471,537 Shares in Cleveland-Cliffs Inc. (NYSE:CLF) Acquired by Connor Clark & Lunn Investment Management Ltd.

Connor Clark & Lunn Investment Management Ltd. bought a new position in Cleveland-Cliffs Inc. (NYSE:CLF) in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 471,537 shares of the mining company’s stock, valued at approximately $4,432,000. Connor Clark & Lunn Investment Management Ltd. owned about 0.10% of Cleveland-Cliffs at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Strengthening Families & Communities LLC lifted its position in Cleveland-Cliffs by 299.8% in the 3rd quarter. Strengthening Families & Communities LLC now owns 1,987 shares of the mining company’s stock worth $25,000 after buying an additional 1,490 shares during the last quarter. Darwin Wealth Management LLC purchased a new position in Cleveland-Cliffs in the 3rd quarter worth approximately $34,000. Truvestments Capital LLC purchased a new position in Cleveland-Cliffs in the 3rd quarter worth approximately $34,000. Byrne Asset Management LLC increased its stake in Cleveland-Cliffs by 130.0% in the 4th 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 period. Finally, Stonebridge Financial Group LLC purchased a new position in Cleveland-Cliffs in the 4th quarter worth approximately $44,000. Institutional investors own 67.68% of the company’s stock.

Cleveland-Cliffs Trading Up 7.1 %

NYSE CLF opened at $10.42 on Monday. 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 Inc. has a twelve month low of $8.50 and a twelve month high of $22.97. The firm has a market capitalization of $5.15 billion, a PE ratio of -10.74 and a beta of 1.94. The stock’s 50 day moving average is $10.40 and its 200 day moving average is $11.40.

Cleveland-Cliffs (NYSE:CLF) last released 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). 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 for the quarter, compared to the consensus estimate of $4.46 billion. Research analysts forecast that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current fiscal year.

Insider Activity at Cleveland-Cliffs

In related news, Director John T. Baldwin bought 4,000 shares of the company’s stock in a transaction on 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 completion of the acquisition, the director now owns 133,227 shares of the company’s stock, valued at $1,159,074.90. The trade was a 3.10 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Keith Koci bought 9,500 shares of the company’s stock in a transaction on Friday, February 28th. The stock was bought at an average cost of $10.81 per share, for a total transaction of $102,695.00. Following the completion of the acquisition, the executive vice president now directly owns 543,475 shares of the company’s stock, valued at approximately $5,874,964.75. This represents a 1.78 % 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 over the last ninety days. 1.76% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

CLF has been the topic of a number of analyst reports. Morgan Stanley decreased their price target on 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. B. Riley reaffirmed a “buy” rating on shares of Cleveland-Cliffs in a research note on Tuesday, February 4th. Glj Research decreased their price target on Cleveland-Cliffs from $14.54 to $12.90 and set a “buy” rating on the stock in a research note on Thursday, February 27th. The Goldman Sachs Group decreased their price target 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, Citigroup reduced their target price on Cleveland-Cliffs from $12.50 to $11.00 and set a “neutral” rating on the stock in a research note on Thursday, December 19th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating, four have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Cleveland-Cliffs currently has a consensus rating of “Hold” and a consensus price target of $16.43.

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.