Gotham Asset Management LLC Takes $166,000 Position in Cleveland-Cliffs Inc. (CLF)

Gotham Asset Management LLC purchased a new stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF) during the 4th quarter, HoldingsChannel reports. The fund purchased 23,054 shares of the mining company’s stock, valued at approximately $166,000.

Several other institutional investors and hedge funds have also recently modified their holdings of CLF. Millennium Management LLC acquired a new position in shares of Cleveland-Cliffs during the fourth quarter valued at $7,336,000. BlackRock Inc. lifted its stake in shares of Cleveland-Cliffs by 4.0% during the fourth quarter. BlackRock Inc. now owns 20,192,937 shares of the mining company’s stock valued at $145,592,000 after acquiring an additional 774,210 shares during the period. Luminus Management LLC lifted its stake in shares of Cleveland-Cliffs by 23.9% during the fourth quarter. Luminus Management LLC now owns 3,754,600 shares of the mining company’s stock valued at $27,071,000 after acquiring an additional 725,400 shares during the period. APG Asset Management N.V. acquired a new position in shares of Cleveland-Cliffs during the fourth quarter valued at $4,002,000. Finally, Bank of New York Mellon Corp lifted its stake in shares of Cleveland-Cliffs by 23.9% during the fourth quarter. Bank of New York Mellon Corp now owns 1,909,955 shares of the mining company’s stock valued at $13,770,000 after acquiring an additional 367,940 shares during the period. 60.68% of the stock is currently owned by institutional investors and hedge funds.

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Several equities analysts have recently issued reports on CLF shares. ValuEngine raised Cleveland-Cliffs from a “hold” rating to a “buy” rating in a research note on Wednesday, March 7th. Zacks Investment Research raised Cleveland-Cliffs from a “hold” rating to a “buy” rating and set a $8.25 target price on the stock in a research note on Tuesday, December 26th. Cowen reissued a “market perform” rating and issued a $9.00 target price (up previously from $7.00) on shares of Cleveland-Cliffs in a research note on Friday, January 26th. Vertical Group began coverage on Cleveland-Cliffs in a research note on Friday, January 19th. They issued a “sell” rating on the stock. Finally, B. Riley reissued a “buy” rating and issued a $10.00 target price on shares of Cleveland-Cliffs in a research note on Thursday, December 21st. Three equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and five have issued a buy rating to the company’s stock. Cleveland-Cliffs presently has a consensus rating of “Hold” and a consensus target price of $9.54.

NYSE:CLF opened at $6.86 on Friday. Cleveland-Cliffs Inc. has a 1-year low of $5.56 and a 1-year high of $9.15. The company has a current ratio of 3.42, a quick ratio of 2.80 and a debt-to-equity ratio of -5.19. The stock has a market capitalization of $2,040.17, a price-to-earnings ratio of 13.72 and a beta of 1.62.

Cleveland-Cliffs (NYSE:CLF) last released its earnings results on Thursday, January 25th. The mining company reported $0.26 earnings per share for the quarter, beating the consensus estimate of $0.15 by $0.11. Cleveland-Cliffs had a negative return on equity of 35.81% and a net margin of 16.09%. The firm had revenue of $600.90 million for the quarter, compared to analyst estimates of $612.50 million. During the same quarter in the prior year, the firm posted $0.42 earnings per share. The company’s quarterly revenue was down 20.3% on a year-over-year basis. research analysts anticipate that Cleveland-Cliffs Inc. will post 1.21 EPS for the current year.

In other news, Director Susan Miranda Green sold 11,305 shares of the firm’s stock in a transaction dated Tuesday, March 6th. The stock was sold at an average price of $7.62, for a total transaction of $86,144.10. Following the sale, the director now owns 60,367 shares of the company’s stock, valued at $459,996.54. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Company insiders own 0.89% of the company’s stock.

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Cleveland-Cliffs Profile

Cleveland-Cliffs Inc operates as an iron ore mining company in the United States. The company operates four iron ore mines in Michigan and Minnesota; and Koolyanobbing iron ore mining complex located in Western Australia. It sells its products to integrated steel companies and steel producers in the United States and the Asia Pacific.

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Institutional Ownership by Quarter for Cleveland-Cliffs (NYSE:CLF)

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