Corient Private Wealth LLC Purchases 3,495 Shares of Cleveland-Cliffs Inc. (NYSE:CLF)

Corient Private Wealth LLC lifted its position in Cleveland-Cliffs Inc. (NYSE:CLF) by 27.2% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 16,362 shares of the mining company’s stock after purchasing an additional 3,495 shares during the quarter. Corient Private Wealth LLC’s holdings in Cleveland-Cliffs were worth $154,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of CLF. Barclays PLC raised its stake in shares of Cleveland-Cliffs by 232.4% in the 3rd quarter. Barclays PLC now owns 3,113,337 shares of the mining company’s stock valued at $39,757,000 after buying an additional 2,176,837 shares in the last quarter. Stonegate Investment Group LLC acquired a new position in Cleveland-Cliffs in the fourth quarter worth about $18,999,000. Bank of New York Mellon Corp lifted its stake in Cleveland-Cliffs by 20.1% during the fourth quarter. Bank of New York Mellon Corp now owns 7,382,769 shares of the mining company’s stock worth $69,398,000 after purchasing an additional 1,236,247 shares during the period. Raymond James Financial Inc. acquired a new stake in Cleveland-Cliffs during the fourth quarter valued at approximately $7,835,000. Finally, Ninety One UK Ltd grew its stake in shares of Cleveland-Cliffs by 121.5% in the 4th quarter. Ninety One UK Ltd now owns 1,501,297 shares of the mining company’s stock valued at $14,112,000 after purchasing an additional 823,562 shares during the period. 67.68% of the stock is owned by institutional investors.

Analyst Ratings Changes

CLF has been the topic of several recent analyst reports. Citigroup decreased their price target on Cleveland-Cliffs from $12.50 to $11.00 and set a “neutral” rating on the stock in a research note on Thursday, December 19th. Glj Research reduced their target price on shares of Cleveland-Cliffs from $14.54 to $12.90 and set a “buy” rating on the stock in a research note on Thursday, February 27th. Morgan Stanley dropped their target price on shares of Cleveland-Cliffs from $13.00 to $11.00 and set an “equal weight” rating for the company in a research report on Monday, February 3rd. B. Riley restated a “buy” rating on shares of Cleveland-Cliffs in a research report on Tuesday, February 4th. Finally, The Goldman Sachs Group decreased their price objective on shares of Cleveland-Cliffs from $17.00 to $15.00 and set a “buy” rating on the stock in a research note on Tuesday, March 4th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating, four have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $16.43.

Insider Transactions at Cleveland-Cliffs

In other news, Director John T. Baldwin acquired 4,000 shares of the company’s stock in a transaction on Monday, March 10th. The stock was purchased at an average cost of $8.70 per share, with a total value of $34,800.00. Following the acquisition, the director now owns 133,227 shares of the company’s stock, valued at $1,159,074.90. This trade represents a 3.10 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Jane M. Cronin bought 10,000 shares of Cleveland-Cliffs stock in a transaction dated Friday, February 28th. The stock was acquired at an average cost of $10.56 per share, for a total transaction of $105,600.00. Following the purchase, the director now directly owns 24,522 shares in the company, valued at approximately $258,952.32. The trade was a 68.86 % increase in their position. The disclosure for this purchase can be found here. Insiders bought a total of 23,500 shares of company stock worth $243,095 over the last 90 days. 1.76% of the stock is owned by insiders.

Cleveland-Cliffs Trading Down 1.6 %

Shares of NYSE CLF opened at $8.09 on Wednesday. Cleveland-Cliffs Inc. has a 1-year low of $7.85 and a 1-year high of $22.97. The company has a 50-day moving average of $10.18 and a two-hundred day moving average of $11.16. The company has a market cap of $4.00 billion, a PE ratio of -8.34 and a beta of 1.94. The company has a current ratio of 1.85, a quick ratio of 0.55 and a debt-to-equity ratio of 0.53.

Cleveland-Cliffs (NYSE:CLF) last posted its quarterly earnings data on Monday, February 24th. The mining company reported ($0.68) earnings per share for the quarter, missing the consensus estimate of ($0.65) by ($0.03). The company had revenue of $4.33 billion during the quarter, compared to the consensus estimate of $4.46 billion. Cleveland-Cliffs had a negative return on equity of 0.59% and a negative net margin of 2.31%. As a group, equities analysts expect that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current fiscal 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.