Arrowstreet Capital Limited Partnership Cuts Position in Cleveland-Cliffs Inc. (NYSE:CLF)

Arrowstreet Capital Limited Partnership lowered its holdings in Cleveland-Cliffs Inc. (NYSE:CLF) by 69.5% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,310,898 shares of the mining company’s stock after selling 5,257,861 shares during the period. Arrowstreet Capital Limited Partnership owned approximately 0.47% of Cleveland-Cliffs worth $21,722,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in CLF. Pictet Asset Management Holding SA increased its holdings in 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 acquired a new stake in shares of Cleveland-Cliffs in the fourth quarter valued at about $45,381,000. Easterly Investment Partners LLC raised its holdings in shares of Cleveland-Cliffs by 491.8% during the 4th quarter. Easterly Investment Partners LLC now owns 1,280,725 shares of the mining company’s stock valued at $12,039,000 after buying an additional 1,064,308 shares during the period. Parametrica Management Ltd acquired a new position in Cleveland-Cliffs during the 4th quarter worth approximately $105,000. Finally, Signature Estate & Investment Advisors LLC purchased a new position in Cleveland-Cliffs in the 4th quarter worth approximately $102,000. Hedge funds and other institutional investors own 67.68% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on CLF shares. Citigroup dropped their price objective 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 reaffirmed a “buy” rating on shares of Cleveland-Cliffs in a research note on Tuesday, February 4th. Morgan Stanley decreased their price objective on shares of Cleveland-Cliffs from $13.00 to $11.00 and set an “equal weight” rating for the company in a research report on Monday, February 3rd. The Goldman Sachs Group dropped their target price on Cleveland-Cliffs from $17.00 to $15.00 and set a “buy” rating on the stock in a research report on Tuesday, March 4th. Finally, Glj Research reduced their price target on Cleveland-Cliffs from $14.54 to $12.90 and set a “buy” rating for the company in a report on Thursday, February 27th. Two research analysts have rated the stock with a sell rating, four have given a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $16.43.

Cleveland-Cliffs Trading Down 16.9 %

Shares of NYSE CLF opened at $7.26 on Friday. The stock has a market capitalization of $3.59 billion, a P/E ratio of -7.48 and a beta of 1.94. The stock’s 50 day moving average price is $10.11 and its two-hundred day moving average price is $11.12. 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 52-week low of $7.25 and a 52-week high of $22.97.

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

Insider Transactions at Cleveland-Cliffs

In related news, EVP Keith Koci purchased 9,500 shares of the business’s stock in a transaction that occurred on Friday, February 28th. The shares were acquired at an average price of $10.81 per share, with a total value of $102,695.00. Following the acquisition, 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 position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director John T. Baldwin acquired 4,000 shares of the stock in a transaction that occurred on Monday, March 10th. The shares were bought at an average price of $8.70 per share, with a total value of $34,800.00. Following the completion of the purchase, the director now owns 133,227 shares in the company, valued at $1,159,074.90. The trade was a 3.10 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last three months, insiders have acquired 23,500 shares of company stock worth $243,095. 1.76% of the stock is currently owned by insiders.

Cleveland-Cliffs Company 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.