25,000 Shares in Cleveland-Cliffs Inc. (NYSE:CLF) Purchased by Monetta Financial Services Inc.

Monetta Financial Services Inc. bought a new position in shares of Cleveland-Cliffs Inc. (NYSE:CLFGet Rating) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 25,000 shares of the mining company’s stock, valued at approximately $805,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. State Street Corp grew its holdings in Cleveland-Cliffs by 3.8% during the fourth quarter. State Street Corp now owns 15,270,791 shares of the mining company’s stock worth $332,445,000 after acquiring an additional 554,642 shares during the period. Geode Capital Management LLC grew its holdings in Cleveland-Cliffs by 7.0% during the fourth quarter. Geode Capital Management LLC now owns 5,954,145 shares of the mining company’s stock worth $129,621,000 after acquiring an additional 387,659 shares during the period. Dimensional Fund Advisors LP grew its holdings in Cleveland-Cliffs by 59.1% during the fourth quarter. Dimensional Fund Advisors LP now owns 3,171,842 shares of the mining company’s stock worth $69,040,000 after acquiring an additional 1,178,447 shares during the period. Marshall Wace LLP grew its holdings in Cleveland-Cliffs by 664.5% during the fourth quarter. Marshall Wace LLP now owns 2,766,650 shares of the mining company’s stock worth $60,228,000 after acquiring an additional 2,404,776 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. boosted its position in Cleveland-Cliffs by 20.2% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,394,167 shares of the mining company’s stock worth $52,121,000 after purchasing an additional 401,677 shares in the last quarter. 56.68% of the stock is owned by institutional investors and hedge funds.

Cleveland-Cliffs Price Performance

Shares of Cleveland-Cliffs stock traded up $0.37 during trading hours on Friday, reaching $18.31. 12,354,804 shares of the company’s stock were exchanged, compared to its average volume of 16,667,526. Cleveland-Cliffs Inc. has a 1 year low of $14.31 and a 1 year high of $34.04. The company has a market capitalization of $9.47 billion, a P/E ratio of 2.75 and a beta of 2.24. The business has a fifty day moving average of $17.66 and a two-hundred day moving average of $22.14. The company has a quick ratio of 0.75, a current ratio of 2.20 and a debt-to-equity ratio of 0.67.

Cleveland-Cliffs (NYSE:CLFGet Rating) last announced its quarterly earnings data on Friday, July 22nd. The mining company reported $1.13 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.40 by ($0.27). Cleveland-Cliffs had a net margin of 15.07% and a return on equity of 64.45%. The firm had revenue of $6.34 billion during the quarter, compared to analysts’ expectations of $6.13 billion. During the same period in the prior year, the company posted $1.46 EPS. The company’s revenue for the quarter was up 25.6% compared to the same quarter last year. As a group, research analysts predict that Cleveland-Cliffs Inc. will post 5.05 earnings per share for the current fiscal year.

Analyst Ratings Changes

CLF has been the topic of a number of recent analyst reports. B. Riley lowered their price target on Cleveland-Cliffs from $47.00 to $39.00 and set a “buy” rating on the stock in a research report on Wednesday, July 6th. JPMorgan Chase & Co. lowered their price target on Cleveland-Cliffs from $43.00 to $37.00 in a research report on Tuesday, June 14th. The Goldman Sachs Group lowered their price target on Cleveland-Cliffs from $26.00 to $24.00 in a research report on Tuesday, July 12th. Morgan Stanley lowered their price target on Cleveland-Cliffs from $16.00 to $14.50 and set an “equal weight” rating on the stock in a research report on Monday, July 25th. Finally, Clarkson Capital reiterated a “buy” rating on shares of Cleveland-Cliffs in a research report on Tuesday, June 14th. Three equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, Cleveland-Cliffs currently has an average rating of “Moderate Buy” and a consensus target price of $27.92.

Insider Activity at Cleveland-Cliffs

In other news, EVP Keith Koci acquired 4,600 shares of the company’s stock in a transaction that occurred on Wednesday, May 11th. The stock was purchased at an average price of $22.38 per share, with a total value of $102,948.00. Following the completion of the acquisition, the executive vice president now owns 294,735 shares of the company’s stock, valued at approximately $6,596,169.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, EVP Keith Koci bought 4,600 shares of the stock in a transaction on Wednesday, May 11th. The stock was bought at an average price of $22.38 per share, with a total value of $102,948.00. Following the completion of the purchase, the executive vice president now directly owns 294,735 shares in the company, valued at approximately $6,596,169.30. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Douglas C. Taylor sold 28,150 shares of the stock in a transaction dated Tuesday, June 7th. The stock was sold at an average price of $23.12, for a total transaction of $650,828.00. Following the transaction, the director now directly owns 156,974 shares of the company’s stock, valued at approximately $3,629,238.88. The disclosure for this sale can be found here. 1.43% of the stock is currently owned by insiders.

About Cleveland-Cliffs

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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.

See Also

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

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