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

Stonegate Investment Group LLC boosted its stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 41.5% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,859,792 shares of the mining company's stock after purchasing an additional 838,582 shares during the quarter. Stonegate Investment Group LLC owned about 0.58% of Cleveland-Cliffs worth $23,507,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in the stock. Pinpoint Asset Management Ltd acquired a new stake in shares of Cleveland-Cliffs in the fourth quarter worth $25,000. Estabrook Capital Management raised its holdings in Cleveland-Cliffs by 207.7% in the 4th quarter. Estabrook Capital Management now owns 4,000 shares of the mining company's stock worth $38,000 after acquiring an additional 2,700 shares during the period. AllSquare Wealth Management LLC lifted its position in Cleveland-Cliffs by 24.4% during the 4th quarter. AllSquare Wealth Management LLC now owns 5,100 shares of the mining company's stock worth $48,000 after acquiring an additional 1,000 shares during the last quarter. Farther Finance Advisors LLC lifted its position in Cleveland-Cliffs by 487.8% during the 4th quarter. Farther Finance Advisors LLC now owns 5,990 shares of the mining company's stock worth $56,000 after acquiring an additional 4,971 shares during the last quarter. Finally, Fifth Third Bancorp boosted its holdings in Cleveland-Cliffs by 36.6% during the first quarter. Fifth Third Bancorp now owns 6,216 shares of the mining company's stock valued at $51,000 after acquiring an additional 1,664 shares during the period. Institutional investors own 67.68% of the company's stock.

Cleveland-Cliffs Stock Performance

Shares of CLF stock traded down $0.05 during mid-day trading on Monday, reaching $6.93. The stock had a trading volume of 28,713,029 shares, compared to its average volume of 18,375,106. Cleveland-Cliffs Inc. has a one year low of $5.63 and a one year high of $16.47. The firm has a market cap of $3.43 billion, a PE ratio of -2.84 and a beta of 1.85. The firm's 50 day simple moving average is $7.41 and its 200 day simple moving average is $9.00. The company has a quick ratio of 0.64, a current ratio of 2.13 and a debt-to-equity ratio of 1.17.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last issued its 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 firm had revenue of $4.63 billion during the quarter, compared to the consensus estimate of $4.71 billion. Cleveland-Cliffs had a negative return on equity of 12.84% and a negative net margin of 6.35%. The firm's revenue for the quarter was down 11.0% compared to the same quarter last year. During the same period last year, the business earned $0.18 earnings per share. On average, analysts forecast that Cleveland-Cliffs Inc. will post -0.79 EPS for the current year.

Insider Activity at Cleveland-Cliffs

In other Cleveland-Cliffs news, EVP James D. Graham sold 120,000 shares of the company's 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 sale, the executive vice president now directly 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 sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 1.76% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of research firms have recently commented on CLF. Glj Research cut Cleveland-Cliffs from a "strong-buy" rating to a "strong sell" rating and set a $3.91 price objective for the company. in a research report on Wednesday, May 28th. The Goldman Sachs Group cut their price target on Cleveland-Cliffs from $13.00 to $11.25 and set a "buy" rating for the company in a report on Monday, May 12th. B. Riley reissued 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, Morgan Stanley boosted their target price on shares of Cleveland-Cliffs from $7.50 to $8.00 and gave the stock an "equal weight" rating in a research report on Friday. Two research analysts have rated the stock with a sell rating, three have given a hold rating, two have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Cleveland-Cliffs has a consensus rating of "Hold" and an average price target of $11.53.

Cleveland-Cliffs 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.