Geode Capital Management LLC Grows Holdings in Cleveland-Cliffs Inc. (NYSE:CLF)

Geode Capital Management LLC raised its position in Cleveland-Cliffs Inc. (NYSE:CLF) by 3.2% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 8,466,747 shares of the mining company’s stock after buying an additional 264,078 shares during the period. Geode Capital Management LLC owned approximately 1.71% of Cleveland-Cliffs worth $79,611,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of the business. Franklin Resources Inc. boosted its holdings in Cleveland-Cliffs by 57.8% in the fourth quarter. Franklin Resources Inc. now owns 414,692 shares of the mining company’s stock valued at $3,898,000 after purchasing an additional 151,921 shares during the last quarter. Pictet Asset Management Holding SA raised its position in shares of Cleveland-Cliffs by 12.0% in the 4th quarter. Pictet Asset Management Holding SA now owns 100,553 shares of the mining company’s stock valued at $945,000 after purchasing an additional 10,773 shares in the last quarter. Norges Bank purchased a new position in shares of Cleveland-Cliffs during the 4th quarter valued at approximately $45,381,000. Easterly Investment Partners LLC grew its position in shares of Cleveland-Cliffs by 491.8% during the fourth quarter. Easterly Investment Partners LLC now owns 1,280,725 shares of the mining company’s stock worth $12,039,000 after buying an additional 1,064,308 shares in the last quarter. Finally, Parametrica Management Ltd bought a new stake in shares of Cleveland-Cliffs in the fourth quarter worth $105,000. 67.68% of the stock is currently owned by institutional investors and hedge funds.

Cleveland-Cliffs Trading Up 0.9 %

NYSE:CLF opened at $7.35 on Friday. The firm has a market capitalization of $3.63 billion, a P/E ratio of -7.57 and a beta of 1.93. The business has a 50 day simple moving average of $9.65 and a 200 day simple moving average of $10.86. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.85 and a quick ratio of 0.55. Cleveland-Cliffs Inc. has a 12-month low of $6.17 and a 12-month high of $22.24.

Cleveland-Cliffs (NYSE:CLF) last posted its earnings results on Monday, February 24th. The mining company reported ($0.68) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 company had revenue of $4.33 billion during the quarter, compared to the consensus estimate of $4.46 billion. Equities research analysts predict that Cleveland-Cliffs Inc. will post -0.79 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the stock. 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. B. Riley reiterated a “buy” rating on shares of Cleveland-Cliffs in a research note on Tuesday, February 4th. Glj Research lowered their price objective on Cleveland-Cliffs from $14.54 to $12.90 and set a “buy” rating for the company in a report on Thursday, February 27th. Morgan Stanley reduced their target price 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 lowered their price target on Cleveland-Cliffs from $12.50 to $11.00 and set a “neutral” rating for the company in a report on Thursday, December 19th. One analyst has rated the stock with a sell rating, four have given a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $16.24.

Insiders Place Their Bets

In related news, EVP Keith Koci purchased 9,500 shares of the company’s stock in a transaction on Friday, February 28th. The shares were bought at an average cost of $10.81 per share, for a total transaction of $102,695.00. Following the transaction, the executive vice president now owns 543,475 shares of the company’s stock, valued at $5,874,964.75. This represents a 1.78 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this link. Also, Director John T. Baldwin acquired 4,000 shares of the firm’s stock in a transaction dated Monday, March 10th. The stock was bought at an average price of $8.70 per share, with a total value of $34,800.00. Following the completion of the acquisition, the director now directly owns 133,227 shares of the company’s stock, valued at approximately $1,159,074.90. This represents a 3.10 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last 90 days, insiders bought 23,500 shares of company stock worth $243,095. 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.