Cleveland-Cliffs Inc. (NYSE:CLF) Stock Position Boosted by Keynote Financial Services LLC

Keynote Financial Services LLC raised its stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 92.7% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 44,492 shares of the mining company’s stock after buying an additional 21,400 shares during the period. Keynote Financial Services LLC’s holdings in Cleveland-Cliffs were worth $418,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Blue Trust Inc. increased its stake in shares of Cleveland-Cliffs by 231.9% during the third quarter. Blue Trust Inc. now owns 3,634 shares of the mining company’s stock valued at $46,000 after acquiring an additional 2,539 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its position in shares of Cleveland-Cliffs by 16.8% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 12,612 shares of the mining company’s stock valued at $161,000 after purchasing an additional 1,810 shares during the period. DekaBank Deutsche Girozentrale raised its stake in shares of Cleveland-Cliffs by 3.2% in the 3rd quarter. DekaBank Deutsche Girozentrale now owns 40,408 shares of the mining company’s stock worth $515,000 after buying an additional 1,237 shares in the last quarter. State of Alaska Department of Revenue lifted its holdings in shares of Cleveland-Cliffs by 5.1% in the third quarter. State of Alaska Department of Revenue now owns 54,370 shares of the mining company’s stock valued at $694,000 after buying an additional 2,660 shares during the period. Finally, US Bancorp DE boosted its stake in Cleveland-Cliffs by 6.6% during the third quarter. US Bancorp DE now owns 28,752 shares of the mining company’s stock valued at $367,000 after buying an additional 1,789 shares in the last quarter. 67.68% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several brokerages have commented on CLF. Glj Research dropped 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. The Goldman Sachs Group started coverage on shares of Cleveland-Cliffs in a research note on Monday, December 2nd. They set a “buy” rating and a $16.00 target price for the company. B. Riley restated a “buy” rating on shares of Cleveland-Cliffs in a report on Tuesday, February 4th. 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 report on Monday, February 3rd. Finally, Citigroup reduced their price objective on Cleveland-Cliffs from $12.50 to $11.00 and set a “neutral” rating for the company in a research note on Thursday, December 19th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating, four have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $16.54.

Insider Activity at Cleveland-Cliffs

In other news, EVP Keith Koci acquired 9,500 shares of Cleveland-Cliffs stock in a transaction that occurred on 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 transaction, the executive vice president now owns 543,475 shares in the company, valued at approximately $5,874,964.75. This trade represents a 1.78 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Jane M. Cronin bought 10,000 shares of Cleveland-Cliffs stock in a transaction that occurred on Friday, February 28th. The stock was bought at an average price of $10.56 per share, with a total value of $105,600.00. Following the completion of the acquisition, the director now owns 24,522 shares in the company, valued at approximately $258,952.32. The trade was a 68.86 % increase in their position. The disclosure for this purchase can be found here. 1.76% of the stock is currently owned by insiders.

Cleveland-Cliffs Price Performance

CLF opened at $10.83 on Friday. The firm has a market capitalization of $5.35 billion, a P/E ratio of -11.16 and a beta of 1.96. The stock has a fifty day moving average of $10.34 and a 200-day moving average of $11.64. The company has a quick ratio of 0.55, a current ratio of 1.85 and a debt-to-equity ratio of 0.53. Cleveland-Cliffs Inc. has a 12-month low of $8.99 and a 12-month high of $22.97.

Cleveland-Cliffs (NYSE:CLF) last announced its quarterly earnings data on Monday, February 24th. The mining company reported ($0.68) EPS for the quarter, missing analysts’ consensus estimates of ($0.65) by ($0.03). The business 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%. Equities analysts forecast that Cleveland-Cliffs Inc. will post -0.79 EPS 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.