdings in shares of Cleveland-Cliffs by 3.2% during the 4th quarter. Geode Capital Management LLC now owns 8,466,747 shares of the mining company's stock worth $79,611,000 after buying an additional 264,078 shares during the period. Finally, Bank of New York Mellon Corp boosted its holdings in shares of Cleveland-Cliffs by 20.1% during the 4th quarter. Bank of New York Mellon Corp now owns 7,382,769 shares of the mining company's stock worth $69,398,000 after buying an additional 1,236,247 shares during the period. 67.68% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts recently commented on the stock. B. Riley reaffirmed a "buy" rating and set a $17.00 target price (down previously from $20.00) on shares of Cleveland-Cliffs in a report on Wednesday, April 23rd. Morgan Stanley upped their price target on shares of Cleveland-Cliffs from $7.50 to $8.00 and gave the stock an "equal weight" rating in a report on Friday. Glj Research downgraded shares of Cleveland-Cliffs from a "strong-buy" rating to a "strong sell" rating and set a $3.91 price target for the company. in a report on Wednesday, May 28th. Finally, The Goldman Sachs Group lowered 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 report on Monday, May 12th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $11.53.

Insider Activity

In related news, EVP James D. Graham sold 120,000 shares of the stock in a transaction on 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 now directly owns 492,249 shares of the company's stock, valued at $3,371,905.65. This represents a 19.60% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 1.71% of the company's stock.

Cleveland-Cliffs Trading Down 4.7%

NYSE CLF traded down $0.35 on Friday, hitting $6.99. The company's stock had a trading volume of 44,241,749 shares, compared to its average volume of 18,371,906. The company has a quick ratio of 0.64, a current ratio of 2.13 and a debt-to-equity ratio of 1.17. Cleveland-Cliffs Inc. has a 1-year low of $5.63 and a 1-year high of $16.47. The company's 50-day moving average is $7.42 and its 200 day moving average is $9.08. The firm has a market cap of $3.45 billion, a PE ratio of -2.86 and a beta of 1.85.

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