Triumph Capital Management Purchases New Shares in Cleveland-Cliffs Inc. (NYSE:CLF)

Triumph Capital Management bought a new stake in Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 35,417 shares of the mining company's stock, valued at approximately $291,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Slate Path Capital LP boosted its holdings in Cleveland-Cliffs by 35.4% during the fourth quarter. Slate Path Capital LP now owns 16,208,000 shares of the mining company's stock worth $152,355,000 after buying an additional 4,239,000 shares in the last quarter. Vanguard Group Inc. lifted its holdings in shares of Cleveland-Cliffs by 5.5% in the fourth 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 in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of Cleveland-Cliffs by 22.9% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,298,868 shares of the mining company's stock valued at $12,209,000 after purchasing an additional 242,386 shares in the last quarter. Twelve Points Wealth Management LLC lifted its holdings in shares of Cleveland-Cliffs by 51.7% in the first quarter. Twelve Points Wealth Management LLC now owns 225,499 shares of the mining company's stock valued at $1,854,000 after purchasing an additional 76,827 shares in the last quarter. Finally, Wexford Capital LP lifted its holdings in shares of Cleveland-Cliffs by 1,212.0% in the fourth quarter. Wexford Capital LP now owns 1,018,950 shares of the mining company's stock valued at $9,578,000 after purchasing an additional 941,284 shares in the last quarter. Hedge funds and other institutional investors own 67.68% of the company's stock.

Analysts Set New Price Targets

Several analysts have issued reports on the stock. Glj Research downgraded shares of Cleveland-Cliffs from a "strong-buy" rating to a "strong sell" rating and set a $3.91 price target on the stock. in a report on Wednesday, May 28th. Citigroup upped their price objective on shares of Cleveland-Cliffs from $7.50 to $11.00 and gave the company a "neutral" rating in a research note on Monday. The Goldman Sachs Group reduced their price objective on shares of Cleveland-Cliffs from $13.00 to $11.25 and set a "buy" rating on the stock in a research note on Monday, May 12th. Morgan Stanley upped their price objective on shares of Cleveland-Cliffs from $8.00 to $10.50 and gave the company an "equal weight" rating in a research note on Tuesday. Finally, KeyCorp raised shares of Cleveland-Cliffs from a "sector weight" rating to an "overweight" rating and set a $14.00 price objective on the stock in a research note on Tuesday. Two equities 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 issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $11.09.

Insider Activity

In other news, EVP James D. Graham sold 120,000 shares of the stock in a transaction on Friday, May 23rd. The shares were sold at an average price of $6.85, for a total value of $822,000.00. Following the completion of the sale, the executive vice president owned 492,249 shares of the company's stock, valued at $3,371,905.65. This represents a 19.60% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.71% of the stock is owned by insiders.

Cleveland-Cliffs Trading Down 3.1%

Shares of Cleveland-Cliffs stock traded down $0.36 during trading hours on Thursday, hitting $10.92. The company's stock had a trading volume of 24,641,774 shares, compared to its average volume of 31,291,766. Cleveland-Cliffs Inc. has a 1-year low of $5.63 and a 1-year high of $15.71. The business has a fifty day moving average of $7.92 and a 200 day moving average of $8.82. The company has a market capitalization of $5.40 billion, a PE ratio of -3.20 and a beta of 1.91. The company has a quick ratio of 0.64, a current ratio of 2.04 and a debt-to-equity ratio of 1.28.

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

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.