Cleveland-Cliffs Inc. (NYSE:CLF) Shares Purchased by Twelve Points Wealth Management LLC

Twelve Points Wealth Management LLC raised its stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 51.7% in the first quarter, according to its most recent 13F filing with the SEC. The fund owned 225,499 shares of the mining company's stock after buying an additional 76,827 shares during the period. Twelve Points Wealth Management LLC's holdings in Cleveland-Cliffs were worth $1,854,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of CLF. Vanguard Group Inc. increased 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 in the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Cleveland-Cliffs by 3.1% in the 4th quarter. Dimensional Fund Advisors LP now owns 21,247,426 shares of the mining company's stock valued at $199,724,000 after purchasing an additional 647,282 shares in the last quarter. Slate Path Capital LP increased 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 in the last quarter. Geode Capital Management LLC increased its stake in shares of Cleveland-Cliffs by 3.2% in the 4th quarter. Geode Capital Management LLC now owns 8,466,747 shares of the mining company's stock valued at $79,611,000 after purchasing an additional 264,078 shares in the last quarter. Finally, Fairfax Financial Holdings Ltd. Can purchased a new position in shares of Cleveland-Cliffs in the 4th quarter valued at about $55,453,000. Hedge funds and other institutional investors own 67.68% of the company's stock.

Insider Activity

In related news, EVP James D. Graham sold 120,000 shares of the company's stock in a transaction that occurred 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 directly owned 492,249 shares in the company, valued at approximately $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 SEC, which is accessible through this link. 1.71% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several brokerages recently weighed in on CLF. Glj Research lowered Cleveland-Cliffs from a "strong-buy" rating to a "strong sell" rating and set a $3.91 price target for the company. in a research note on Wednesday, May 28th. B. Riley restated a "buy" rating and issued a $17.00 price target (down previously from $20.00) on shares of Cleveland-Cliffs in a research note on Wednesday, April 23rd. Morgan Stanley boosted their price objective on Cleveland-Cliffs from $7.50 to $8.00 and gave the stock an "equal weight" rating in a research note on Friday, June 20th. Finally, The Goldman Sachs Group cut their price objective on Cleveland-Cliffs from $13.00 to $11.25 and set a "buy" rating for the company in a research note on Monday, May 12th. Two investment analysts have rated the stock with a sell rating, two have given a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, Cleveland-Cliffs has an average rating of "Hold" and an average price target of $10.23.

Cleveland-Cliffs Price Performance

NYSE:CLF traded up $0.09 during trading hours on Friday, hitting $9.86. 21,268,448 shares of the stock were exchanged, compared to its average volume of 19,526,040. Cleveland-Cliffs Inc. has a 52-week low of $5.63 and a 52-week high of $16.47. The firm's fifty day moving average price is $7.57 and its 200 day moving average price is $8.79. The company has a current ratio of 2.13, a quick ratio of 0.64 and a debt-to-equity ratio of 1.17. The company has a market cap of $4.88 billion, a P/E ratio of -4.04 and a beta of 1.91.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last posted its quarterly earnings results on Wednesday, May 7th. The mining company reported ($0.92) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.78) by ($0.14). The company had revenue of $4.63 billion during the quarter, compared to analysts' expectations of $4.71 billion. Cleveland-Cliffs had a negative net margin of 6.35% and a negative return on equity of 12.84%. Cleveland-Cliffs's revenue for the quarter was down 11.0% on a year-over-year basis. During the same quarter last year, the company earned $0.18 earnings per share. As a group, equities research analysts anticipate that Cleveland-Cliffs Inc. will post -0.79 EPS for the current fiscal 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.