MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. Acquires 217,488 Shares of Cleveland-Cliffs Inc. (NYSE:CLF)

MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Cleveland-Cliffs Inc. (NYSE:CLF) by 6.6% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,499,644 shares of the mining company’s stock after purchasing an additional 217,488 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. owned about 0.71% of Cleveland-Cliffs worth $32,896,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Summit Investment Advisors Inc. increased its stake in Cleveland-Cliffs by 1.0% in the fourth quarter. Summit Investment Advisors Inc. now owns 96,956 shares of the mining company’s stock worth $911,000 after purchasing an additional 932 shares during the period. AllSquare Wealth Management LLC increased its stake in Cleveland-Cliffs by 24.4% in the fourth quarter. AllSquare Wealth Management LLC now owns 5,100 shares of the mining company’s stock worth $48,000 after purchasing an additional 1,000 shares during the period. MRP Capital Investments LLC increased its stake in Cleveland-Cliffs by 10.0% in the fourth quarter. MRP Capital Investments LLC now owns 11,000 shares of the mining company’s stock worth $103,000 after purchasing an additional 1,000 shares during the period. Jones Financial Companies Lllp increased its stake in Cleveland-Cliffs by 21.3% in the fourth quarter. Jones Financial Companies Lllp now owns 6,723 shares of the mining company’s stock worth $63,000 after purchasing an additional 1,182 shares during the period. Finally, Patriot Financial Group Insurance Agency LLC increased its stake in Cleveland-Cliffs by 11.0% in the fourth quarter. Patriot Financial Group Insurance Agency LLC now owns 13,270 shares of the mining company’s stock worth $125,000 after purchasing an additional 1,313 shares during the period. Hedge funds and other institutional investors own 67.68% of the company’s stock.

Insider Buying and Selling at Cleveland-Cliffs

In other news, Director Jane M. Cronin acquired 10,000 shares of Cleveland-Cliffs stock in a transaction dated Friday, February 28th. The stock was purchased at an average cost of $10.56 per share, for a total transaction of $105,600.00. Following the completion of the purchase, the director now directly owns 24,522 shares in the company, valued at $258,952.32. This trade represents a 68.86% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Keith Koci acquired 9,500 shares of Cleveland-Cliffs stock in a transaction dated Friday, February 28th. The stock was purchased at an average price of $10.81 per share, with a total value of $102,695.00. Following the completion of the purchase, the executive vice president now owns 543,475 shares of the company’s stock, valued at approximately $5,874,964.75. The trade was a 1.78% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last ninety days, insiders acquired 23,500 shares of company stock worth $243,095. 1.71% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the company. B. Riley reissued a “buy” rating and set a $17.00 price target (down previously from $20.00) on shares of Cleveland-Cliffs in a research report on Wednesday, April 23rd. Glj Research dropped their price target on Cleveland-Cliffs from $14.54 to $12.90 and set a “buy” rating on the stock in a research report on Thursday, February 27th. The Goldman Sachs Group dropped their price target on Cleveland-Cliffs from $13.00 to $11.25 and set a “buy” rating on the stock in a research report on Monday. Finally, Morgan Stanley dropped their price target on 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. One analyst has rated the stock with a sell rating, four have assigned a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $15.02.

Cleveland-Cliffs Price Performance

Shares of CLF stock opened at $7.57 on Wednesday. Cleveland-Cliffs Inc. has a 1-year low of $6.17 and a 1-year high of $18.10. The stock’s 50-day moving average is $8.27 and its 200 day moving average is $10.05. The company has a market cap of $3.74 billion, a P/E ratio of -7.80 and a beta of 2.03. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.85 and a quick ratio of 0.55.

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

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.