Dark Forest Capital Management LP Sells 23,172 Shares of Cleveland-Cliffs Inc. (NYSE:CLF)

Dark Forest Capital Management LP trimmed its position in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 30.3% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 53,209 shares of the mining company’s stock after selling 23,172 shares during the quarter. Dark Forest Capital Management LP’s holdings in Cleveland-Cliffs were worth $500,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in CLF. Pinpoint Asset Management Ltd bought a new stake in Cleveland-Cliffs in the 4th quarter worth about $25,000. Estabrook Capital Management lifted its holdings in Cleveland-Cliffs by 207.7% during the fourth quarter. Estabrook Capital Management now owns 4,000 shares of the mining company’s stock worth $38,000 after acquiring an additional 2,700 shares during the period. Byrne Asset Management LLC boosted its position in Cleveland-Cliffs by 130.0% in the fourth quarter. Byrne Asset Management LLC now owns 4,600 shares of the mining company’s stock worth $43,000 after purchasing an additional 2,600 shares during the last quarter. Stonebridge Financial Group LLC bought a new position in Cleveland-Cliffs in the 4th quarter valued at $44,000. Finally, AllSquare Wealth Management LLC increased its position in shares of Cleveland-Cliffs by 24.4% during 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 during the last quarter. Institutional investors own 67.68% of the company’s stock.

Cleveland-Cliffs Stock Performance

NYSE:CLF opened at $7.90 on Friday. Cleveland-Cliffs Inc. has a 52-week low of $6.17 and a 52-week high of $18.20. The business’s fifty day moving average is $8.90 and its 200 day moving average is $10.48. 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 firm has a market cap of $3.91 billion, a price-to-earnings ratio of -8.14 and a beta of 1.93.

Cleveland-Cliffs (NYSE:CLF) last announced its quarterly 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 the consensus estimate of $4.46 billion. Cleveland-Cliffs had a negative net margin of 2.31% and a negative return on equity of 0.59%. Research analysts predict that Cleveland-Cliffs Inc. will post -0.79 EPS for the current year.

Insiders Place Their Bets

In other Cleveland-Cliffs news, EVP Keith Koci purchased 9,500 shares of the stock in a transaction 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 acquisition, the executive vice president now directly owns 543,475 shares in the company, valued at approximately $5,874,964.75. The trade was a 1.78 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director John T. Baldwin acquired 4,000 shares of the business’s stock in a transaction dated Monday, March 10th. The shares were acquired at an average cost 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 $1,159,074.90. This represents a 3.10 % increase in their position. The disclosure for this purchase can be found here. Insiders have bought 23,500 shares of company stock worth $243,095 in the last three months. 1.76% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on CLF shares. B. Riley reissued a “buy” rating and set a $17.00 target price (down from $20.00) on shares of Cleveland-Cliffs in a research report on Wednesday. Morgan Stanley reduced their price objective on Cleveland-Cliffs from $13.00 to $11.00 and set an “equal weight” rating for the company in a report on Monday, February 3rd. The Goldman Sachs Group lowered their target price on 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, Glj Research dropped their price target 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. One analyst has rated the stock with a sell rating, four have issued a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Cleveland-Cliffs has an average rating of “Moderate Buy” and an average target price of $15.49.

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.