Jefferies Financial Group Inc. Acquires 138,047 Shares of Cleveland-Cliffs Inc. (NYSE:CLF)

Jefferies Financial Group Inc. boosted its holdings in Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 1,151.4% during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 150,037 shares of the mining company's stock after acquiring an additional 138,047 shares during the quarter. Jefferies Financial Group Inc.'s holdings in Cleveland-Cliffs were worth $1,410,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in CLF. Fairfax Financial Holdings Ltd. Can bought a new position in Cleveland-Cliffs in the 4th quarter valued at about $55,453,000. Norges Bank purchased a new stake in Cleveland-Cliffs in the 4th quarter valued at about $45,381,000. Slate Path Capital LP increased its stake in 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 buying an additional 4,239,000 shares during the last quarter. Vanguard Group Inc. increased its stake in 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 buying an additional 2,556,332 shares during the last quarter. Finally, Barclays PLC increased its stake in Cleveland-Cliffs by 232.4% in the 3rd quarter. Barclays PLC now owns 3,113,337 shares of the mining company's stock valued at $39,757,000 after buying an additional 2,176,837 shares during the last quarter. Institutional investors own 67.68% of the company's stock.

Analyst Ratings Changes

Several research firms have commented on CLF. 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 research note on Wednesday, April 23rd. Glj Research decreased their price objective on shares of Cleveland-Cliffs from $14.54 to $12.90 and set a "buy" rating for the company in a research note on Thursday, February 27th. The Goldman Sachs Group decreased their price objective on shares of Cleveland-Cliffs from $13.00 to $11.25 and set a "buy" rating for the company in a research note on Monday. Finally, Morgan Stanley decreased their price objective on shares of 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 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 company. According to data from MarketBeat, Cleveland-Cliffs has an average rating of "Moderate Buy" and a consensus target price of $15.02.

Cleveland-Cliffs Trading Down 1.5%

Shares of CLF stock opened at $7.47 on Thursday. The company has a 50 day moving average of $8.22 and a 200-day moving average of $10.04. The company has a quick ratio of 0.55, a current ratio of 1.85 and a debt-to-equity ratio of 0.53. Cleveland-Cliffs Inc. has a 12-month low of $6.17 and a 12-month high of $18.10. The firm has a market cap of $3.69 billion, a P/E ratio of -7.70 and a beta of 2.03.

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

Insider Activity at Cleveland-Cliffs

In other news, EVP Keith Koci purchased 9,500 shares of Cleveland-Cliffs stock in a transaction dated Friday, February 28th. The stock was purchased at an average cost of $10.81 per share, for a total transaction of $102,695.00. Following the transaction, the executive vice president now directly owns 543,475 shares of the company's stock, valued at approximately $5,874,964.75. This trade represents a 1.78% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director John T. Baldwin purchased 4,000 shares of Cleveland-Cliffs stock in a transaction dated Monday, March 10th. The shares were purchased at an average price of $8.70 per share, with a total value of $34,800.00. Following the completion of the transaction, the director now directly owns 133,227 shares in the company, valued at approximately $1,159,074.90. This represents a 3.10% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders acquired 23,500 shares of company stock worth $243,095. Corporate insiders own 1.71% of the company's stock.

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.

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