Cleveland-Cliffs Inc. (NYSE:CLF) Shares Acquired by Voya Investment Management LLC

Voya Investment Management LLC increased its holdings in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 44.6% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 294,769 shares of the mining company’s stock after purchasing an additional 90,868 shares during the period. Voya Investment Management LLC owned 0.06% of Cleveland-Cliffs worth $2,771,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Pinpoint Asset Management Ltd acquired a new stake in shares of Cleveland-Cliffs during the fourth quarter worth about $25,000. Estabrook Capital Management lifted its position in Cleveland-Cliffs by 207.7% during the 4th quarter. Estabrook Capital Management now owns 4,000 shares of the mining company’s stock worth $38,000 after acquiring an additional 2,700 shares during the period. Byrne Asset Management LLC grew its stake in shares of Cleveland-Cliffs by 130.0% in the 4th quarter. Byrne Asset Management LLC now owns 4,600 shares of the mining company’s stock valued at $43,000 after purchasing an additional 2,600 shares during the last quarter. Stonebridge Financial Group LLC acquired a new position in shares of Cleveland-Cliffs in the fourth quarter valued at approximately $44,000. Finally, AllSquare Wealth Management LLC raised its stake in shares of Cleveland-Cliffs by 24.4% during the fourth quarter. AllSquare Wealth Management LLC now owns 5,100 shares of the mining company’s stock worth $48,000 after purchasing an additional 1,000 shares during the last quarter. 67.68% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on CLF. B. Riley reissued a “buy” rating and issued a $17.00 price objective (down from $20.00) on shares of Cleveland-Cliffs in a research note on Wednesday, April 23rd. Morgan Stanley cut their price target on shares of Cleveland-Cliffs from $13.00 to $11.00 and set an “equal weight” rating for the company in a 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. One equities research analyst has 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 company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $15.49.

Cleveland-Cliffs Stock Performance

NYSE CLF opened at $8.87 on Friday. The business has a 50 day moving average price of $8.60 and a 200 day moving average price of $10.35. The company has a market capitalization of $4.39 billion, a P/E ratio of -9.14 and a beta of 2.03. Cleveland-Cliffs Inc. has a 1-year low of $6.17 and a 1-year high of $18.10. 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 (NYSE:CLF) last announced its quarterly earnings results on Monday, February 24th. The mining company reported ($0.68) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.65) by ($0.03). The firm had revenue of $4.33 billion during the quarter, compared to analysts’ expectations of $4.46 billion. Cleveland-Cliffs had a negative net margin of 2.31% and a negative return on equity of 0.59%. Sell-side analysts expect that Cleveland-Cliffs Inc. will post -0.79 EPS for the current fiscal year.

Insiders Place Their Bets

In other Cleveland-Cliffs news, Director John T. Baldwin acquired 4,000 shares of the company’s stock in a transaction dated Monday, March 10th. The stock was acquired at an average cost of $8.70 per share, with a total value of $34,800.00. Following the purchase, the director now directly owns 133,227 shares in the company, valued at approximately $1,159,074.90. This trade represents a 3.10 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this link. Also, Director Jane M. Cronin bought 10,000 shares of Cleveland-Cliffs stock in a transaction that occurred on Friday, February 28th. The stock was bought at an average cost 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 $258,952.32. This represents a 68.86 % increase in their position. The disclosure for this purchase can be found here. Over the last quarter, insiders acquired 23,500 shares of company stock worth $243,095. Insiders own 1.71% 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.