Ninety One SA PTY Ltd Takes Position in Cleveland-Cliffs Inc. (NYSE:CLF)

Ninety One SA PTY Ltd acquired a new stake in Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund acquired 435,954 shares of the mining company's stock, valued at approximately $8,902,000. Cleveland-Cliffs comprises approximately 1.4% of Ninety One SA PTY Ltd's investment portfolio, making the stock its 28th biggest position. Ninety One SA PTY Ltd owned 0.09% of Cleveland-Cliffs at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Exchange Traded Concepts LLC bought a new position in Cleveland-Cliffs in the third quarter worth $29,000. Anchor Investment Management LLC bought a new position in Cleveland-Cliffs in the fourth quarter worth $31,000. HighMark Wealth Management LLC purchased a new stake in shares of Cleveland-Cliffs in the fourth quarter worth $35,000. Lazard Asset Management LLC grew its stake in shares of Cleveland-Cliffs by 218.1% in the first quarter. Lazard Asset Management LLC now owns 1,088 shares of the mining company's stock worth $35,000 after acquiring an additional 746 shares during the last quarter. Finally, Tyler Stone Wealth Management purchased a new stake in shares of Cleveland-Cliffs in the second quarter worth $36,000. Institutional investors own 67.68% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on CLF shares. Morgan Stanley reissued an "equal weight" rating and issued a $20.00 target price on shares of Cleveland-Cliffs in a research note on Tuesday, March 26th. Argus cut Cleveland-Cliffs from a "buy" rating to a "hold" rating in a research note on Thursday, February 8th. TheStreet cut Cleveland-Cliffs from a "b-" rating to a "c" rating in a research report on Tuesday, January 30th. StockNews.com cut Cleveland-Cliffs from a "buy" rating to a "hold" rating in a research report on Wednesday, February 21st. Finally, BNP Paribas cut Cleveland-Cliffs from a "neutral" rating to an "underperform" rating and set a $16.50 target price on the stock. in a research report on Wednesday, February 28th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and one has given a buy rating to the company. According to data from MarketBeat, Cleveland-Cliffs currently has a consensus rating of "Hold" and a consensus price target of $19.92.

Insider Transactions at Cleveland-Cliffs

In other news, EVP Terry G. Fedor sold 27,430 shares of the firm's stock in a transaction dated Wednesday, March 6th. The stock was sold at an average price of $20.19, for a total value of $553,811.70. Following the transaction, the executive vice president now owns 534,617 shares of the company's stock, valued at $10,793,917.23. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other Cleveland-Cliffs news, Director Ron A. Bloom bought 25,000 shares of the firm's stock in a transaction that occurred on Thursday, February 1st. The shares were bought at an average price of $20.24 per share, with a total value of $506,000.00. Following the purchase, the director now owns 27,221 shares of the company's stock, valued at $550,953.04. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Terry G. Fedor sold 27,430 shares of Cleveland-Cliffs stock in a transaction that occurred on Wednesday, March 6th. The shares were sold at an average price of $20.19, for a total value of $553,811.70. Following the sale, the executive vice president now directly owns 534,617 shares in the company, valued at approximately $10,793,917.23. The disclosure for this sale can be found here. Insiders have sold 221,066 shares of company stock valued at $4,464,688 over the last quarter. 1.76% of the stock is currently owned by company insiders.

Cleveland-Cliffs Stock Performance

Shares of NYSE CLF traded down $0.38 during trading on Thursday, hitting $20.83. The company had a trading volume of 8,341,023 shares, compared to its average volume of 8,399,602. The stock has a 50 day simple moving average of $20.93 and a 200 day simple moving average of $18.85. 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 Inc. has a 12 month low of $13.61 and a 12 month high of $22.97. The firm has a market capitalization of $9.90 billion, a P/E ratio of 27.05, a price-to-earnings-growth ratio of 0.74 and a beta of 2.03.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last posted its quarterly earnings data on Tuesday, January 30th. The mining company reported ($0.05) 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 firm had revenue of $5.11 billion for the quarter, compared to the consensus estimate of $5.16 billion. During the same quarter last year, the company earned ($0.30) earnings per share. The business's revenue for the quarter was up 1.3% compared to the same quarter last year. As a group, analysts anticipate that Cleveland-Cliffs Inc. will post 1.63 earnings per share 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.