Man Group plc Boosts Stake in Cleveland-Cliffs Inc. (NYSE:CLF)

Man Group plc raised its stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 108.1% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 406,346 shares of the mining company's stock after buying an additional 211,046 shares during the period. Man Group plc owned about 0.08% of Cleveland-Cliffs worth $3,820,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Nomura Holdings Inc. grew its position in shares of Cleveland-Cliffs by 42.0% during the 4th quarter. Nomura Holdings Inc. now owns 106,375 shares of the mining company's stock valued at $1,000,000 after acquiring an additional 31,475 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of Cleveland-Cliffs by 6.6% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 3,499,644 shares of the mining company's stock valued at $32,896,000 after acquiring an additional 217,488 shares during the period. J. Goldman & Co LP bought a new stake in shares of Cleveland-Cliffs during the 4th quarter valued at $6,982,000. Janus Henderson Group PLC grew its position in shares of Cleveland-Cliffs by 4.9% during the 4th quarter. Janus Henderson Group PLC now owns 217,200 shares of the mining company's stock valued at $2,043,000 after acquiring an additional 10,200 shares during the period. Finally, Jefferies Financial Group Inc. grew its position in shares of Cleveland-Cliffs by 1,151.4% during the 4th quarter. Jefferies Financial Group Inc. now owns 150,037 shares of the mining company's stock valued at $1,410,000 after acquiring an additional 138,047 shares during the period. 67.68% of the stock is currently owned by hedge funds and other institutional investors.

Cleveland-Cliffs Price Performance

CLF stock traded down $0.10 during mid-day trading on Tuesday, hitting $6.38. The company had a trading volume of 53,079,401 shares, compared to its average volume of 15,722,668. The company has a market capitalization of $3.15 billion, a price-to-earnings ratio of -6.58 and a beta of 2.03. Cleveland-Cliffs Inc. has a 12-month low of $6.04 and a 12-month high of $17.41. The company has a quick ratio of 0.55, a current ratio of 1.85 and a debt-to-equity ratio of 0.53. The company has a 50-day moving average price of $7.75 and a 200 day moving average price of $9.63.

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 the consensus estimate of ($0.78) by ($0.14). The company had revenue of $4.63 billion during the quarter, compared to analysts' expectations of $4.71 billion. Cleveland-Cliffs had a negative return on equity of 0.59% and a negative net margin of 2.31%. The firm'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 EPS. On average, research analysts anticipate that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current year.

Analyst Ratings Changes

A number of brokerages have recently issued reports on CLF. Morgan Stanley cut their price objective on shares of Cleveland-Cliffs from $13.00 to $11.00 and set an "equal weight" rating for the company in a research report on Monday, February 3rd. B. Riley reissued a "buy" rating and set a $17.00 price objective (down previously from $20.00) on shares of Cleveland-Cliffs in a research report on Wednesday, April 23rd. Glj Research dropped their target price on shares of Cleveland-Cliffs from $14.54 to $12.90 and set a "buy" rating for the company in a report on Thursday, February 27th. Finally, The Goldman Sachs Group dropped their target price on shares of Cleveland-Cliffs from $13.00 to $11.25 and set a "buy" rating for the company in a report on Monday, May 12th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Cleveland-Cliffs currently has an average rating of "Hold" and a consensus price target of $14.02.

Insiders Place Their Bets

In other Cleveland-Cliffs news, Director John T. Baldwin bought 4,000 shares of the firm's stock in a transaction dated Monday, March 10th. The shares were purchased at an average cost of $8.70 per share, for a total transaction of $34,800.00. Following the transaction, the director now owns 133,227 shares of the company's stock, valued at $1,159,074.90. This represents a 3.10% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, 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 sale, the executive vice president now owns 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 disclosure for this sale can be found here. Insiders have purchased a total of 23,500 shares of company stock worth $243,095 in the last 90 days. 1.76% of the stock is currently owned by corporate insiders.

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.