CenterBook Partners LP Invests $1.37 Million in Cleveland-Cliffs Inc. (NYSE:CLF)

CenterBook Partners LP purchased a new stake in Cleveland-Cliffs Inc. (NYSE:CLF) during the fourth quarter, according to its most recent disclosure with the SEC. The firm purchased 146,074 shares of the mining company’s stock, valued at approximately $1,373,000.

Several other institutional investors also recently bought and sold shares of CLF. Pinpoint Asset Management Ltd purchased a new position in shares of Cleveland-Cliffs in the fourth quarter valued at approximately $25,000. Estabrook Capital Management lifted its holdings in Cleveland-Cliffs by 207.7% in the 4th quarter. Estabrook Capital Management now owns 4,000 shares of the mining company’s stock valued at $38,000 after purchasing an additional 2,700 shares in the last quarter. Byrne Asset Management LLC lifted its holdings in Cleveland-Cliffs by 130.0% in the 4th quarter. Byrne Asset Management LLC now owns 4,600 shares of the mining company’s stock valued at $43,000 after purchasing an additional 2,600 shares in the last quarter. Stonebridge Financial Group LLC acquired a new stake in Cleveland-Cliffs during the 4th quarter worth $44,000. Finally, AllSquare Wealth Management LLC grew its holdings in shares of Cleveland-Cliffs by 24.4% during the fourth quarter. AllSquare Wealth Management LLC now owns 5,100 shares of the mining company’s stock worth $48,000 after buying an additional 1,000 shares in the last quarter. 67.68% of the stock is currently owned by institutional investors and hedge funds.

Cleveland-Cliffs Stock Performance

Shares of Cleveland-Cliffs stock opened at $7.24 on Friday. The business’s fifty day simple moving average is $9.71 and its 200-day simple moving average is $10.90. 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 firm has a market cap of $3.58 billion, a PE ratio of -7.46 and a beta of 1.93. Cleveland-Cliffs Inc. has a 52 week low of $6.17 and a 52 week high of $22.39.

Cleveland-Cliffs (NYSE:CLF) last announced its earnings results on Monday, February 24th. The mining company reported ($0.68) earnings per share for the quarter, missing the consensus estimate of ($0.65) by ($0.03). The company had revenue of $4.33 billion for the quarter, compared to analysts’ expectations of $4.46 billion. Cleveland-Cliffs had a negative return on equity of 0.59% and a negative net margin of 2.31%. Equities analysts forecast that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current year.

Insider Activity at Cleveland-Cliffs

In other Cleveland-Cliffs news, Director Jane M. Cronin acquired 10,000 shares of the stock in a transaction dated Friday, February 28th. The stock was acquired at an average price of $10.56 per share, with a total value of $105,600.00. Following the completion of the purchase, the director now owns 24,522 shares in the company, 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 Securities & Exchange Commission, which can be accessed through this link. Also, Director John T. Baldwin acquired 4,000 shares of the company’s stock in a transaction that occurred on Monday, March 10th. The stock was acquired at an average price of $8.70 per share, with a total value of $34,800.00. Following the acquisition, the director now directly owns 133,227 shares of the company’s stock, valued at approximately $1,159,074.90. This represents a 3.10 % increase in their position. The disclosure for this purchase can be found here. In the last quarter, insiders purchased 23,500 shares of company stock worth $243,095. Insiders own 1.76% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently weighed in on CLF. Citigroup lowered their price target 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. B. Riley restated a “buy” rating on shares of Cleveland-Cliffs in a research report on Tuesday, February 4th. Glj Research reduced their price objective on Cleveland-Cliffs from $14.54 to $12.90 and set a “buy” rating on the stock in a research report on Thursday, February 27th. Morgan Stanley lowered their price objective 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, The Goldman Sachs Group cut 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. One analyst has rated the stock with a sell rating, four have assigned a hold rating, four have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $16.24.

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.