Northern Trust Corp Acquires 779,099 Shares of Cleveland-Cliffs Inc. (NYSE:CLF)

Northern Trust Corp increased its holdings in Cleveland-Cliffs Inc. (NYSE:CLF) by 24.5% in the 4th quarter, Holdings Channel reports. The institutional investor owned 3,960,192 shares of the mining company’s stock after purchasing an additional 779,099 shares during the period. Northern Trust Corp’s holdings in Cleveland-Cliffs were worth $37,226,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also bought and sold shares of the company. The Manufacturers Life Insurance Company lifted its holdings in Cleveland-Cliffs by 1.0% during the 4th quarter. The Manufacturers Life Insurance Company now owns 395,230 shares of the mining company’s stock worth $3,715,000 after purchasing an additional 4,026 shares in the last quarter. Public Employees Retirement Association of Colorado lifted its holdings in shares of Cleveland-Cliffs by 10.4% in the fourth quarter. Public Employees Retirement Association of Colorado now owns 61,142 shares of the mining company’s stock worth $575,000 after buying an additional 5,765 shares in the last quarter. Aquatic Capital Management LLC boosted its position in shares of Cleveland-Cliffs by 151.0% in the fourth quarter. Aquatic Capital Management LLC now owns 584,622 shares of the mining company’s stock valued at $5,495,000 after acquiring an additional 351,722 shares during the period. Boothbay Fund Management LLC purchased a new position in Cleveland-Cliffs during the fourth quarter valued at approximately $360,000. Finally, Voya Investment Management LLC increased its holdings in Cleveland-Cliffs by 44.6% during the 4th quarter. Voya Investment Management LLC now owns 294,769 shares of the mining company’s stock worth $2,771,000 after acquiring an additional 90,868 shares during the period. 67.68% of the stock is currently owned by hedge funds and other institutional investors.

Cleveland-Cliffs Stock Down 2.0 %

Shares of CLF opened at $7.01 on Friday. Cleveland-Cliffs Inc. has a 12-month low of $6.17 and a 12-month high of $18.10. 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 company has a market capitalization of $3.47 billion, a PE ratio of -7.23 and a beta of 2.03. The business’s 50 day moving average is $8.37 and its 200 day moving average is $10.15.

Cleveland-Cliffs (NYSE:CLF) last released its quarterly earnings data on Wednesday, May 7th. The mining company reported ($0.92) EPS for the quarter, missing the consensus estimate of ($0.78) by ($0.14). The company had revenue of $4.63 billion for the quarter, compared to the consensus estimate of $4.71 billion. Cleveland-Cliffs had a negative net margin of 2.31% and a negative return on equity of 0.59%. The firm’s revenue for the quarter was down 11.0% on a year-over-year basis. During the same period last year, the company earned $0.18 EPS. Research analysts expect that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts have recently commented on CLF shares. B. Riley restated a “buy” rating and set a $17.00 price target (down from $20.00) on shares of Cleveland-Cliffs in a research report on Wednesday, April 23rd. Glj Research reduced their target price on Cleveland-Cliffs from $14.54 to $12.90 and set a “buy” rating for the company in a research report on Thursday, February 27th. Morgan Stanley decreased their price objective on shares of Cleveland-Cliffs from $13.00 to $11.00 and set an “equal weight” rating on the stock in a research report on Monday, February 3rd. Finally, The Goldman Sachs Group cut their price target on shares of Cleveland-Cliffs from $17.00 to $15.00 and set a “buy” rating for the company in a research note on Tuesday, March 4th. One analyst has rated the stock with a sell rating, four have given a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $15.49.

Insider Activity at Cleveland-Cliffs

In other Cleveland-Cliffs news, Director Jane M. Cronin purchased 10,000 shares of Cleveland-Cliffs stock in a transaction dated Friday, February 28th. The shares were purchased at an average cost of $10.56 per share, for a total transaction of $105,600.00. Following the completion of the acquisition, the director now owns 24,522 shares in the company, valued at $258,952.32. This represents a 68.86 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director John T. Baldwin bought 4,000 shares of Cleveland-Cliffs stock in a transaction on Monday, March 10th. The stock was acquired at an average price of $8.70 per share, for a total transaction of $34,800.00. Following the purchase, the director now owns 133,227 shares of the company’s stock, valued at approximately $1,159,074.90. This trade represents a 3.10 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last quarter, insiders acquired 23,500 shares of company stock valued at $243,095. Insiders own 1.71% of the company’s stock.

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.