27,000 Shares in Cleveland-Cliffs Inc. (NYSE:CLF) Bought by Madison Asset Management LLC

Madison Asset Management LLC acquired a new position in Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 27,000 shares of the mining company's stock, valued at approximately $222,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Oak Thistle LLC purchased a new position in shares of Cleveland-Cliffs in the 1st quarter worth approximately $158,000. Readystate Asset Management LP grew its position in Cleveland-Cliffs by 151.9% during the 1st quarter. Readystate Asset Management LP now owns 149,122 shares of the mining company's stock worth $1,226,000 after purchasing an additional 89,928 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in Cleveland-Cliffs during the 1st quarter worth approximately $1,074,000. Allianz Asset Management GmbH grew its position in Cleveland-Cliffs by 168.8% during the 1st quarter. Allianz Asset Management GmbH now owns 3,555,383 shares of the mining company's stock worth $29,225,000 after purchasing an additional 2,232,799 shares during the last quarter. Finally, 4WEALTH Advisors Inc. purchased a new stake in Cleveland-Cliffs during the 1st quarter worth approximately $404,000. Hedge funds and other institutional investors own 67.68% of the company's stock.

Insider Transactions at Cleveland-Cliffs

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 sale, the executive vice president directly owned 492,249 shares of the company's stock, valued at approximately $3,371,905.65. This represents a 19.60% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Company insiders own 1.71% of the company's stock.

Analysts Set New Price Targets

Several analysts have weighed in on the stock. Glj Research downgraded shares of Cleveland-Cliffs from a "strong-buy" rating to a "strong sell" rating and set a $3.91 target price on the stock. in a research report on Wednesday, May 28th. JPMorgan Chase & Co. boosted their target price on shares of Cleveland-Cliffs from $7.50 to $10.00 and gave the stock a "neutral" rating in a research report on Thursday. Citigroup boosted their target price on shares of Cleveland-Cliffs from $7.50 to $11.00 and gave the stock a "neutral" rating in a research report on Monday, July 21st. KeyCorp raised shares of Cleveland-Cliffs from a "sector weight" rating to an "overweight" rating and set a $14.00 target price on the stock in a research report on Tuesday, July 22nd. Finally, B. Riley reissued a "buy" rating and set a $17.00 target price (down previously from $20.00) on shares of Cleveland-Cliffs in a research report on Wednesday, April 23rd. Two research analysts have rated the stock with a sell rating, three have given 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.com, the stock has an average rating of "Hold" and an average target price of $11.09.

Cleveland-Cliffs Stock Performance

Shares of CLF stock traded down $0.29 during trading hours on Monday, hitting $11.15. The company's stock had a trading volume of 16,869,965 shares, compared to its average volume of 25,891,023. The company has a 50 day moving average of $8.06 and a 200 day moving average of $8.83. The stock has a market cap of $5.52 billion, a PE ratio of -3.27 and a beta of 1.91. 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 12-month low of $5.63 and a 12-month high of $15.71.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last released its quarterly earnings data on Monday, July 21st. The mining company reported ($0.50) EPS for the quarter, beating the consensus estimate of ($0.68) by $0.18. The business had revenue of $4.93 billion for the quarter, compared to the consensus estimate of $4.90 billion. Cleveland-Cliffs had a negative net margin of 9.03% and a negative return on equity of 17.97%. The business's revenue for the quarter was up 7.5% on a year-over-year basis. During the same period in the prior year, the firm earned $0.11 EPS. On average, sell-side analysts forecast that Cleveland-Cliffs Inc. will post -0.79 EPS for the current fiscal 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.