Byrne Asset Management LLC Buys 2,600 Shares of Cleveland-Cliffs Inc. (NYSE:CLF)

Byrne Asset Management LLC lifted its stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 130.0% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,600 shares of the mining company’s stock after acquiring an additional 2,600 shares during the quarter. Byrne Asset Management LLC’s holdings in Cleveland-Cliffs were worth $43,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Franklin Resources Inc. increased its position in shares of Cleveland-Cliffs by 105.6% during the third quarter. Franklin Resources Inc. now owns 262,771 shares of the mining company’s stock worth $3,429,000 after buying an additional 134,939 shares during the period. Stonegate Investment Group LLC acquired a new stake in shares of Cleveland-Cliffs during the 4th quarter worth approximately $18,999,000. Twelve Points Wealth Management LLC increased its stake in shares of Cleveland-Cliffs by 58.5% in the 3rd quarter. Twelve Points Wealth Management LLC now owns 133,717 shares of the mining company’s stock valued at $1,708,000 after acquiring an additional 49,359 shares in the last quarter. Janus Henderson Group PLC increased its stake in Cleveland-Cliffs by 987.0% in the third quarter. Janus Henderson Group PLC now owns 207,000 shares of the mining company’s stock valued at $2,644,000 after purchasing an additional 187,957 shares in the last quarter. Finally, Rockefeller Capital Management L.P. acquired a new position in shares of Cleveland-Cliffs during the third quarter valued at about $22,122,000. 67.68% of the stock is owned by institutional investors and hedge funds.

Cleveland-Cliffs Stock Performance

Shares of Cleveland-Cliffs stock opened at $10.05 on Friday. The firm has a market capitalization of $4.96 billion, a P/E ratio of -10.36 and a beta of 1.96. 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 business’s fifty day simple moving average is $10.30 and its 200 day simple moving average is $11.96. Cleveland-Cliffs Inc. has a 12 month low of $8.99 and a 12 month high of $22.97.

Wall Street Analysts Forecast Growth

CLF has been the subject of a number of research analyst reports. Glj Research raised Cleveland-Cliffs from a “sell” rating to a “buy” rating and set a $14.27 target price for the company in a research report on Tuesday, January 7th. The Goldman Sachs Group initiated coverage on Cleveland-Cliffs in a research report on Monday, December 2nd. They set a “buy” rating and a $16.00 target price on the stock. Morgan Stanley reduced their price target on shares of Cleveland-Cliffs from $13.00 to $11.00 and set an “equal weight” rating for the company in a research report on Monday, February 3rd. StockNews.com lowered shares of Cleveland-Cliffs from a “hold” rating to a “sell” rating in a research note on Thursday, November 7th. Finally, Citigroup decreased their target price on shares of Cleveland-Cliffs from $12.50 to $11.00 and set a “neutral” rating for the company in a research report on Thursday, December 19th. Three analysts have rated the stock with a sell rating, five have given a hold rating, four have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $16.68.

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.