SG Capital Management LLC Takes Position in Cleveland-Cliffs Inc. (NYSE:CLF)

SG Capital Management LLC acquired a new stake in Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor acquired 342,981 shares of the mining company's stock, valued at approximately $3,224,000. SG Capital Management LLC owned about 0.07% of Cleveland-Cliffs at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its stake 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 valued at $458,267,000 after purchasing an additional 2,556,332 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Cleveland-Cliffs by 3.1% during the fourth quarter. Dimensional Fund Advisors LP now owns 21,247,426 shares of the mining company's stock valued at $199,724,000 after acquiring an additional 647,282 shares during the last quarter. Slate Path Capital LP raised its stake in shares of Cleveland-Cliffs by 35.4% during the fourth quarter. Slate Path Capital LP now owns 16,208,000 shares of the mining company's stock valued at $152,355,000 after acquiring an additional 4,239,000 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of Cleveland-Cliffs by 3.2% during the fourth quarter. Geode Capital Management LLC now owns 8,466,747 shares of the mining company's stock valued at $79,611,000 after acquiring an additional 264,078 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its stake in shares of 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 last quarter. Institutional investors own 67.68% of the company's stock.

Cleveland-Cliffs Trading Down 3.4%

Shares of CLF traded down $0.26 during trading hours on Monday, hitting $7.35. 14,674,216 shares of the stock 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 company has a debt-to-equity ratio of 0.53, a current ratio of 1.85 and a quick ratio of 0.55. The business has a 50-day moving average of $8.12 and a 200-day moving average of $9.87. The firm has a market capitalization of $3.63 billion, a P/E ratio of -7.58 and a beta of 2.03.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last posted its quarterly earnings data on Wednesday, May 7th. The mining company reported ($0.92) earnings per share for the quarter, missing the consensus estimate of ($0.78) by ($0.14). The firm had revenue of $4.63 billion for the quarter, compared to analyst estimates of $4.71 billion. Cleveland-Cliffs had a negative return on equity of 0.59% and a negative net margin of 2.31%. The company's quarterly revenue was down 11.0% compared to the same quarter last year. During the same quarter last year, the company earned $0.18 earnings per share. On average, research analysts expect that Cleveland-Cliffs Inc. will post -0.79 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the stock. The Goldman Sachs Group dropped their price target on shares of Cleveland-Cliffs from $13.00 to $11.25 and set a "buy" rating for the company in a research note on Monday, May 12th. Morgan Stanley dropped their price target on shares of Cleveland-Cliffs from $13.00 to $11.00 and set an "equal weight" rating for the company in a research note on Monday, February 3rd. Glj Research dropped their price target on shares of Cleveland-Cliffs from $14.54 to $12.90 and set a "buy" rating for the company in a research note on Thursday, February 27th. Finally, B. Riley reaffirmed a "buy" rating and set a $17.00 price target (down previously from $20.00) on shares of Cleveland-Cliffs in a research note on Wednesday, April 23rd. One research analyst has rated the stock with a sell rating, four have issued a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $15.02.

Insiders Place Their Bets

In related news, Director Jane M. Cronin purchased 10,000 shares of Cleveland-Cliffs stock in a transaction on Friday, February 28th. The stock was acquired at an average cost of $10.56 per share, for a total transaction of $105,600.00. Following the completion of the acquisition, the director now owns 24,522 shares of the company's stock, valued at $258,952.32. This trade represents a 68.86% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Keith Koci purchased 9,500 shares of Cleveland-Cliffs stock in a transaction on Friday, February 28th. The stock was bought at an average price of $10.81 per share, with a total value of $102,695.00. Following the completion of the acquisition, the executive vice president now directly owns 543,475 shares of the company's stock, valued at approximately $5,874,964.75. This trade represents a 1.78% increase in their position. The disclosure for this purchase can be found here. Over the last ninety days, insiders purchased 23,500 shares of company stock worth $243,095. 1.71% of the stock is currently owned by company insiders.

Cleveland-Cliffs Company 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.