MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. Buys 217,488 Shares of Cleveland-Cliffs Inc. (NYSE:CLF)

MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 6.6% during the 4th quarter, according to the company in its most recent filing with the SEC. The firm owned 3,499,644 shares of the mining company's stock after purchasing an additional 217,488 shares during the quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. owned 0.71% of Cleveland-Cliffs worth $32,896,000 as of its most recent filing with the SEC.

Several other institutional investors have also made changes to their positions in CLF. Slate Path Capital LP raised its stake in shares of Cleveland-Cliffs by 35.4% during the fourth quarter. Slate Path Capital LP now owns 16,208,000 shares of the mining company's stock worth $152,355,000 after buying an additional 4,239,000 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in 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 during the last quarter. Franklin Resources Inc. raised its position in shares of Cleveland-Cliffs by 105.6% in the third quarter. Franklin Resources Inc. now owns 262,771 shares of the mining company's stock valued at $3,429,000 after purchasing an additional 134,939 shares during the period. Stonegate Investment Group LLC bought a new position in Cleveland-Cliffs during the fourth quarter worth about $18,999,000. Finally, Vanguard Group Inc. increased its holdings 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 period. 67.68% of the stock is currently owned by institutional investors and hedge funds.

Cleveland-Cliffs Trading Up 2.0%

Shares of NYSE:CLF traded up $0.15 during trading on Friday, reaching $7.58. 21,489,759 shares of the company traded hands, compared to its average volume of 15,192,287. The firm has a market capitalization of $3.75 billion, a price-to-earnings ratio of -7.81 and a beta of 2.03. Cleveland-Cliffs Inc. has a 52-week low of $6.17 and a 52-week high of $17.86. 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 business's fifty day moving average is $8.17 and its 200-day moving average is $9.95.

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

Insider Activity

In other news, Director Jane M. Cronin bought 10,000 shares of the company's stock in a transaction on Friday, February 28th. The shares were acquired at an average cost of $10.56 per share, with a total value of $105,600.00. Following the completion of the transaction, 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 transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director John T. Baldwin bought 4,000 shares of the company's stock in a transaction on Monday, March 10th. The stock was purchased at an average cost of $8.70 per share, for a total transaction of $34,800.00. Following the completion of the transaction, the director now directly owns 133,227 shares of the company's stock, valued at approximately $1,159,074.90. The trade was a 3.10% increase in their position. The disclosure for this purchase can be found here. Insiders purchased 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.

Analysts Set New Price Targets

Several research firms recently commented on CLF. B. Riley reiterated a "buy" rating and set a $17.00 target price (down from $20.00) on shares of Cleveland-Cliffs in a research report on Wednesday, April 23rd. Morgan Stanley cut 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 report on Monday, February 3rd. The Goldman Sachs Group dropped their price objective on shares of Cleveland-Cliffs from $13.00 to $11.25 and set a "buy" rating on the stock in a report on Monday, May 12th. Finally, Glj Research decreased their price target on Cleveland-Cliffs from $14.54 to $12.90 and set a "buy" rating on the stock in a research report on Thursday, February 27th. One research analyst has rated the stock with a sell rating, four have given 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.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $15.02.

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.