Invesco Ltd. Grows Position in Cleveland-Cliffs Inc. (NYSE:CLF)

Invesco Ltd. boosted its stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 0.7% in the 4th quarter, HoldingsChannel.com reports. The fund owned 2,323,181 shares of the mining company’s stock after buying an additional 16,699 shares during the period. Invesco Ltd.’s holdings in Cleveland-Cliffs were worth $21,838,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Bank of New York Mellon Corp grew its position in shares of Cleveland-Cliffs by 20.1% during 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 purchasing an additional 1,236,247 shares in the last quarter. Franklin Resources Inc. increased its stake in Cleveland-Cliffs by 105.6% in the 3rd quarter. Franklin Resources Inc. now owns 262,771 shares of the mining company’s stock worth $3,429,000 after acquiring an additional 134,939 shares during the last quarter. Stonegate Investment Group LLC purchased a new stake in shares of Cleveland-Cliffs during the 4th quarter worth approximately $18,999,000. Vanguard Group Inc. grew its holdings in shares of Cleveland-Cliffs by 5.5% in the fourth 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 in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new stake in Cleveland-Cliffs in the fourth quarter worth $4,432,000. 67.68% of the stock is currently owned by institutional investors.

Cleveland-Cliffs Stock Up 1.8 %

Shares of CLF opened at $7.31 on Friday. The firm has a fifty day moving average price of $9.29 and a 200-day moving average price of $10.69. The company has a current ratio of 1.85, a quick ratio of 0.55 and a debt-to-equity ratio of 0.53. The firm has a market capitalization of $3.61 billion, a P/E ratio of -7.54 and a beta of 1.93. Cleveland-Cliffs Inc. has a 12-month low of $6.17 and a 12-month high of $21.15.

Cleveland-Cliffs (NYSE:CLF) last issued its earnings results on Monday, February 24th. The mining company reported ($0.68) EPS for the quarter, missing analysts’ consensus estimates 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 research analysts expect that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director John T. Baldwin purchased 4,000 shares of the firm’s stock in a transaction on Monday, March 10th. The stock was acquired at an average cost of $8.70 per share, with a total value of $34,800.00. Following the completion of the transaction, the director now owns 133,227 shares in the company, valued at $1,159,074.90. This represents a 3.10 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Keith Koci acquired 9,500 shares of Cleveland-Cliffs stock in a transaction that occurred on 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 purchase, the executive vice president now owns 543,475 shares in the company, valued at $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 ninety days, insiders bought 23,500 shares of company stock worth $243,095. 1.76% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of brokerages have commented on CLF. Glj Research dropped their price objective on shares of Cleveland-Cliffs from $14.54 to $12.90 and set a “buy” rating for the company in a research note on Thursday, February 27th. B. Riley restated a “buy” rating on shares of Cleveland-Cliffs in a research report on Tuesday, February 4th. The Goldman Sachs Group cut their target price on Cleveland-Cliffs from $17.00 to $15.00 and set a “buy” rating on the stock in a research report on Tuesday, March 4th. Finally, Morgan Stanley dropped their price objective on shares of Cleveland-Cliffs from $13.00 to $11.00 and set an “equal weight” rating for the company in a research note on Monday, February 3rd. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, four have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Cleveland-Cliffs currently has an average rating of “Moderate Buy” and an average price target of $16.24.

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.