KLP Kapitalforvaltning AS Acquires Shares of 347,087 Cleveland-Cliffs Inc. (NYSE:CLF)

KLP Kapitalforvaltning AS bought a new position in shares of Cleveland-Cliffs Inc. (NYSE:CLF) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 347,087 shares of the mining company’s stock, valued at approximately $3,273,000. KLP Kapitalforvaltning AS owned approximately 0.07% of Cleveland-Cliffs as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of CLF. AXQ Capital LP grew its stake in Cleveland-Cliffs by 15.4% during the 4th quarter. AXQ Capital LP now owns 54,277 shares of the mining company’s stock valued at $510,000 after acquiring an additional 7,246 shares in the last quarter. American Century Companies Inc. boosted its holdings in shares of Cleveland-Cliffs by 135.4% during the 4th quarter. American Century Companies Inc. now owns 3,615,774 shares of the mining company’s stock worth $33,988,000 after purchasing an additional 2,079,589 shares during the last quarter. Virtu Financial LLC purchased a new stake in shares of Cleveland-Cliffs in the fourth quarter valued at approximately $1,587,000. MRP Capital Investments LLC increased its holdings in shares of Cleveland-Cliffs by 10.0% in the fourth quarter. MRP Capital Investments LLC now owns 11,000 shares of the mining company’s stock valued at $103,000 after purchasing an additional 1,000 shares during the last quarter. Finally, Lee Danner & Bass Inc. purchased a new position in Cleveland-Cliffs during the fourth quarter worth approximately $1,147,000. 67.68% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages have issued reports on CLF. Glj Research cut their target price on 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. Morgan Stanley reduced their target price on shares of 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. Citigroup dropped their price target on shares of Cleveland-Cliffs from $12.50 to $11.00 and set a “neutral” rating for the company in a research note on Thursday, December 19th. Finally, The Goldman Sachs Group reduced 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 report on Tuesday, March 4th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $16.43.

Insider Transactions at Cleveland-Cliffs

In related news, Director John T. Baldwin purchased 4,000 shares of the business’s stock in a transaction on Monday, March 10th. The shares were bought at an average price of $8.70 per share, for a total transaction of $34,800.00. Following the acquisition, 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 acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Jane M. Cronin acquired 10,000 shares of the firm’s stock in a transaction dated Friday, February 28th. The stock was bought at an average price of $10.56 per share, with a total value of $105,600.00. Following the purchase, 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 disclosure for this purchase can be found here. Over the last quarter, insiders have acquired 23,500 shares of company stock valued at $243,095. 1.76% of the stock is currently owned by corporate insiders.

Cleveland-Cliffs Stock Down 2.7 %

Shares of NYSE CLF opened at $9.15 on Thursday. Cleveland-Cliffs Inc. has a 52-week low of $8.50 and a 52-week high of $22.97. The business’s 50 day moving average is $10.32 and its two-hundred day moving average is $11.24. The firm has a market cap of $4.52 billion, a price-to-earnings ratio of -9.43 and a beta of 1.94. The company has a quick ratio of 0.55, a current ratio of 1.85 and a debt-to-equity ratio of 0.53.

Cleveland-Cliffs (NYSE:CLF) last posted its quarterly earnings data 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). Cleveland-Cliffs had a negative net margin of 2.31% and a negative return on equity of 0.59%. The firm had revenue of $4.33 billion during the quarter, compared to analysts’ expectations of $4.46 billion. Research analysts predict that Cleveland-Cliffs Inc. will post -0.79 EPS for the current year.

Cleveland-Cliffs Company 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.