Cleveland-Cliffs Inc. (NYSE:CLF) Shares Sold by Marshall Wace LLP

Marshall Wace LLP decreased its holdings in shares of Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 89.5% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 509,019 shares of the mining company's stock after selling 4,342,917 shares during the quarter. Marshall Wace LLP owned about 0.10% of Cleveland-Cliffs worth $4,785,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Pinpoint Asset Management Ltd purchased a new stake in Cleveland-Cliffs during the fourth quarter valued at $25,000. Estabrook Capital Management raised its stake in shares of Cleveland-Cliffs by 207.7% in the fourth quarter. Estabrook Capital Management now owns 4,000 shares of the mining company's stock valued at $38,000 after acquiring an additional 2,700 shares during the period. Byrne Asset Management LLC lifted its holdings in shares of Cleveland-Cliffs by 130.0% in the 4th quarter. Byrne Asset Management LLC now owns 4,600 shares of the mining company's stock worth $43,000 after acquiring an additional 2,600 shares during the last quarter. Stonebridge Financial Group LLC bought a new stake in shares of Cleveland-Cliffs in the 4th quarter worth about $44,000. Finally, Wilmington Savings Fund Society FSB bought a new stake in shares of Cleveland-Cliffs in the 3rd quarter worth about $64,000. Hedge funds and other institutional investors own 67.68% of the company's stock.

Analyst Upgrades and Downgrades

CLF has been the subject of several analyst reports. B. Riley restated a "buy" rating and issued a $17.00 target price (down previously from $20.00) on shares of Cleveland-Cliffs in a report on Wednesday, April 23rd. The Goldman Sachs Group lowered their target price on shares of Cleveland-Cliffs from $17.00 to $15.00 and set a "buy" rating for the company in a report on Tuesday, March 4th. Glj Research lowered their target price 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. Finally, Morgan Stanley lowered their target price on shares of Cleveland-Cliffs from $13.00 to $11.00 and set an "equal weight" rating for the company in a report on Monday, February 3rd. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, four have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $15.49.

Insider Activity

In related news, Director Jane M. Cronin bought 10,000 shares of the company's 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 transaction, the director now owns 24,522 shares in the company, valued at approximately $258,952.32. This trade represents a 68.86 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Keith Koci bought 9,500 shares of the company's stock in a transaction on Friday, February 28th. The shares were bought 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 owns 543,475 shares in the company, valued at $5,874,964.75. The trade was a 1.78 % increase in their position. The disclosure for this purchase can be found here. In the last quarter, insiders acquired 23,500 shares of company stock worth $243,095. 1.76% of the stock is currently owned by corporate insiders.

Cleveland-Cliffs Stock Up 3.3 %

Shares of NYSE:CLF traded up $0.26 during trading hours on Monday, hitting $8.17. The company's stock had a trading volume of 14,108,365 shares, compared to its average volume of 14,308,691. Cleveland-Cliffs Inc. has a 52 week low of $6.17 and a 52 week high of $18.20. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.85 and a quick ratio of 0.55. The company has a market capitalization of $4.04 billion, a price-to-earnings ratio of -8.42 and a beta of 1.93. The firm's fifty day moving average price is $8.83 and its 200 day moving average price is $10.43.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last posted 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). Cleveland-Cliffs had a negative net margin of 2.31% and a negative return on equity of 0.59%. The business had revenue of $4.33 billion during the quarter, compared to the consensus estimate of $4.46 billion. As a group, research analysts expect that Cleveland-Cliffs Inc. will post -0.79 EPS for the current 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.