Aster Capital Management DIFC Ltd Invests $350,000 in Cleveland-Cliffs Inc. (NYSE:CLF)

Aster Capital Management DIFC Ltd bought a new stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 37,210 shares of the mining company’s stock, valued at approximately $350,000.

Several other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. lifted its holdings in shares of Cleveland-Cliffs by 5.5% during 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. Geode Capital Management LLC raised its stake in Cleveland-Cliffs by 3.2% in 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 buying an additional 264,078 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings 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 worth $69,398,000 after acquiring an additional 1,236,247 shares in the last quarter. Norges Bank purchased a new stake in shares of Cleveland-Cliffs during the fourth quarter worth about $45,381,000. Finally, Drexel Morgan & Co. increased its holdings in shares of Cleveland-Cliffs by 34.4% during the fourth quarter. Drexel Morgan & Co. now owns 4,300,395 shares of the mining company’s stock valued at $40,424,000 after acquiring an additional 1,100,000 shares in the last quarter. 67.68% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on CLF shares. Citigroup lowered their target price on shares of Cleveland-Cliffs from $12.50 to $11.00 and set a “neutral” rating for the company in a research note on Thursday, December 19th. Glj Research dropped their price objective on shares of Cleveland-Cliffs from $14.54 to $12.90 and set a “buy” rating on the stock in a report on Thursday, February 27th. The Goldman Sachs Group reduced their target price on Cleveland-Cliffs from $17.00 to $15.00 and set a “buy” rating for the company in a research note on Tuesday, March 4th. Morgan Stanley dropped their price target on Cleveland-Cliffs from $13.00 to $11.00 and set an “equal weight” rating on the stock in a research note on Monday, February 3rd. Finally, B. Riley restated a “buy” rating on shares of Cleveland-Cliffs in a research note on Tuesday, February 4th. Two analysts have rated the stock with a sell rating, four have given a hold rating, four have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $16.43.

Cleveland-Cliffs Stock Down 4.8 %

Shares of CLF stock opened at $6.91 on Monday. Cleveland-Cliffs Inc. has a twelve month low of $6.17 and a twelve month high of $22.67. The stock has a market cap of $3.42 billion, a P/E ratio of -7.13 and a beta of 1.94. The stock has a 50 day moving average of $10.04 and a 200 day moving average of $11.08. The company has a current ratio of 1.85, a quick ratio of 0.55 and a debt-to-equity ratio of 0.53.

Cleveland-Cliffs (NYSE:CLF) last released its quarterly earnings data on Monday, February 24th. The mining company reported ($0.68) earnings per share 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 analysts’ expectations of $4.46 billion. As a group, sell-side analysts expect that Cleveland-Cliffs Inc. will post -0.79 EPS for the current year.

Insider Buying and Selling

In other Cleveland-Cliffs news, Director John T. Baldwin acquired 4,000 shares of the business’s stock in a transaction dated Monday, March 10th. The stock was acquired at an average cost of $8.70 per share, for a total transaction of $34,800.00. Following the completion of the transaction, the director now directly owns 133,227 shares of the company’s stock, valued at $1,159,074.90. This represents a 3.10 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Keith Koci bought 9,500 shares of the firm’s stock in a transaction dated Friday, February 28th. The shares were acquired at an average price of $10.81 per share, for a total transaction of $102,695.00. Following the transaction, 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. In the last 90 days, insiders acquired 23,500 shares of company stock valued at $243,095. 1.76% 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.