Kennedy Capital Management LLC Makes New $2.48 Million Investment in Cleveland-Cliffs Inc. (NYSE:CLF)

Kennedy Capital Management LLC bought a new position in shares of Cleveland-Cliffs Inc. (NYSE:CLF) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 263,796 shares of the mining company’s stock, valued at approximately $2,480,000. Kennedy Capital Management LLC owned approximately 0.05% of Cleveland-Cliffs as of its most recent SEC filing.

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

Wall Street Analyst Weigh In

Several analysts recently weighed in on the company. Morgan Stanley dropped their price objective on 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. Glj Research dropped their target price on shares of Cleveland-Cliffs from $14.54 to $12.90 and set a “buy” rating for the company in a report on Thursday, February 27th. Citigroup decreased their price target on shares of Cleveland-Cliffs from $12.50 to $11.00 and set a “neutral” rating on the stock in a report on Thursday, December 19th. B. Riley reissued a “buy” rating on shares of Cleveland-Cliffs in a research note on Tuesday, February 4th. Finally, The Goldman Sachs Group decreased their target price on shares of Cleveland-Cliffs from $17.00 to $15.00 and set a “buy” rating on the stock in a research note on Tuesday, March 4th. One investment analyst has rated the stock with a sell rating, four have given a hold rating, four have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $16.24.

Insider Buying and Selling

In other Cleveland-Cliffs news, Director John T. Baldwin acquired 4,000 shares of the stock in a transaction dated Monday, March 10th. The stock was purchased at an average cost of $8.70 per share, with a total value of $34,800.00. Following the transaction, the director now owns 133,227 shares in the company, valued at approximately $1,159,074.90. The trade was a 3.10 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Keith Koci bought 9,500 shares of the business’s stock in a transaction that occurred on Friday, February 28th. The shares were acquired at an average price of $10.81 per share, for a total transaction of $102,695.00. Following the transaction, 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. Insiders have purchased a total of 23,500 shares of company stock valued at $243,095 over the last ninety days. 1.76% of the stock is owned by company insiders.

Cleveland-Cliffs Price Performance

CLF stock opened at $7.35 on Monday. The company has a market capitalization of $3.63 billion, a P/E ratio of -7.57 and a beta of 1.93. The company has a fifty day moving average price of $9.65 and a 200-day moving average price of $10.85. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.55 and a current ratio of 1.85. Cleveland-Cliffs Inc. has a 52-week low of $6.17 and a 52-week high of $22.04.

Cleveland-Cliffs (NYSE:CLF) last announced its earnings results on Monday, February 24th. The mining company reported ($0.68) EPS 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 analyst estimates of $4.46 billion. Cleveland-Cliffs had a negative return on equity of 0.59% and a negative net margin of 2.31%. As a group, equities analysts expect that Cleveland-Cliffs Inc. will post -0.79 EPS for the current year.

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.