Cleveland-Cliffs Inc. (NYSE:CLF) Shares Bought by Thomist Capital Management LP

Thomist Capital Management LP raised its position in Cleveland-Cliffs Inc. (NYSE:CLF) by 191.7% during the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 590,300 shares of the mining company’s stock after purchasing an additional 387,922 shares during the period. Cleveland-Cliffs comprises approximately 1.3% of Thomist Capital Management LP’s portfolio, making the stock its 18th biggest holding. Thomist Capital Management LP owned 0.12% of Cleveland-Cliffs worth $5,522,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in CLF. Fairfax Financial Holdings Ltd. Can acquired a new stake in shares of Cleveland-Cliffs during the fourth quarter valued at $55,453,000. Norges Bank acquired a new stake in shares of Cleveland-Cliffs during the fourth quarter valued at $45,381,000. Slate Path Capital LP boosted its stake in shares of Cleveland-Cliffs by 35.4% during the fourth quarter. Slate Path Capital LP now owns 16,208,000 shares of the mining company’s stock valued at $152,355,000 after acquiring an additional 4,239,000 shares during the last quarter. Vanguard Group Inc. boosted its stake in shares of Cleveland-Cliffs by 5.5% during the fourth quarter. Vanguard Group Inc. now owns 48,751,789 shares of the mining company’s stock valued at $458,267,000 after acquiring an additional 2,556,332 shares during the last quarter. Finally, Barclays PLC boosted its stake in shares of 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 during the last quarter. Institutional investors and hedge funds own 67.68% of the company’s stock.

Insider Buying and Selling

In other news, EVP Keith Koci purchased 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, for a total transaction of $102,695.00. Following the completion of the purchase, the executive vice president now directly owns 543,475 shares of the company’s stock, valued at approximately $5,874,964.75. The trade was a 1.78% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director John T. Baldwin purchased 4,000 shares of the stock in a transaction that occurred on Monday, March 10th. The shares were purchased at an average price of $8.70 per share, for a total transaction of $34,800.00. Following the completion of the purchase, the director now directly owns 133,227 shares of the company’s stock, valued at approximately $1,159,074.90. This trade 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 acquired 23,500 shares of company stock valued at $243,095. Insiders own 1.71% of the company’s stock.

Analyst Ratings Changes

CLF has been the topic of several recent analyst reports. 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 research report on Monday, February 3rd. The Goldman Sachs Group lowered their price objective on Cleveland-Cliffs from $13.00 to $11.25 and set a “buy” rating for the company in a research note on Monday, May 12th. Glj Research decreased their target price on Cleveland-Cliffs from $14.54 to $12.90 and set a “buy” rating for the company in a research report on Thursday, February 27th. Finally, B. Riley reissued a “buy” rating and issued a $17.00 price target (down previously from $20.00) on shares of Cleveland-Cliffs in a report on Wednesday, April 23rd. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $15.02.

Cleveland-Cliffs Price Performance

NYSE CLF opened at $7.58 on Friday. Cleveland-Cliffs Inc. has a twelve month low of $6.17 and a twelve month high of $17.86. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.55 and a current ratio of 1.85. The stock has a market capitalization of $3.75 billion, a PE ratio of -7.81 and a beta of 2.03. The stock has a 50-day simple moving average of $8.17 and a 200 day simple moving average of $9.93.

Cleveland-Cliffs (NYSE:CLF) last posted its quarterly earnings data on Wednesday, May 7th. The mining company reported ($0.92) earnings per share for the quarter, missing the consensus estimate 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 business had revenue of $4.63 billion for the quarter, compared to analyst estimates of $4.71 billion. During the same period in the prior year, the firm posted $0.18 EPS. Cleveland-Cliffs’s revenue for the quarter was down 11.0% on a year-over-year basis. Research analysts anticipate that Cleveland-Cliffs Inc. will post -0.79 EPS for the current year.

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.