Kennedy Capital Management LLC Takes $2.48 Million Position in Cleveland-Cliffs Inc. (NYSE:CLF)

Kennedy Capital Management LLC acquired a new position in shares of Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 263,796 shares of the mining company's stock, valued at approximately $2,480,000. Kennedy Capital Management LLC owned about 0.05% of Cleveland-Cliffs at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of the company. Vanguard Group Inc. lifted its stake 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 buying an additional 2,556,332 shares during the last quarter. Geode Capital Management LLC grew its position in shares of 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 valued at $79,611,000 after purchasing an additional 264,078 shares during the last quarter. Bank of New York Mellon Corp lifted 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 last quarter. Norges Bank bought a new stake in Cleveland-Cliffs in the 4th quarter valued at $45,381,000. Finally, Drexel Morgan & Co. increased its position in Cleveland-Cliffs by 34.4% during the 4th quarter. Drexel Morgan & Co. now owns 4,300,395 shares of the mining company's stock worth $40,424,000 after buying an additional 1,100,000 shares during the period. 67.68% of the stock is currently owned by institutional investors and hedge funds.

Cleveland-Cliffs Price Performance

Shares of CLF traded up $0.16 during trading hours on Thursday, reaching $7.34. The stock had a trading volume of 5,840,546 shares, compared to its average volume of 14,211,061. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.55 and a current ratio of 1.85. Cleveland-Cliffs Inc. has a 12 month low of $6.17 and a 12 month high of $21.79. The stock has a market capitalization of $3.63 billion, a PE ratio of -7.56 and a beta of 1.93. The company's 50-day moving average is $9.46 and its two-hundred day moving average is $10.76.

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

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the stock. The Goldman Sachs Group decreased their price target on shares of Cleveland-Cliffs from $17.00 to $15.00 and set a "buy" rating on the stock in a research note on Tuesday, March 4th. Citigroup reduced their target price on Cleveland-Cliffs from $12.50 to $11.00 and set a "neutral" rating on the stock in a report on Thursday, December 19th. Morgan Stanley dropped 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. B. Riley reiterated a "buy" rating on shares of Cleveland-Cliffs in a research note on Tuesday, February 4th. Finally, Glj Research cut their price target on shares of Cleveland-Cliffs from $14.54 to $12.90 and set a "buy" rating for the company in a report on Thursday, February 27th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, four have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $16.24.

Insider Activity at Cleveland-Cliffs

In other Cleveland-Cliffs news, Director John T. Baldwin acquired 4,000 shares of Cleveland-Cliffs stock in a transaction that occurred on Monday, March 10th. The shares were bought at an average price of $8.70 per share, with a total value of $34,800.00. Following the completion of the purchase, the director now directly owns 133,227 shares in the company, valued at $1,159,074.90. This trade represents a 3.10 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Jane M. Cronin purchased 10,000 shares of the firm's stock in a transaction dated Friday, February 28th. The stock was bought at an average cost of $10.56 per share, with a total value of $105,600.00. Following the purchase, the director now owns 24,522 shares of the company's stock, valued at approximately $258,952.32. This trade represents a 68.86 % increase in their position. The disclosure for this purchase can be found here. Insiders acquired a total of 23,500 shares of company stock worth $243,095 in the last quarter. 1.76% of the stock is owned by insiders.

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.