Stonegate Investment Group LLC Purchases 838,582 Shares of Cleveland-Cliffs Inc. (NYSE:CLF)

Stonegate Investment Group LLC raised its holdings in shares of Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 41.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,859,792 shares of the mining company's stock after buying an additional 838,582 shares during the quarter. Stonegate Investment Group LLC owned about 0.58% of Cleveland-Cliffs worth $23,507,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Vanguard Group Inc. raised its stake in Cleveland-Cliffs by 5.5% during 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. Dimensional Fund Advisors LP raised its position in shares of Cleveland-Cliffs by 3.1% during the fourth quarter. Dimensional Fund Advisors LP now owns 21,247,426 shares of the mining company's stock valued at $199,724,000 after buying an additional 647,282 shares during the last quarter. Slate Path Capital LP lifted its stake in shares of Cleveland-Cliffs by 35.4% in the fourth quarter. Slate Path Capital LP now owns 16,208,000 shares of the mining company's stock valued at $152,355,000 after buying an additional 4,239,000 shares during the period. Geode Capital Management LLC grew its position in Cleveland-Cliffs by 3.2% during the fourth quarter. Geode Capital Management LLC now owns 8,466,747 shares of the mining company's stock worth $79,611,000 after buying an additional 264,078 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its stake in Cleveland-Cliffs by 20.1% during the fourth quarter. Bank of New York Mellon Corp now owns 7,382,769 shares of the mining company's stock valued at $69,398,000 after acquiring an additional 1,236,247 shares during the period. 67.68% of the stock is owned by institutional investors.

Insider Activity at Cleveland-Cliffs

In other news, EVP James D. Graham sold 120,000 shares of the stock in a transaction on Friday, May 23rd. The stock was sold at an average price of $6.85, for a total value of $822,000.00. Following the transaction, the executive vice president now owns 492,249 shares of the company's stock, valued at $3,371,905.65. This represents a 19.60% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 1.76% of the stock is currently owned by company insiders.

Cleveland-Cliffs Trading Up 3.6%

CLF traded up $0.25 during mid-day trading on Tuesday, reaching $7.17. The stock had a trading volume of 26,113,550 shares, compared to its average volume of 18,406,000. The firm's fifty day simple moving average is $7.40 and its two-hundred day simple moving average is $8.96. The stock has a market capitalization of $3.55 billion, a P/E ratio of -2.94 and a beta of 1.85. Cleveland-Cliffs Inc. has a 52 week low of $5.63 and a 52 week high of $16.47. The company has a debt-to-equity ratio of 1.17, a quick ratio of 0.64 and a current ratio of 2.13.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last announced its quarterly earnings data on Wednesday, May 7th. The mining company reported ($0.92) EPS for the quarter, missing analysts' consensus estimates of ($0.78) by ($0.14). Cleveland-Cliffs had a negative return on equity of 12.84% and a negative net margin of 6.35%. The firm had revenue of $4.63 billion during the quarter, compared to analyst estimates of $4.71 billion. During the same quarter in the previous year, the business earned $0.18 earnings per share. Cleveland-Cliffs's revenue for the quarter was down 11.0% compared to the same quarter last year. On average, equities analysts predict that Cleveland-Cliffs Inc. will post -0.79 EPS for the current year.

Analyst Upgrades and Downgrades

CLF has been the subject of several research reports. The Goldman Sachs Group reduced their target price on Cleveland-Cliffs from $13.00 to $11.25 and set a "buy" rating for the company in a research report on Monday, May 12th. B. Riley restated a "buy" rating and issued a $17.00 price target (down from $20.00) on shares of Cleveland-Cliffs in a research report on Wednesday, April 23rd. Glj Research lowered shares of Cleveland-Cliffs from a "strong-buy" rating to a "strong sell" rating and set a $3.91 price objective for the company. in a report on Wednesday, May 28th. Finally, Morgan Stanley boosted their target price on Cleveland-Cliffs from $7.50 to $8.00 and gave the stock an "equal weight" rating in a report on Friday. Two analysts have rated the stock with a sell rating, three have given a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, Cleveland-Cliffs has a consensus rating of "Hold" and a consensus price target of $11.53.

About Cleveland-Cliffs

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.