Cleveland-Cliffs Inc. (NYSE:CLF) Shares Purchased by First Trust Advisors LP

First Trust Advisors LP boosted its stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 14.5% in the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 1,316,695 shares of the mining company's stock after acquiring an additional 166,785 shares during the period. First Trust Advisors LP owned about 0.27% of Cleveland-Cliffs worth $12,377,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in CLF. Vanguard Group Inc. raised its position in shares of Cleveland-Cliffs by 5.5% during the 4th quarter. Vanguard Group Inc. now owns 48,751,789 shares of the mining company's stock worth $458,267,000 after purchasing an additional 2,556,332 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of 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 valued at $79,611,000 after acquiring an additional 264,078 shares during the last quarter. Bank of New York Mellon Corp lifted its position in shares of Cleveland-Cliffs by 20.1% in 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 in the last quarter. Norges Bank purchased a new position in shares of Cleveland-Cliffs in the fourth quarter valued at approximately $45,381,000. Finally, Drexel Morgan & Co. boosted its stake in shares of Cleveland-Cliffs by 34.4% in the fourth quarter. Drexel Morgan & Co. now owns 4,300,395 shares of the mining company's stock worth $40,424,000 after acquiring an additional 1,100,000 shares during the last quarter. 67.68% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on CLF. The Goldman Sachs Group decreased their price objective on Cleveland-Cliffs from $17.00 to $15.00 and set a "buy" rating on the stock in a report on Tuesday, March 4th. Glj Research decreased their price target on shares of Cleveland-Cliffs from $14.54 to $12.90 and set a "buy" rating on the stock in a research note on Thursday, February 27th. Morgan Stanley lowered their price target on shares of Cleveland-Cliffs from $13.00 to $11.00 and set an "equal weight" rating on the stock in a research report on Monday, February 3rd. Finally, B. Riley reiterated a "buy" rating and issued a $17.00 price objective (down previously from $20.00) on shares of Cleveland-Cliffs in a report on Wednesday, April 23rd. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, four have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $15.49.

Cleveland-Cliffs Trading Up 3.6 %

CLF stock traded up $0.30 during trading on Thursday, reaching $8.54. 6,306,420 shares of the stock were exchanged, compared to its average volume of 14,301,539. The business has a 50 day moving average price of $8.69 and a 200-day moving average price of $10.40. Cleveland-Cliffs Inc. has a 1 year low of $6.17 and a 1 year high of $18.10. The company has a current ratio of 1.85, a quick ratio of 0.55 and a debt-to-equity ratio of 0.53. The firm has a market capitalization of $4.22 billion, a price-to-earnings ratio of -8.82 and a beta of 1.93.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last released its quarterly earnings results on Monday, February 24th. The mining company reported ($0.68) EPS for the quarter, missing the consensus estimate of ($0.65) by ($0.03). The firm had revenue of $4.33 billion for the quarter, compared to analysts' expectations of $4.46 billion. Cleveland-Cliffs had a negative net margin of 2.31% and a negative return on equity of 0.59%. On average, research analysts predict that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current year.

Insider Activity

In related news, Director Jane M. Cronin acquired 10,000 shares of Cleveland-Cliffs stock in a transaction that occurred on Friday, February 28th. The shares were purchased at an average cost of $10.56 per share, for a total transaction of $105,600.00. Following the acquisition, the director now owns 24,522 shares in the company, valued at approximately $258,952.32. This represents a 68.86 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Keith Koci bought 9,500 shares of the stock in a transaction on Friday, February 28th. The shares were bought at an average cost of $10.81 per share, with a total value of $102,695.00. Following the purchase, the executive vice president now owns 543,475 shares of the company's stock, valued at $5,874,964.75. This trade represents a 1.78 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have acquired a total of 23,500 shares of company stock valued at $243,095 in the last quarter. Insiders own 1.76% of the company's stock.

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.