Intech Investment Management LLC Purchases 16,256 Shares of Cleveland-Cliffs Inc. (NYSE:CLF)

Intech Investment Management LLC boosted its position in Cleveland-Cliffs Inc. (NYSE:CLF) by 19.0% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 101,824 shares of the mining company’s stock after acquiring an additional 16,256 shares during the quarter. Intech Investment Management LLC’s holdings in Cleveland-Cliffs were worth $957,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the company. Bank of New York Mellon Corp increased its stake in Cleveland-Cliffs by 20.1% in the fourth quarter. Bank of New York Mellon Corp now owns 7,382,769 shares of the mining company’s stock valued at $69,398,000 after acquiring an additional 1,236,247 shares during the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of Cleveland-Cliffs by 11.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 4,176,194 shares of the mining company’s stock worth $39,256,000 after buying an additional 425,041 shares during the last quarter. Hodges Capital Management Inc. grew its stake in shares of Cleveland-Cliffs by 13.4% during the fourth quarter. Hodges Capital Management Inc. now owns 3,316,786 shares of the mining company’s stock worth $31,178,000 after buying an additional 391,109 shares during the last quarter. Barclays PLC grew its stake in shares of Cleveland-Cliffs by 232.4% during the third quarter. Barclays PLC now owns 3,113,337 shares of the mining company’s stock worth $39,757,000 after buying an additional 2,176,837 shares during the last quarter. Finally, Victory Capital Management Inc. grew its stake in shares of Cleveland-Cliffs by 19.9% during the fourth quarter. Victory Capital Management Inc. now owns 2,787,870 shares of the mining company’s stock worth $26,206,000 after buying an additional 461,874 shares during the last quarter. 67.68% of the stock is owned by institutional investors.

Cleveland-Cliffs Price Performance

CLF stock opened at $9.45 on Friday. The firm has a market cap of $4.67 billion, a price-to-earnings ratio of -9.74 and a beta of 1.94. 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 $8.50 and a 12-month high of $22.97. The company’s fifty day simple moving average is $10.38 and its 200 day simple moving average is $11.29.

Cleveland-Cliffs (NYSE:CLF) last released its 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). Cleveland-Cliffs had a negative net margin of 2.31% and a negative return on equity of 0.59%. The firm had revenue of $4.33 billion during the quarter, compared to analyst estimates of $4.46 billion. On average, analysts expect that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on CLF shares. Glj Research decreased their target price on shares of Cleveland-Cliffs from $14.54 to $12.90 and set a “buy” rating on the stock in a research note on Thursday, February 27th. Morgan Stanley decreased their target price on shares of Cleveland-Cliffs from $13.00 to $11.00 and set an “equal weight” rating on the stock in a research note on Monday, February 3rd. Citigroup decreased their target price on shares of Cleveland-Cliffs from $12.50 to $11.00 and set a “neutral” rating on the stock in a research note on Thursday, December 19th. B. Riley reissued a “buy” rating on shares of Cleveland-Cliffs in a research note on Tuesday, February 4th. Finally, The Goldman Sachs Group reduced their price objective on shares of Cleveland-Cliffs from $17.00 to $15.00 and set a “buy” rating on the stock in a research note on Tuesday, March 4th. 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 given a strong buy rating to the stock. According to MarketBeat.com, Cleveland-Cliffs has a consensus rating of “Hold” and an average price target of $16.43.

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 shares were purchased at an average price of $10.56 per share, for a total transaction of $105,600.00. Following the completion of the acquisition, the director now owns 24,522 shares of the company’s stock, valued at approximately $258,952.32. This trade represents a 68.86 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director John T. Baldwin acquired 4,000 shares of the company’s stock in a transaction dated Monday, March 10th. The shares were bought at an average price of $8.70 per share, for a total transaction of $34,800.00. Following the acquisition, the director now directly owns 133,227 shares of the company’s stock, valued at approximately $1,159,074.90. This trade represents a 3.10 % increase in their position. The disclosure for this purchase can be found here. Over the last 90 days, insiders have purchased 23,500 shares of company stock worth $243,095. Company 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.