Cleveland-Cliffs Inc. (NYSE:CLF) Shares Sold by Monaco Asset Management SAM

Key Points

• Monaco Asset Management SAM reduced its stake in Cleveland-Cliffs Inc. by 56.4% in Q1, owning 240,000 shares valued at approximately $1.97 million.
• Several institutional investors increased their holdings in Cleveland-Cliffs, with Vanguard Group now owning nearly 48.8 million shares, valued at $458.3 million.
• Analysts have mixed ratings for the stock, with price targets adjusted between $3.91 and $17.00, resulting in an average rating of "Hold" and a target price of about $11.09.

Monaco Asset Management SAM lowered its position in Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 56.4% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 240,000 shares of the mining company's stock after selling 310,000 shares during the quarter. Cleveland-Cliffs makes up approximately 0.4% of Monaco Asset Management SAM's portfolio, making the stock its 25th biggest position. Monaco Asset Management SAM's holdings in Cleveland-Cliffs were worth $1,973,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Corient Private Wealth LLC increased its holdings in shares of Cleveland-Cliffs by 27.2% in the fourth quarter. Corient Private Wealth LLC now owns 16,362 shares of the mining company's stock valued at $154,000 after purchasing an additional 3,495 shares during the period. Thrivent Financial for Lutherans grew its holdings in Cleveland-Cliffs by 3.6% during the fourth quarter. Thrivent Financial for Lutherans now owns 113,897 shares of the mining company's stock worth $1,071,000 after acquiring an additional 3,940 shares during the period. Vanguard Group Inc. grew its holdings in Cleveland-Cliffs by 5.5% during the fourth quarter. Vanguard Group Inc. now owns 48,751,789 shares of the mining company's stock worth $458,267,000 after acquiring an additional 2,556,332 shares during the period. Norges Bank acquired a new position in Cleveland-Cliffs during the fourth quarter worth $45,381,000. Finally, Pictet Asset Management Holding SA grew its holdings in Cleveland-Cliffs by 12.0% in the fourth quarter. Pictet Asset Management Holding SA now owns 100,553 shares of the mining company's stock valued at $945,000 after purchasing an additional 10,773 shares during the last quarter. Hedge funds and other institutional investors own 67.68% of the company's stock.

Analyst Ratings Changes

CLF has been the topic of several research reports. Glj Research lowered Cleveland-Cliffs from a "strong-buy" rating to a "strong sell" rating and set a $3.91 target price on the stock. in a report on Wednesday, May 28th. JPMorgan Chase & Co. upped their price objective on Cleveland-Cliffs from $7.50 to $10.00 and gave the company a "neutral" rating in a research report on Thursday, July 24th. KeyCorp upgraded Cleveland-Cliffs from a "sector weight" rating to an "overweight" rating and set a $14.00 price objective on the stock in a research report on Tuesday, July 22nd. B. Riley restated a "buy" rating and issued a $17.00 price objective (down from $20.00) on shares of Cleveland-Cliffs in a research report on Wednesday, April 23rd. Finally, Citigroup increased their target price on Cleveland-Cliffs from $7.50 to $11.00 and gave the stock a "neutral" rating in a research report on Monday, July 21st. Two research analysts have rated the stock with a sell rating, three have issued a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $11.09.

Cleveland-Cliffs Trading Down 4.4%

NYSE CLF traded down $0.46 during trading hours on Friday, hitting $10.06. 20,084,984 shares of the company's stock were exchanged, compared to its average volume of 29,175,116. The business's 50 day moving average is $8.42 and its 200-day moving average is $8.84. Cleveland-Cliffs Inc. has a 12-month low of $5.63 and a 12-month high of $14.38. The firm has a market capitalization of $4.98 billion, a P/E ratio of -2.95 and a beta of 1.99. The company has a debt-to-equity ratio of 1.28, a quick ratio of 0.61 and a current ratio of 2.04.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last announced its quarterly earnings results on Monday, July 21st. The mining company reported ($0.50) EPS for the quarter, topping the consensus estimate of ($0.68) by $0.18. The company had revenue of $4.93 billion during the quarter, compared to analyst estimates of $4.90 billion. Cleveland-Cliffs had a negative return on equity of 17.97% and a negative net margin of 9.03%. The firm's revenue was up 7.5% on a year-over-year basis. During the same period in the prior year, the firm posted $0.11 earnings per share. As a group, analysts anticipate that Cleveland-Cliffs Inc. will post -0.79 EPS for the current fiscal year.

Insider Buying and Selling

In other Cleveland-Cliffs news, EVP James D. Graham sold 120,000 shares of the company's stock in a transaction dated Friday, May 23rd. The stock was sold at an average price of $6.85, for a total transaction of $822,000.00. Following the completion of the sale, the executive vice president directly owned 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 sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 1.76% of the stock is 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.