Cleveland-Cliffs Inc. (NYSE:CLF) Shares Acquired by First Washington CORP

First Washington CORP boosted its position in Cleveland-Cliffs Inc. (NYSE:CLF) by 15.7% during the 4th quarter, HoldingsChannel reports. The firm owned 351,117 shares of the mining company’s stock after buying an additional 47,776 shares during the quarter. First Washington CORP’s holdings in Cleveland-Cliffs were worth $3,300,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently bought and sold shares of the company. Barclays PLC raised its position in shares of Cleveland-Cliffs by 232.4% during the 3rd quarter. Barclays PLC now owns 3,113,337 shares of the mining company’s stock worth $39,757,000 after buying an additional 2,176,837 shares in the last quarter. M&T Bank Corp increased its stake in shares of Cleveland-Cliffs by 11.4% during the third quarter. M&T Bank Corp now owns 21,574 shares of the mining company’s stock valued at $275,000 after acquiring an additional 2,205 shares during the period. Wilmington Savings Fund Society FSB bought a new stake in Cleveland-Cliffs during the third quarter worth approximately $64,000. Franklin Resources Inc. lifted its position in Cleveland-Cliffs by 105.6% in the third quarter. Franklin Resources Inc. now owns 262,771 shares of the mining company’s stock worth $3,429,000 after purchasing an additional 134,939 shares during the period. Finally, GAMMA Investing LLC boosted its stake in Cleveland-Cliffs by 1,190.6% during the 4th quarter. GAMMA Investing LLC now owns 5,330 shares of the mining company’s stock valued at $50,000 after purchasing an additional 4,917 shares in the last quarter. Institutional investors own 67.68% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. Glj Research reduced their target price 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. The Goldman Sachs Group decreased their target price on Cleveland-Cliffs from $17.00 to $15.00 and set a “buy” rating on the stock in a report on Tuesday, March 4th. Morgan Stanley cut their target price 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. Finally, B. Riley reissued a “buy” rating on shares of Cleveland-Cliffs in a research note on Tuesday, February 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 assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Cleveland-Cliffs currently has an average rating of “Moderate Buy” and a consensus price target of $16.24.

Cleveland-Cliffs Stock Performance

Shares of Cleveland-Cliffs stock opened at $7.31 on Friday. Cleveland-Cliffs Inc. has a 12 month low of $6.17 and a 12 month high of $21.15. 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 stock has a market cap of $3.61 billion, a PE ratio of -7.54 and a beta of 1.93. The business has a fifty day simple moving average of $9.29 and a 200-day simple moving average of $10.69.

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 return on equity of 0.59% and a negative net margin of 2.31%. The business had revenue of $4.33 billion for the quarter, compared to analyst estimates of $4.46 billion. On average, sell-side analysts anticipate that Cleveland-Cliffs Inc. will post -0.79 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director Jane M. Cronin bought 10,000 shares of the company’s stock in a transaction on Friday, February 28th. The shares were bought at an average cost of $10.56 per share, with a total value of $105,600.00. Following 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 legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Keith Koci purchased 9,500 shares of Cleveland-Cliffs stock in a transaction dated Friday, February 28th. The shares were purchased 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 owns 543,475 shares in the company, valued at $5,874,964.75. The trade was a 1.78 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders purchased 23,500 shares of company stock worth $243,095. 1.76% of the stock is owned by company insiders.

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.