140,907 Shares in Cleveland-Cliffs Inc. (NYSE:CLF) Bought by Covalis Capital LLP

Covalis Capital LLP acquired a new stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF) in the 4th quarter, according to its most recent 13F filing with the SEC. The fund acquired 140,907 shares of the mining company’s stock, valued at approximately $1,325,000.

Several other institutional investors and hedge funds have also modified their holdings of the stock. Summit Investment Advisors Inc. raised its holdings in Cleveland-Cliffs by 1.0% in the 4th quarter. Summit Investment Advisors Inc. now owns 96,956 shares of the mining company’s stock valued at $911,000 after buying an additional 932 shares during the period. AllSquare Wealth Management LLC increased its holdings in shares of Cleveland-Cliffs by 24.4% in the 4th quarter. AllSquare Wealth Management LLC now owns 5,100 shares of the mining company’s stock valued at $48,000 after purchasing an additional 1,000 shares in the last quarter. MRP Capital Investments LLC raised its holdings in Cleveland-Cliffs by 10.0% during the fourth quarter. MRP Capital Investments LLC now owns 11,000 shares of the mining company’s stock worth $103,000 after purchasing an additional 1,000 shares during the last quarter. Jones Financial Companies Lllp increased its position in Cleveland-Cliffs by 21.3% during the fourth quarter. Jones Financial Companies Lllp now owns 6,723 shares of the mining company’s stock worth $63,000 after purchasing an additional 1,182 shares during the last quarter. Finally, Patriot Financial Group Insurance Agency LLC increased its stake in Cleveland-Cliffs by 11.0% during the fourth quarter. Patriot Financial Group Insurance Agency LLC now owns 13,270 shares of the mining company’s stock worth $125,000 after acquiring an additional 1,313 shares during the last quarter. Institutional investors and hedge funds own 67.68% of the company’s stock.

Cleveland-Cliffs Trading Up 1.8 %

Shares of Cleveland-Cliffs stock opened at $7.31 on Friday. The stock has a market capitalization of $3.61 billion, a PE ratio of -7.54 and a beta of 1.93. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.55 and a current ratio of 1.85. The stock has a 50 day moving average price of $9.29 and a two-hundred day moving average price of $10.69. Cleveland-Cliffs Inc. has a 52 week low of $6.17 and a 52 week high of $21.15.

Cleveland-Cliffs (NYSE:CLF) last posted its earnings results on Monday, February 24th. The mining company reported ($0.68) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.65) by ($0.03). The firm had revenue of $4.33 billion during 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%. As a group, equities analysts anticipate that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current fiscal year.

Insider Activity at Cleveland-Cliffs

In other news, Director Jane M. Cronin acquired 10,000 shares of the business’s stock in a transaction dated Friday, February 28th. The stock was purchased at an average price of $10.56 per share, for a total transaction of $105,600.00. Following the completion of the transaction, the director now directly owns 24,522 shares in the company, valued at approximately $258,952.32. This trade represents a 68.86 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director John T. Baldwin acquired 4,000 shares of Cleveland-Cliffs stock in a transaction that occurred on Monday, March 10th. The stock was purchased 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 in the company, valued at $1,159,074.90. This trade represents a 3.10 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders bought 23,500 shares of company stock valued at $243,095 over the last 90 days. Corporate insiders own 1.76% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the stock. Glj Research decreased their price objective 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. Morgan Stanley decreased their price target on shares of 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 dropped their price target on shares of Cleveland-Cliffs from $17.00 to $15.00 and set a “buy” rating on the stock in a research note on Tuesday, March 4th. Finally, B. Riley reissued a “buy” rating on shares of Cleveland-Cliffs in a research report on Tuesday, February 4th. One equities research analyst has 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, the company presently has an average 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.