Point72 Hong Kong Ltd Takes $1.02 Million Position in Cleveland-Cliffs Inc. (NYSE:CLF)

Point72 Hong Kong Ltd acquired a new stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 108,015 shares of the mining company's stock, valued at approximately $1,015,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Slate Path Capital LP boosted its stake in shares of Cleveland-Cliffs by 35.4% during the 4th quarter. Slate Path Capital LP now owns 16,208,000 shares of the mining company's stock valued at $152,355,000 after buying an additional 4,239,000 shares during the period. Bank of New York Mellon Corp boosted its holdings in Cleveland-Cliffs by 20.1% during the fourth quarter. Bank of New York Mellon Corp now owns 7,382,769 shares of the mining company's stock valued at $69,398,000 after acquiring an additional 1,236,247 shares during the period. Franklin Resources Inc. boosted its stake in Cleveland-Cliffs by 105.6% during the 3rd quarter. Franklin Resources Inc. now owns 262,771 shares of the mining company's stock valued at $3,429,000 after purchasing an additional 134,939 shares during the period. Stonegate Investment Group LLC acquired a new stake in shares of Cleveland-Cliffs in the fourth quarter worth $18,999,000. Finally, Vanguard Group Inc. grew its position in Cleveland-Cliffs by 5.5% in the 4th quarter. Vanguard Group Inc. now owns 48,751,789 shares of the mining company's stock worth $458,267,000 after purchasing an additional 2,556,332 shares during the last quarter. Institutional investors and hedge funds own 67.68% of the company's stock.

Cleveland-Cliffs Price Performance

Shares of CLF traded down $0.26 during trading hours on Monday, hitting $7.35. 14,674,216 shares of the company were exchanged, compared to its average volume of 15,230,637. Cleveland-Cliffs Inc. has a fifty-two week low of $6.17 and a fifty-two week high of $17.86. The firm's fifty day moving average is $8.17 and its 200 day moving average is $9.91. 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 company has a market cap of $3.63 billion, a price-to-earnings ratio of -7.58 and a beta of 2.03.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last issued its 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 company 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 EPS. The business's quarterly revenue was down 11.0% on a year-over-year basis. On average, equities analysts anticipate that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on CLF. Morgan Stanley decreased their price objective on Cleveland-Cliffs from $13.00 to $11.00 and set an "equal weight" rating on the stock in a report on Monday, February 3rd. The Goldman Sachs Group decreased their target price on Cleveland-Cliffs from $13.00 to $11.25 and set a "buy" rating on the stock in a report on Monday, May 12th. Glj Research lowered their price target on shares of Cleveland-Cliffs from $14.54 to $12.90 and set a "buy" rating for the company in a report on Thursday, February 27th. Finally, B. Riley reissued a "buy" rating and set a $17.00 price objective (down from $20.00) on shares of Cleveland-Cliffs in a report on Wednesday, April 23rd. One analyst has rated the stock with a sell rating, four have given a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $15.02.

Insider Buying and Selling

In related news, Director John T. Baldwin purchased 4,000 shares of the firm's stock in a transaction that occurred on Monday, March 10th. The stock was acquired at an average price of $8.70 per share, for a total transaction of $34,800.00. Following the completion of the acquisition, the director now owns 133,227 shares of the company's stock, valued at $1,159,074.90. This represents a 3.10% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Keith Koci acquired 9,500 shares of the firm's stock in a transaction on Friday, February 28th. The stock was purchased at an average price of $10.81 per share, with a total value of $102,695.00. Following the purchase, the executive vice president now owns 543,475 shares in the company, valued at approximately $5,874,964.75. The trade was a 1.78% increase in their position. The disclosure for this purchase can be found here. Insiders have purchased a total of 23,500 shares of company stock valued at $243,095 over the last ninety days. 1.71% of the stock is owned by company insiders.

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.