82,724 Shares in Cleveland-Cliffs Inc. (NYSE:CLF) Acquired by Freestone Grove Partners LP

Freestone Grove Partners LP bought a new position in shares of Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 82,724 shares of the mining company's stock, valued at approximately $778,000.

A number of other large investors have also recently made changes to their positions in the stock. Vanguard Group Inc. lifted its holdings 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 buying an additional 2,556,332 shares in the last quarter. Dimensional Fund Advisors LP raised its stake 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 acquiring an additional 647,282 shares in the last quarter. Slate Path Capital LP boosted its holdings 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 purchasing an additional 4,239,000 shares during the period. Geode Capital Management LLC grew its stake in Cleveland-Cliffs by 3.2% in the fourth quarter. Geode Capital Management LLC now owns 8,466,747 shares of the mining company's stock worth $79,611,000 after purchasing an additional 264,078 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its holdings in Cleveland-Cliffs by 20.1% during the 4th quarter. Bank of New York Mellon Corp now owns 7,382,769 shares of the mining company's stock worth $69,398,000 after purchasing an additional 1,236,247 shares during the period. 67.68% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, Director Jane M. Cronin acquired 10,000 shares of the stock in a transaction on Friday, February 28th. The shares were bought at an average price of $10.56 per share, with a total value of $105,600.00. Following the completion of the purchase, the director now owns 24,522 shares of the company's stock, valued at approximately $258,952.32. This represents a 68.86 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director John T. Baldwin purchased 4,000 shares of the company's stock in a transaction dated Monday, March 10th. The stock was purchased at an average cost of $8.70 per share, with a total value of $34,800.00. Following the purchase, the director now owns 133,227 shares in the company, valued at approximately $1,159,074.90. This trade represents a 3.10 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders acquired 23,500 shares of company stock worth $243,095 over the last three months. 1.71% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

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

Cleveland-Cliffs Stock Performance

NYSE:CLF traded down $0.16 during midday trading on Friday, hitting $6.99. The company's stock had a trading volume of 19,826,513 shares, compared to its average volume of 14,698,249. The firm's 50 day moving average is $8.42 and its 200-day moving average is $10.20. The firm has a market cap of $3.46 billion, a P/E ratio of -7.21 and a beta of 2.03. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.85 and a quick ratio of 0.55. Cleveland-Cliffs Inc. has a fifty-two week low of $6.17 and a fifty-two week high of $18.10.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last announced its quarterly earnings results on Wednesday, May 7th. The mining company reported ($0.92) earnings per share for the quarter, missing the consensus estimate of ($0.78) by ($0.14). The company had revenue of $4.63 billion for the quarter, compared to analysts' expectations of $4.71 billion. Cleveland-Cliffs had a negative net margin of 2.31% and a negative return on equity of 0.59%. The firm's revenue was down 11.0% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.18 earnings per share. Equities analysts anticipate that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current fiscal year.

Cleveland-Cliffs Company 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.