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 stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 56.4% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 240,000 shares of the mining company's stock after selling 310,000 shares during the period. Cleveland-Cliffs accounts for 0.4% of Monaco Asset Management SAM's investment portfolio, making the stock its 25th largest position. Monaco Asset Management SAM's holdings in Cleveland-Cliffs were worth $1,973,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in CLF. Fairfax Financial Holdings Ltd. Can acquired a new position in Cleveland-Cliffs during the fourth quarter worth $55,453,000. Norges Bank acquired a new position in shares of Cleveland-Cliffs in the 4th quarter valued at $45,381,000. Slate Path Capital LP lifted its stake in shares of Cleveland-Cliffs by 35.4% in the 4th quarter. Slate Path Capital LP now owns 16,208,000 shares of the mining company's stock valued at $152,355,000 after purchasing an additional 4,239,000 shares during the last quarter. Vanguard Group Inc. lifted its stake in shares of Cleveland-Cliffs by 5.5% in the 4th quarter. Vanguard Group Inc. now owns 48,751,789 shares of the mining company's stock valued at $458,267,000 after purchasing an additional 2,556,332 shares during the last quarter. Finally, Allianz Asset Management GmbH raised its holdings in shares of Cleveland-Cliffs by 168.8% in the 1st quarter. Allianz Asset Management GmbH now owns 3,555,383 shares of the mining company's stock valued at $29,225,000 after buying an additional 2,232,799 shares during the period. Institutional investors and hedge funds own 67.68% of the company's stock.

Insiders Place Their Bets

In other Cleveland-Cliffs news, EVP James D. Graham sold 120,000 shares of the stock in a transaction that occurred on 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 of the company's stock, valued at approximately $3,371,905.65. This trade represents a 19.60% decrease in their position. The transaction 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 Stock Performance

Shares of NYSE CLF traded down $0.36 during trading hours on Friday, reaching $10.16. The stock had a trading volume of 2,693,762 shares, compared to its average volume of 25,785,299. The firm has a market cap of $5.03 billion, a price-to-earnings ratio of -2.98 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 fifty-two week low of $5.63 and a fifty-two week high of $14.38. The firm has a 50-day moving average of $8.35 and a 200-day moving average of $8.86.

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

Wall Street Analysts Forecast Growth

CLF has been the subject of several research reports. Morgan Stanley lifted their target price on Cleveland-Cliffs from $8.00 to $10.50 and gave the company an "equal weight" rating in a research report on Tuesday, July 22nd. KeyCorp raised Cleveland-Cliffs from a "sector weight" rating to an "overweight" rating and set a $14.00 price target on the stock in a research report on Tuesday, July 22nd. B. Riley reaffirmed a "buy" rating and issued a $17.00 price target (down previously from $20.00) on shares of Cleveland-Cliffs in a research report on Wednesday, April 23rd. Glj Research lowered Cleveland-Cliffs from a "strong-buy" rating to a "strong sell" rating and set a $3.91 price target on the stock. in a research report on Wednesday, May 28th. Finally, Citigroup increased their price target on Cleveland-Cliffs from $7.50 to $11.00 and gave the company a "neutral" rating in a research report on Monday, July 21st. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating, three have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $11.09.

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.