Man Group plc Buys 211,046 Shares of Cleveland-Cliffs Inc. (NYSE:CLF)

Man Group plc increased its stake in Cleveland-Cliffs Inc. (NYSE:CLF) by 108.1% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 406,346 shares of the mining company’s stock after purchasing an additional 211,046 shares during the period. Man Group plc owned approximately 0.08% of Cleveland-Cliffs worth $3,820,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Pinpoint Asset Management Ltd bought a new position in shares of Cleveland-Cliffs in the fourth quarter worth approximately $25,000. Estabrook Capital Management increased its position in shares of Cleveland-Cliffs by 207.7% in the fourth quarter. Estabrook Capital Management now owns 4,000 shares of the mining company’s stock worth $38,000 after purchasing an additional 2,700 shares during the last quarter. Byrne Asset Management LLC increased its position in shares of Cleveland-Cliffs by 130.0% in the fourth 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 last quarter. Stonebridge Financial Group LLC bought a new position in shares of Cleveland-Cliffs in the fourth quarter worth approximately $44,000. Finally, AllSquare Wealth Management LLC increased its position in shares of 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 last quarter. 67.68% of the stock is currently owned by institutional investors.

Insider Activity

In related news, Director Jane M. Cronin acquired 10,000 shares of the company’s stock in a transaction dated Friday, February 28th. The stock was purchased at an average price of $10.56 per share, with a total value of $105,600.00. Following the completion of the purchase, the director now owns 24,522 shares in the company, valued at $258,952.32. This trade represents a 68.86% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Keith Koci acquired 9,500 shares of the company’s stock in a transaction dated Friday, February 28th. The shares were bought at an average cost of $10.81 per share, with a total value of $102,695.00. Following the purchase, the executive vice president now owns 543,475 shares of the company’s stock, valued at approximately $5,874,964.75. This trade represents a 1.78% increase in their position. The disclosure for this purchase can be found here. Over the last 90 days, insiders purchased 23,500 shares of company stock valued at $243,095. 1.71% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several research analysts recently weighed in on the stock. B. Riley restated a “buy” rating and issued a $17.00 price objective (down from $20.00) on shares of Cleveland-Cliffs in a research report on Wednesday, April 23rd. Morgan Stanley reduced their price target 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. Glj Research reduced their price target on shares of Cleveland-Cliffs from $14.54 to $12.90 and set a “buy” rating on the stock in a research report on Thursday, February 27th. Finally, The Goldman Sachs Group reduced their price target on shares of Cleveland-Cliffs from $13.00 to $11.25 and set a “buy” rating on the stock in a research report on Monday, May 12th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $14.02.

Cleveland-Cliffs Stock Down 5.5%

Shares of NYSE CLF opened at $7.01 on Thursday. The stock has a market capitalization of $3.47 billion, a P/E ratio of -7.23 and a beta of 2.03. Cleveland-Cliffs Inc. has a one year low of $6.17 and a one year high of $17.41. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.85 and a quick ratio of 0.55. The firm’s 50 day simple moving average is $8.00 and its two-hundred day simple moving average is $9.83.

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

Cleveland-Cliffs Company 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.