Cleveland-Cliffs Inc. (NYSE:CLF) Shares Sold by Kornitzer Capital Management Inc. KS

Kornitzer Capital Management Inc. KS lessened its stake in Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 33.6% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 245,785 shares of the mining company's stock after selling 124,465 shares during the quarter. Kornitzer Capital Management Inc. KS's holdings in Cleveland-Cliffs were worth $5,019,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the stock. Exchange Traded Concepts LLC purchased a new position in shares of Cleveland-Cliffs in the 3rd quarter valued at about $29,000. Anchor Investment Management LLC purchased a new stake in shares of Cleveland-Cliffs in the fourth quarter valued at approximately $31,000. HighMark Wealth Management LLC acquired a new position in shares of Cleveland-Cliffs during the 4th quarter worth approximately $35,000. Lazard Asset Management LLC lifted its position in shares of Cleveland-Cliffs by 218.1% during the 1st quarter. Lazard Asset Management LLC now owns 1,088 shares of the mining company's stock valued at $35,000 after buying an additional 746 shares in the last quarter. Finally, Tyler Stone Wealth Management purchased a new position in shares of Cleveland-Cliffs during the 2nd quarter valued at approximately $36,000. Institutional investors and hedge funds own 67.68% of the company's stock.

Insider Activity

In other news, EVP Terry G. Fedor sold 27,430 shares of the 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 completion of the sale, the executive vice president now owns 534,617 shares of the company's stock, valued at approximately $10,793,917.23. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other news, EVP Terry G. Fedor sold 27,430 shares of the 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 completion of the sale, the executive vice president now owns 534,617 shares of the company's stock, valued at approximately $10,793,917.23. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Arlene M. Yocum purchased 2,000 shares of the company's stock in a transaction dated Wednesday, March 6th. The stock was purchased at an average cost of $20.02 per share, with a total value of $40,040.00. Following the purchase, the director now owns 94,887 shares in the company, valued at $1,899,637.74. The disclosure for this purchase can be found here. Insiders sold a total of 221,066 shares of company stock valued at $4,464,688 in the last 90 days. Company insiders own 1.76% of the company's stock.

Wall Street Analysts Forecast Growth

CLF has been the subject of a number of research analyst reports. TheStreet cut shares of Cleveland-Cliffs from a "b-" rating to a "c" rating in a research report on Tuesday, January 30th. Citigroup cut shares of Cleveland-Cliffs from a "buy" rating to a "neutral" rating and set a $22.00 price objective for the company. in a research report on Wednesday, March 13th. Wolfe Research reiterated an "underperform" rating and set a $18.00 price objective on shares of Cleveland-Cliffs in a research note on Tuesday, April 9th. StockNews.com upgraded Cleveland-Cliffs from a "hold" rating to a "buy" rating in a research note on Thursday. Finally, Morgan Stanley reiterated an "equal weight" rating and set a $20.00 price objective on shares of Cleveland-Cliffs in a research note on Tuesday, March 26th. Two analysts have rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $19.92.

Cleveland-Cliffs Price Performance

CLF traded down $0.02 during trading on Friday, reaching $20.81. The company's stock had a trading volume of 7,242,731 shares, compared to its average volume of 6,153,586. The company has a quick ratio of 0.62, a current ratio of 1.89 and a debt-to-equity ratio of 0.39. The firm has a fifty day simple moving average of $20.95 and a two-hundred day simple moving average of $18.94. Cleveland-Cliffs Inc. has a 1 year low of $13.61 and a 1 year high of $22.97. The company has a market cap of $9.89 billion, a price-to-earnings ratio of 27.03, a PEG ratio of 0.72 and a beta of 2.03.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last issued its earnings results on Tuesday, January 30th. The mining company reported ($0.05) earnings per share (EPS) for the quarter, hitting analysts' consensus estimates 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 period last year, the company earned ($0.30) EPS. The company's revenue for the quarter was up 1.3% on a year-over-year basis. As a group, analysts anticipate that Cleveland-Cliffs Inc. will post 1.66 EPS 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.