Wright Investors Service Inc. Acquires Shares of 12,679 Cleveland-Cliffs Inc. (NYSE:CLF)

Wright Investors Service Inc. acquired a new stake in Cleveland-Cliffs Inc. (NYSE:CLF) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 12,679 shares of the mining company’s stock, valued at approximately $259,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Korea Investment CORP increased its stake in shares of Cleveland-Cliffs by 30.6% during the third quarter. Korea Investment CORP now owns 514,890 shares of the mining company’s stock worth $8,048,000 after purchasing an additional 120,540 shares in the last quarter. Barclays PLC increased its stake in shares of Cleveland-Cliffs by 240.4% during the third quarter. Barclays PLC now owns 1,988,689 shares of the mining company’s stock worth $31,083,000 after purchasing an additional 1,404,491 shares in the last quarter. Douglas Lane & Associates LLC increased its stake in shares of Cleveland-Cliffs by 55.5% during the third quarter. Douglas Lane & Associates LLC now owns 1,743,513 shares of the mining company’s stock worth $27,251,000 after purchasing an additional 621,937 shares in the last quarter. Aigen Investment Management LP purchased a new stake in shares of Cleveland-Cliffs during the third quarter worth about $4,970,000. Finally, Handelsinvest Investeringsforvaltning purchased a new stake in shares of Cleveland-Cliffs during the third quarter worth about $3,908,000. Hedge funds and other institutional investors own 67.68% of the company’s stock.

Cleveland-Cliffs Price Performance

Cleveland-Cliffs stock opened at $20.83 on Friday. The firm has a market cap of $9.90 billion, a PE ratio of 27.05, a price-to-earnings-growth ratio of 0.75 and a beta of 2.03. Cleveland-Cliffs Inc. has a 52-week low of $13.61 and a 52-week high of $22.97. The company has a quick ratio of 0.62, a current ratio of 1.89 and a debt-to-equity ratio of 0.39. The company’s 50 day moving average is $20.93 and its two-hundred day moving average is $18.85.

Cleveland-Cliffs (NYSE:CLF) last released its earnings results on Tuesday, January 30th. The mining company reported ($0.05) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.05). The company had revenue of $5.11 billion for the quarter, compared to analyst estimates of $5.16 billion. Cleveland-Cliffs had a net margin of 1.81% and a return on equity of 6.79%. The firm’s quarterly revenue was up 1.3% on a year-over-year basis. During the same period in the prior year, the business earned ($0.30) EPS. On average, research analysts expect that Cleveland-Cliffs Inc. will post 1.62 EPS for the current fiscal year.

Analysts Set New Price Targets

CLF has been the subject of several research reports. BNP Paribas cut shares of Cleveland-Cliffs from a “neutral” rating to an “underperform” rating and set a $16.50 price objective for the company. in a research note on Wednesday, February 28th. StockNews.com upgraded shares of Cleveland-Cliffs from a “hold” rating to a “buy” rating in a report on Thursday. Citigroup lowered shares of Cleveland-Cliffs from a “buy” rating to a “neutral” rating and set a $22.00 price objective on the stock. in a report on Wednesday, March 13th. Argus lowered shares of Cleveland-Cliffs from a “buy” rating to a “hold” rating in a report on Thursday, February 8th. Finally, TheStreet lowered shares of Cleveland-Cliffs from a “b-” rating to a “c” rating in a report on Tuesday, January 30th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $19.92.

Insider Buying and Selling at Cleveland-Cliffs

In other news, Director Arlene M. Yocum acquired 2,000 shares of the company’s stock in a transaction on Wednesday, March 6th. The shares were bought at an average cost of $20.02 per share, with a total value of $40,040.00. Following the transaction, the director now owns 94,887 shares in the company, valued at approximately $1,899,637.74. The purchase was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, Director Arlene M. Yocum acquired 2,000 shares of the company’s stock in a transaction on Wednesday, March 6th. The shares were bought at an average cost of $20.02 per share, with a total value of $40,040.00. Following the transaction, the director now owns 94,887 shares in the company, valued at approximately $1,899,637.74. The purchase was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Susan Miranda Green sold 6,500 shares of the stock in a transaction on Wednesday, March 13th. The shares were sold at an average price of $20.40, for a total transaction of $132,600.00. Following the completion of the transaction, the director now directly owns 90,286 shares in the company, valued at $1,841,834.40. The disclosure for this sale can be found here. In the last three months, insiders have sold 221,066 shares of company stock valued at $4,464,688. Insiders own 1.76% of the company’s stock.

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.