Nebula Research & Development LLC Trims Stake in Cleveland-Cliffs Inc. (NYSE:CLF)

Nebula Research & Development LLC trimmed its position in shares of Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 41.4% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 43,959 shares of the mining company's stock after selling 31,037 shares during the period. Nebula Research & Development LLC's holdings in Cleveland-Cliffs were worth $413,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the company. Pinpoint Asset Management Ltd purchased a new position in Cleveland-Cliffs in the fourth quarter valued at approximately $25,000. Estabrook Capital Management boosted its holdings in shares of Cleveland-Cliffs by 207.7% in the 4th quarter. Estabrook Capital Management now owns 4,000 shares of the mining company's stock valued at $38,000 after buying an additional 2,700 shares in the last quarter. Byrne Asset Management LLC grew its position 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 valued at $43,000 after buying an additional 2,600 shares during the last quarter. Stonebridge Financial Group LLC acquired a new stake in Cleveland-Cliffs during the 4th quarter worth $44,000. Finally, Wilmington Savings Fund Society FSB purchased a new stake in Cleveland-Cliffs in the third quarter valued at $64,000. Institutional investors and hedge funds own 67.68% of the company's stock.

Wall Street Analyst Weigh In

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

Insiders Place Their Bets

In other news, Director Jane M. Cronin acquired 10,000 shares of Cleveland-Cliffs stock in a transaction that occurred on Friday, February 28th. The stock was purchased at an average cost of $10.56 per share, with a total value of $105,600.00. Following the completion of the acquisition, the director now owns 24,522 shares in the company, valued at $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 available through the SEC website. Also, Director John T. Baldwin bought 4,000 shares of the 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 acquisition, the director now directly owns 133,227 shares of the company's stock, valued at $1,159,074.90. The trade was a 3.10 % increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders have purchased 23,500 shares of company stock worth $243,095. 1.76% of the stock is owned by company insiders.

Cleveland-Cliffs Price Performance

Shares of CLF traded up $0.22 during mid-day trading on Thursday, hitting $8.46. The company's stock had a trading volume of 16,978,433 shares, compared to its average volume of 14,335,360. The company has a current ratio of 1.85, a quick ratio of 0.55 and a debt-to-equity ratio of 0.53. Cleveland-Cliffs Inc. has a 1-year low of $6.17 and a 1-year high of $18.10. The firm has a market capitalization of $4.18 billion, a P/E ratio of -8.72 and a beta of 1.93. The firm has a 50-day simple moving average of $8.64 and a 200 day simple moving average of $10.37.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last issued its 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). The company had revenue of $4.33 billion for the quarter, compared to analysts' expectations of $4.46 billion. Cleveland-Cliffs had a negative return on equity of 0.59% and a negative net margin of 2.31%. Analysts predict that Cleveland-Cliffs Inc. will post -0.79 EPS for the current fiscal 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.