Zurcher Kantonalbank Zurich Cantonalbank Acquires 71,105 Shares of Cleveland-Cliffs Inc. (NYSE:CLF)

Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 81.7% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 158,096 shares of the mining company's stock after purchasing an additional 71,105 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank's holdings in Cleveland-Cliffs were worth $3,228,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently bought and sold shares of CLF. Exchange Traded Concepts LLC acquired a new stake in Cleveland-Cliffs during the third quarter worth about $29,000. Anchor Investment Management LLC acquired a new stake in Cleveland-Cliffs during the fourth quarter worth about $31,000. HighMark Wealth Management LLC acquired a new stake in Cleveland-Cliffs during the fourth quarter worth about $35,000. Allworth Financial LP raised its stake in Cleveland-Cliffs by 50.3% during the fourth quarter. Allworth Financial LP now owns 1,850 shares of the mining company's stock worth $38,000 after acquiring an additional 619 shares during the period. Finally, Avior Wealth Management LLC increased its stake in shares of Cleveland-Cliffs by 64.6% in the third quarter. Avior Wealth Management LLC now owns 2,469 shares of the mining company's stock valued at $39,000 after purchasing an additional 969 shares during the period. Institutional investors and hedge funds own 67.68% of the company's stock.

Insider Buying and Selling

In other Cleveland-Cliffs news, Director Ron A. Bloom bought 25,000 shares of Cleveland-Cliffs stock in a transaction that occurred on Thursday, February 1st. The stock was purchased at an average cost of $20.24 per share, for a total transaction of $506,000.00. Following the completion of the acquisition, the director now owns 27,221 shares of the company's stock, valued at approximately $550,953.04. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other Cleveland-Cliffs news, Director Ron A. Bloom bought 25,000 shares of Cleveland-Cliffs stock in a transaction that occurred on Thursday, February 1st. The stock was purchased at an average cost of $20.24 per share, for a total transaction of $506,000.00. Following the completion of the acquisition, the director now owns 27,221 shares of the company's stock, valued at approximately $550,953.04. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Terry G. Fedor sold 27,430 shares of the firm's stock in a transaction that occurred on Wednesday, March 6th. The stock was sold at an average price of $20.19, for a total transaction of $553,811.70. Following the sale, the executive vice president now owns 534,617 shares of the company's stock, valued at $10,793,917.23. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 221,066 shares of company stock worth $4,464,688. Corporate insiders own 1.76% of the company's stock.

Cleveland-Cliffs Price Performance

Shares of Cleveland-Cliffs stock traded down $2.32 on Tuesday, hitting $18.53. The company had a trading volume of 32,334,664 shares, compared to its average volume of 8,684,661. The business has a 50-day simple moving average of $20.98 and a 200-day simple moving average of $18.98. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.89 and a quick ratio of 0.62. The company has a market cap of $8.81 billion, a PE ratio of 24.07, a PEG ratio of 0.72 and a beta of 2.03. Cleveland-Cliffs Inc. has a 52 week low of $13.61 and a 52 week high of $22.97.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last issued its earnings results on Monday, April 22nd. The mining company reported $0.18 earnings per share for the quarter, missing analysts' consensus estimates of $0.19 by ($0.01). The business had revenue of $5.20 billion for the quarter, compared to the consensus estimate of $5.34 billion. Cleveland-Cliffs had a return on equity of 6.79% and a net margin of 1.81%. The company's quarterly revenue was down 1.8% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.11) earnings per share. Research analysts expect that Cleveland-Cliffs Inc. will post 1.66 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts have commented on CLF shares. Argus lowered shares of Cleveland-Cliffs from a "buy" rating to a "hold" rating in a research note on Thursday, February 8th. Citigroup lowered shares of 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. TheStreet lowered shares of Cleveland-Cliffs from a "b-" rating to a "c" rating in a research note on Tuesday, January 30th. Morgan Stanley restated an "equal weight" rating and issued a $20.00 price target on shares of Cleveland-Cliffs in a research note on Tuesday, March 26th. Finally, StockNews.com upgraded shares of Cleveland-Cliffs from a "hold" rating to a "buy" rating in a research note on Thursday, April 18th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the company's stock. Based on data from MarketBeat, Cleveland-Cliffs has a consensus rating of "Hold" and an average price target of $19.92.

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.