Gotham Asset Management LLC Cuts Stake in Cleveland-Cliffs Inc. (NYSE:CLF)

Gotham Asset Management LLC lowered its stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 91.8% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 46,723 shares of the mining company's stock after selling 521,456 shares during the period. Gotham Asset Management LLC's holdings in Cleveland-Cliffs were worth $439,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of the stock. Summit Investment Advisors Inc. increased its stake in shares of Cleveland-Cliffs by 1.0% during the fourth 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 in the last quarter. AllSquare Wealth Management LLC increased its stake in shares of Cleveland-Cliffs by 24.4% during the fourth quarter. AllSquare Wealth Management LLC now owns 5,100 shares of the mining company's stock worth $48,000 after purchasing an additional 1,000 shares in the last quarter. MRP Capital Investments LLC increased its stake in shares of Cleveland-Cliffs by 10.0% during the fourth quarter. MRP Capital Investments LLC now owns 11,000 shares of the mining company's stock worth $103,000 after purchasing an additional 1,000 shares in the last quarter. Jones Financial Companies Lllp increased its stake in shares of Cleveland-Cliffs by 21.3% during the fourth quarter. Jones Financial Companies Lllp now owns 6,723 shares of the mining company's stock worth $63,000 after purchasing an additional 1,182 shares in the last quarter. Finally, Patriot Financial Group Insurance Agency LLC increased its stake in shares of Cleveland-Cliffs by 11.0% during the fourth quarter. Patriot Financial Group Insurance Agency LLC now owns 13,270 shares of the mining company's stock worth $125,000 after purchasing an additional 1,313 shares in the last quarter. Hedge funds and other institutional investors own 67.68% of the company's stock.

Insider Buying and Selling at Cleveland-Cliffs

In related news, EVP Keith Koci purchased 9,500 shares of Cleveland-Cliffs stock in a transaction dated Friday, February 28th. The shares were acquired at an average cost of $10.81 per share, with a total value of $102,695.00. Following the purchase, the executive vice president now 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director John T. Baldwin purchased 4,000 shares of Cleveland-Cliffs stock in a transaction dated Monday, March 10th. The stock was bought at an average cost of $8.70 per share, for a total transaction of $34,800.00. Following the completion of the purchase, the director now directly owns 133,227 shares in the company, valued at approximately $1,159,074.90. This trade represents a 3.10% increase in their position. The disclosure for this purchase can be found here. Insiders have bought 23,500 shares of company stock worth $243,095 in the last ninety days. 1.71% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of research firms have recently commented on CLF. Morgan Stanley cut their target price on shares of Cleveland-Cliffs from $13.00 to $11.00 and set an "equal weight" rating for the company in a research note on Monday, February 3rd. B. Riley restated a "buy" rating and set a $17.00 price target (down from $20.00) on shares of Cleveland-Cliffs in a research report on Wednesday, April 23rd. The Goldman Sachs Group lowered their price target on shares of Cleveland-Cliffs from $13.00 to $11.25 and set a "buy" rating on the stock in a research report on Monday, May 12th. Finally, Glj Research lowered their price target on shares of Cleveland-Cliffs from $14.54 to $12.90 and set a "buy" rating on the stock in a research report on Thursday, February 27th. One analyst has rated the stock with a sell rating, four have issued a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $15.02.

Cleveland-Cliffs Stock Performance

NYSE:CLF opened at $7.35 on Tuesday. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.85 and a quick ratio of 0.55. The firm has a market capitalization of $3.63 billion, a price-to-earnings ratio of -7.58 and a beta of 2.03. The company's 50-day moving average is $8.12 and its two-hundred day moving average is $9.87. Cleveland-Cliffs Inc. has a 1-year low of $6.17 and a 1-year high of $17.86.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last posted its earnings results on Wednesday, May 7th. The mining company reported ($0.92) earnings per share for the quarter, missing the consensus estimate 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 2.31% and a negative return on equity of 0.59%. The business's revenue for the quarter was down 11.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.18 earnings per share. Analysts forecast that Cleveland-Cliffs Inc. will post -0.79 EPS for the current year.

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.

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