Monaco Asset Management SAM Buys Shares of 550,000 Cleveland-Cliffs Inc. (NYSE:CLF)

Monaco Asset Management SAM purchased a new stake in Cleveland-Cliffs Inc. (NYSE:CLF) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 550,000 shares of the mining company’s stock, valued at approximately $5,170,000. Cleveland-Cliffs accounts for 0.7% of Monaco Asset Management SAM’s investment portfolio, making the stock its 13th biggest holding. Monaco Asset Management SAM owned about 0.11% of Cleveland-Cliffs as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently made changes to their positions in the business. Pacer Advisors Inc. grew its position in Cleveland-Cliffs by 13.7% in the 3rd quarter. Pacer Advisors Inc. now owns 25,893,879 shares of the mining company’s stock valued at $330,665,000 after buying an additional 3,110,651 shares in the last quarter. Barclays PLC lifted its stake in shares of Cleveland-Cliffs by 232.4% in the 3rd quarter. Barclays PLC now owns 3,113,337 shares of the mining company’s stock worth $39,757,000 after acquiring an additional 2,176,837 shares during the period. Stonegate Investment Group LLC bought a new position in shares of Cleveland-Cliffs in the fourth quarter valued at approximately $18,999,000. Rockefeller Capital Management L.P. bought a new position in shares of Cleveland-Cliffs in the third quarter valued at approximately $22,122,000. Finally, Bank of New York Mellon Corp increased its stake in shares of Cleveland-Cliffs by 20.1% during 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 period. Institutional investors own 67.68% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have weighed in on CLF shares. Morgan Stanley cut their target price on 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. Glj Research cut 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. Citigroup lowered their target price on Cleveland-Cliffs from $12.50 to $11.00 and set a “neutral” rating on the stock in a report on Thursday, December 19th. The Goldman Sachs Group cut their price target on shares of Cleveland-Cliffs from $17.00 to $15.00 and set a “buy” rating for the company in a report on Tuesday, March 4th. Finally, B. Riley restated a “buy” rating on shares of Cleveland-Cliffs in a research report on Tuesday, February 4th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Cleveland-Cliffs currently has an average rating of “Hold” and an average price target of $16.43.

Cleveland-Cliffs Price Performance

CLF stock opened at $9.74 on Friday. Cleveland-Cliffs Inc. has a one year low of $8.50 and a one year high of $22.97. The firm has a 50-day moving average of $10.38 and a two-hundred day moving average of $11.46. The firm has a market capitalization of $4.81 billion, a PE ratio of -10.04 and a beta of 1.94. The company has a current ratio of 1.85, a quick ratio of 0.55 and a debt-to-equity ratio of 0.53.

Cleveland-Cliffs (NYSE:CLF) last issued its quarterly earnings results on Monday, February 24th. The mining company reported ($0.68) 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 analysts’ expectations of $4.46 billion. On average, analysts forecast that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current year.

Insider Transactions at Cleveland-Cliffs

In related news, EVP Keith Koci acquired 9,500 shares of the stock in a transaction that occurred on Friday, February 28th. The shares were purchased at an average cost 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 of the company’s stock, valued at approximately $5,874,964.75. This trade represents a 1.78 % increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Jane M. Cronin acquired 10,000 shares of the company’s stock in a transaction on Friday, February 28th. The stock was bought at an average price of $10.56 per share, for a total transaction of $105,600.00. Following the purchase, the director now owns 24,522 shares in the company, valued at approximately $258,952.32. This trade represents a 68.86 % increase in their position. The disclosure for this purchase can be found here. Insiders acquired a total of 23,500 shares of company stock valued at $243,095 over the last quarter. 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.