MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. Increases Stake in Cleveland-Cliffs Inc. (NYSE:CLF)

MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 6.6% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 3,499,644 shares of the mining company’s stock after acquiring an additional 217,488 shares during the quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.’s holdings in Cleveland-Cliffs were worth $32,896,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of CLF. Barclays PLC raised its position in Cleveland-Cliffs by 232.4% during the third quarter. Barclays PLC now owns 3,113,337 shares of the mining company’s stock valued at $39,757,000 after acquiring an additional 2,176,837 shares in the last quarter. Franklin Resources Inc. raised its position in Cleveland-Cliffs by 105.6% during the third quarter. Franklin Resources Inc. now owns 262,771 shares of the mining company’s stock valued at $3,429,000 after acquiring an additional 134,939 shares in the last quarter. GAMMA Investing LLC raised its position in Cleveland-Cliffs by 1,190.6% during the fourth quarter. GAMMA Investing LLC now owns 5,330 shares of the mining company’s stock valued at $50,000 after acquiring an additional 4,917 shares in the last quarter. Matrix Trust Co grew its holdings in Cleveland-Cliffs by 813.5% in the fourth quarter. Matrix Trust Co now owns 17,412 shares of the mining company’s stock valued at $164,000 after purchasing an additional 15,506 shares during the period. Finally, Pallas Capital Advisors LLC acquired a new stake in Cleveland-Cliffs in the fourth quarter valued at approximately $137,000. 67.68% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, EVP Keith Koci acquired 9,500 shares of Cleveland-Cliffs stock in a transaction that occurred on Friday, February 28th. The shares were purchased at an average price of $10.81 per share, for a total transaction of $102,695.00. Following the completion of the transaction, the executive vice president now owns 543,475 shares in the company, valued at $5,874,964.75. This represents a 1.78% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Jane M. Cronin acquired 10,000 shares of Cleveland-Cliffs stock in a transaction that occurred on Friday, February 28th. The shares were bought at an average price of $10.56 per share, for a total transaction of $105,600.00. Following the transaction, the director now owns 24,522 shares of the company’s stock, 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 90 days, insiders have purchased 23,500 shares of company stock worth $243,095. 1.71% of the stock is owned by corporate insiders.

Cleveland-Cliffs Stock Performance

Shares of NYSE:CLF opened at $7.57 on Wednesday. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.85 and a quick ratio of 0.55. The business’s 50 day moving average price is $8.27 and its 200-day moving average price is $10.05. The firm has a market capitalization of $3.74 billion, a PE ratio of -7.80 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.

Cleveland-Cliffs (NYSE:CLF) last announced its quarterly earnings data on Wednesday, May 7th. The mining company reported ($0.92) EPS for the quarter, missing analysts’ consensus estimates of ($0.78) by ($0.14). Cleveland-Cliffs had a negative return on equity of 0.59% and a negative net margin of 2.31%. The company had revenue of $4.63 billion for the quarter, compared to analysts’ expectations of $4.71 billion. During the same quarter in the previous year, the business posted $0.18 EPS. The business’s quarterly revenue was down 11.0% compared to the same quarter last year. As a group, equities research analysts expect that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts have commented on the company. B. Riley reissued a “buy” rating and issued a $17.00 price objective (down from $20.00) on shares of Cleveland-Cliffs in a report on Wednesday, April 23rd. The Goldman Sachs Group dropped their price objective on Cleveland-Cliffs from $13.00 to $11.25 and set a “buy” rating on the stock in a report on Monday. Glj Research dropped their price objective on Cleveland-Cliffs from $14.54 to $12.90 and set a “buy” rating on the stock in a report on Thursday, February 27th. Finally, Morgan Stanley dropped their price objective 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. One research analyst has 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 MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $15.02.

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.