Cullen Investment Group LTD. Takes Position in Cleveland-Cliffs Inc. (NYSE:CLF)

Cullen Investment Group LTD. acquired a new position in Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 38,944 shares of the mining company's stock, valued at approximately $795,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in CLF. Natixis Advisors L.P. lifted its stake in shares of Cleveland-Cliffs by 39.8% in the first quarter. Natixis Advisors L.P. now owns 43,986 shares of the mining company's stock worth $1,417,000 after acquiring an additional 12,531 shares during the period. Acadian Asset Management LLC acquired a new position in shares of Cleveland-Cliffs in the first quarter worth approximately $486,000. Great West Life Assurance Co. Can lifted its stake in Cleveland-Cliffs by 12.7% in the first quarter. Great West Life Assurance Co. Can now owns 259,092 shares of the mining company's stock valued at $8,577,000 after buying an additional 29,178 shares during the period. Cibc World Market Inc. lifted its stake in Cleveland-Cliffs by 1.1% in the first quarter. Cibc World Market Inc. now owns 58,149 shares of the mining company's stock valued at $1,873,000 after buying an additional 623 shares during the period. Finally, Blair William & Co. IL lifted its stake in Cleveland-Cliffs by 14.5% in the first quarter. Blair William & Co. IL now owns 167,800 shares of the mining company's stock valued at $5,405,000 after buying an additional 21,233 shares during the period. 67.68% of the stock is owned by institutional investors and hedge funds.

Cleveland-Cliffs Stock Down 0.9 %

Shares of NYSE CLF traded down $0.19 during midday trading on Tuesday, hitting $21.05. 6,647,324 shares of the stock traded hands, compared to its average volume of 8,391,189. The company has a market cap of $10.01 billion, a PE ratio of 27.33, a P/E/G ratio of 0.77 and a beta of 2.03. Cleveland-Cliffs Inc. has a one year low of $13.61 and a one year high of $22.97. The business has a 50 day moving average price of $20.88 and a two-hundred day moving average price of $18.82. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.62 and a current ratio of 1.89.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last announced its quarterly earnings results on Tuesday, January 30th. The mining company reported ($0.05) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.05). Cleveland-Cliffs had a return on equity of 6.79% and a net margin of 1.81%. The business had revenue of $5.11 billion during the quarter, compared to the consensus estimate of $5.16 billion. During the same quarter in the prior year, the company posted ($0.30) earnings per share. Cleveland-Cliffs's revenue was up 1.3% compared to the same quarter last year. On average, equities analysts predict that Cleveland-Cliffs Inc. will post 1.63 EPS for the current year.

Insider Buying and Selling

In related news, Director Arlene M. Yocum purchased 2,000 shares of the firm's stock in a transaction that occurred on Wednesday, March 6th. The stock was acquired at an average price of $20.02 per share, for a total transaction of $40,040.00. Following the completion of the acquisition, the director now owns 94,887 shares of the company's stock, valued at approximately $1,899,637.74. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Cleveland-Cliffs news, Director Ron A. Bloom acquired 25,000 shares of the business's stock in a transaction on Thursday, February 1st. The shares were acquired at an average price of $20.24 per share, with a total value of $506,000.00. Following the completion of the transaction, the director now owns 27,221 shares in the company, valued at $550,953.04. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Arlene M. Yocum acquired 2,000 shares of the business's stock in a transaction on Wednesday, March 6th. The stock was acquired at an average cost of $20.02 per share, for a total transaction of $40,040.00. Following the transaction, the director now owns 94,887 shares of the company's stock, valued at approximately $1,899,637.74. The disclosure for this purchase can be found here. Over the last 90 days, insiders sold 221,066 shares of company stock worth $4,464,688. 1.76% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several equities analysts have issued reports on CLF shares. Morgan Stanley reissued an "equal weight" rating and issued a $20.00 price target on shares of Cleveland-Cliffs in a research note on Tuesday, March 26th. Citigroup lowered Cleveland-Cliffs from a "buy" rating to a "neutral" rating and set a $22.00 price target on the stock. in a research note on Wednesday, March 13th. Wolfe Research reissued an "underperform" rating and issued a $18.00 price target on shares of Cleveland-Cliffs in a research note on Tuesday, April 9th. Argus lowered Cleveland-Cliffs from a "buy" rating to a "hold" rating in a research note on Thursday, February 8th. Finally, BNP Paribas downgraded Cleveland-Cliffs from a "neutral" rating to an "underperform" rating and set a $16.50 price objective for the company. in a report on Wednesday, February 28th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and one has issued a buy rating to the company's stock. According to MarketBeat.com, Cleveland-Cliffs presently has an average rating of "Hold" and a consensus target price of $19.92.

About Cleveland-Cliffs

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.