Cleveland-Cliffs Inc. (NYSE:CLF) is Drexel Morgan & Co.’s 2nd Largest Position

Drexel Morgan & Co. raised its position in Cleveland-Cliffs Inc. (NYSE:CLF) by 34.4% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 4,300,395 shares of the mining company’s stock after purchasing an additional 1,100,000 shares during the period. Cleveland-Cliffs accounts for 8.3% of Drexel Morgan & Co.’s investment portfolio, making the stock its 2nd largest holding. Drexel Morgan & Co. owned approximately 0.87% of Cleveland-Cliffs worth $40,424,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. Barclays PLC boosted its holdings in Cleveland-Cliffs by 232.4% in the third quarter. Barclays PLC now owns 3,113,337 shares of the mining company’s stock valued at $39,757,000 after purchasing an additional 2,176,837 shares in the last quarter. American Century Companies Inc. boosted its holdings in shares of Cleveland-Cliffs by 135.4% in the 4th quarter. American Century Companies Inc. now owns 3,615,774 shares of the mining company’s stock valued at $33,988,000 after buying an additional 2,079,589 shares in the last quarter. Stonegate Investment Group LLC purchased a new position in shares of Cleveland-Cliffs in the 4th quarter valued at $18,999,000. Rockefeller Capital Management L.P. acquired a new stake in Cleveland-Cliffs during the 3rd quarter worth $22,122,000. Finally, Bank of New York Mellon Corp lifted its position in Cleveland-Cliffs by 20.1% in 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. 67.68% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts have recently commented on CLF shares. B. Riley reiterated a “buy” rating on shares of Cleveland-Cliffs in a research report on Tuesday, February 4th. Morgan Stanley cut their price target on Cleveland-Cliffs from $13.00 to $11.00 and set an “equal weight” rating on the stock in a research report on Monday, February 3rd. The Goldman Sachs Group decreased their price objective on Cleveland-Cliffs from $17.00 to $15.00 and set a “buy” rating for the company in a report on Tuesday, March 4th. Citigroup lowered their target price on shares of Cleveland-Cliffs from $12.50 to $11.00 and set a “neutral” rating on the stock in a research report on Thursday, December 19th. Finally, Glj Research reduced 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 report on Thursday, February 27th. Two analysts have rated the stock with a sell rating, four have given a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $16.43.

Insider Activity

In related news, Director Jane M. Cronin purchased 10,000 shares of Cleveland-Cliffs stock in a transaction dated Friday, February 28th. The stock was bought at an average cost of $10.56 per share, for a total transaction of $105,600.00. Following the transaction, the director now owns 24,522 shares in the company, valued at approximately $258,952.32. The trade was a 68.86 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Keith Koci purchased 9,500 shares of the firm’s stock in a transaction dated Friday, February 28th. The shares were purchased at an average cost of $10.81 per share, for a total transaction of $102,695.00. Following the purchase, the executive vice president now directly owns 543,475 shares in the company, valued at approximately $5,874,964.75. This represents a 1.78 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders acquired 23,500 shares of company stock valued at $243,095 in the last three months. 1.76% of the stock is currently owned by company insiders.

Cleveland-Cliffs Stock Down 0.9 %

CLF stock opened at $9.45 on Friday. The stock has a market capitalization of $4.67 billion, a PE ratio of -9.74 and a beta of 1.94. The company has a fifty day moving average of $10.38 and a 200-day moving average of $11.29. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.55 and a current ratio of 1.85. Cleveland-Cliffs Inc. has a one year low of $8.50 and a one year high of $22.97.

Cleveland-Cliffs (NYSE:CLF) last announced its quarterly earnings data on Monday, February 24th. The mining company reported ($0.68) EPS for the quarter, missing analysts’ consensus estimates of ($0.65) by ($0.03). Cleveland-Cliffs had a negative net margin of 2.31% and a negative return on equity of 0.59%. The firm had revenue of $4.33 billion during the quarter, compared to analyst estimates of $4.46 billion. As a group, analysts expect that Cleveland-Cliffs Inc. will post -0.79 EPS for the current year.

About Cleveland-Cliffs

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.