Northern Trust Corp Raises Position in Cleveland-Cliffs Inc. (NYSE:CLF)

Northern Trust Corp increased its stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 24.5% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 3,960,192 shares of the mining company's stock after acquiring an additional 779,099 shares during the period. Northern Trust Corp owned about 0.80% of Cleveland-Cliffs worth $37,226,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently bought and sold shares of the company. The Manufacturers Life Insurance Company increased its holdings in shares of Cleveland-Cliffs by 1.0% during the 4th quarter. The Manufacturers Life Insurance Company now owns 395,230 shares of the mining company's stock valued at $3,715,000 after purchasing an additional 4,026 shares in the last quarter. Public Employees Retirement Association of Colorado boosted its stake in shares of Cleveland-Cliffs by 10.4% during the 4th quarter. Public Employees Retirement Association of Colorado now owns 61,142 shares of the mining company's stock worth $575,000 after acquiring an additional 5,765 shares in the last quarter. Aquatic Capital Management LLC increased its stake in shares of Cleveland-Cliffs by 151.0% in the 4th quarter. Aquatic Capital Management LLC now owns 584,622 shares of the mining company's stock valued at $5,495,000 after purchasing an additional 351,722 shares in the last quarter. Boothbay Fund Management LLC purchased a new position in shares of Cleveland-Cliffs in the 4th quarter valued at about $360,000. Finally, Voya Investment Management LLC boosted its position in Cleveland-Cliffs by 44.6% during the fourth quarter. Voya Investment Management LLC now owns 294,769 shares of the mining company's stock worth $2,771,000 after purchasing an additional 90,868 shares in the last quarter. 67.68% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on CLF. Morgan Stanley reduced their target price 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 restated a "buy" rating and set a $17.00 price target (down from $20.00) on shares of Cleveland-Cliffs in a research report on Wednesday, April 23rd. The Goldman Sachs Group cut their price objective on shares of Cleveland-Cliffs from $13.00 to $11.25 and set a "buy" rating for the company in a report on Monday. Finally, Glj Research dropped their price target on Cleveland-Cliffs from $14.54 to $12.90 and set a "buy" rating for the company in a research report on Thursday, February 27th. One analyst has rated the stock with a sell rating, four have issued a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $15.02.

Cleveland-Cliffs Stock Up 0.8%

NYSE CLF traded up $0.06 during trading hours on Tuesday, hitting $7.57. 30,726,056 shares of the company were exchanged, compared to its average volume of 15,022,810. The company has a quick ratio of 0.55, a current ratio of 1.85 and a debt-to-equity ratio of 0.53. The firm has a market cap of $3.74 billion, a price-to-earnings ratio of -7.80 and a beta of 2.03. The company has a 50 day moving average of $8.32 and a two-hundred day moving average of $10.07. Cleveland-Cliffs Inc. has a 52-week low of $6.17 and a 52-week high of $18.10.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last posted its quarterly earnings results 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 analyst estimates of $4.71 billion. During the same quarter in the prior year, the business earned $0.18 earnings per share. The firm's quarterly revenue was down 11.0% on a year-over-year basis. Equities research analysts anticipate that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current year.

Insider Buying and Selling at Cleveland-Cliffs

In related news, EVP Keith Koci bought 9,500 shares of the stock in a transaction on Friday, February 28th. The shares were purchased at an average price of $10.81 per share, for a total transaction of $102,695.00. Following the acquisition, the executive vice president now owns 543,475 shares in the company, valued at $5,874,964.75. This represents a 1.78% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director John T. Baldwin acquired 4,000 shares of Cleveland-Cliffs stock in a transaction dated Monday, March 10th. The stock was bought at an average price 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. 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 have purchased 23,500 shares of company stock worth $243,095. 1.71% of the stock is currently owned by insiders.

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.