Aigen Investment Management LP Invests $283,000 in Cleveland-Cliffs Inc. (NYSE:CLF)

Aigen Investment Management LP bought a new stake in Cleveland-Cliffs Inc. (NYSE:CLF) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 30,125 shares of the mining company’s stock, valued at approximately $283,000.

Other large investors have also recently added to or reduced their stakes in the company. Jones Financial Companies Lllp increased its stake in shares of Cleveland-Cliffs by 21.3% during the 4th quarter. Jones Financial Companies Lllp now owns 6,723 shares of the mining company’s stock valued at $63,000 after acquiring an additional 1,182 shares during the last quarter. Patriot Financial Group Insurance Agency LLC increased its position in Cleveland-Cliffs by 11.0% during 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 last quarter. Strengthening Families & Communities LLC raised its stake in Cleveland-Cliffs by 299.8% during the third quarter. Strengthening Families & Communities LLC now owns 1,987 shares of the mining company’s stock worth $25,000 after purchasing an additional 1,490 shares during the period. Private Trust Co. NA raised its stake in Cleveland-Cliffs by 3.8% during the third quarter. Private Trust Co. NA now owns 40,531 shares of the mining company’s stock worth $518,000 after purchasing an additional 1,500 shares during the period. Finally, Archer Investment Corp boosted its holdings in shares of Cleveland-Cliffs by 25.8% in the 3rd quarter. Archer Investment Corp now owns 7,799 shares of the mining company’s stock valued at $100,000 after purchasing an additional 1,600 shares during the last quarter. 67.68% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on CLF shares. B. Riley restated a “buy” rating on shares of Cleveland-Cliffs in a report on Tuesday, February 4th. Glj Research dropped their price target on Cleveland-Cliffs from $14.54 to $12.90 and set a “buy” rating for the company in a research note on Thursday, February 27th. The Goldman Sachs Group reduced their price objective on Cleveland-Cliffs from $17.00 to $15.00 and set a “buy” rating on the stock in a research note on Tuesday, March 4th. Citigroup dropped their target price on shares of Cleveland-Cliffs from $12.50 to $11.00 and set a “neutral” rating for the company in a research report on Thursday, December 19th. Finally, Morgan Stanley cut 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 report on Monday, February 3rd. Two 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 issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $16.43.

Cleveland-Cliffs Trading Down 2.7 %

CLF opened at $9.79 on Friday. The firm’s 50 day moving average is $10.39 and its 200-day moving average is $11.54. Cleveland-Cliffs Inc. has a 52-week low of $8.99 and a 52-week high of $22.97. The company has a quick ratio of 0.55, a current ratio of 1.85 and a debt-to-equity ratio of 0.53. The firm has a market capitalization of $4.84 billion, a P/E ratio of -10.09 and a beta of 1.94.

Cleveland-Cliffs (NYSE:CLF) last released its quarterly earnings results on Monday, February 24th. The mining company reported ($0.68) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.65) by ($0.03). The firm had revenue of $4.33 billion for the quarter, compared to analysts’ expectations of $4.46 billion. Cleveland-Cliffs had a negative return on equity of 0.59% and a negative net margin of 2.31%. Analysts expect that Cleveland-Cliffs Inc. will post -0.79 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Jane M. Cronin acquired 10,000 shares of the firm’s stock in a transaction on Friday, February 28th. The stock was bought at an average cost of $10.56 per share, with a total value of $105,600.00. Following the acquisition, the director now directly owns 24,522 shares in the company, valued at approximately $258,952.32. The trade was a 68.86 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Keith Koci bought 9,500 shares of the business’s stock in a transaction dated Friday, February 28th. The stock was bought at an average price of $10.81 per share, for a total transaction of $102,695.00. Following the purchase, the executive vice president now owns 543,475 shares in the company, valued at approximately $5,874,964.75. This represents a 1.78 % increase in their position. The disclosure for this purchase can be found here. Insiders own 1.76% 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.