4,827,794 Shares in Cleveland-Cliffs Inc. (NYSE:CLF) Purchased by Norges Bank

Norges Bank bought a new stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF) during the 4th quarter, HoldingsChannel.com reports. The institutional investor bought 4,827,794 shares of the mining company’s stock, valued at approximately $45,381,000.

A number of other institutional investors also recently made changes to their positions in CLF. Vanguard Group Inc. boosted its stake in Cleveland-Cliffs by 5.5% during the 4th quarter. Vanguard Group Inc. now owns 48,751,789 shares of the mining company’s stock valued at $458,267,000 after purchasing an additional 2,556,332 shares in the last quarter. Bank of New York Mellon Corp boosted 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 valued at $69,398,000 after buying an additional 1,236,247 shares in the last quarter. Drexel Morgan & Co. grew its holdings in Cleveland-Cliffs by 34.4% during the fourth quarter. Drexel Morgan & Co. now owns 4,300,395 shares of the mining company’s stock worth $40,424,000 after acquiring an additional 1,100,000 shares during the period. Charles Schwab Investment Management Inc. raised its position in Cleveland-Cliffs by 11.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 4,176,194 shares of the mining company’s stock worth $39,256,000 after acquiring an additional 425,041 shares in the last quarter. Finally, American Century Companies Inc. lifted its holdings in Cleveland-Cliffs by 135.4% in the 4th quarter. American Century Companies Inc. now owns 3,615,774 shares of the mining company’s stock valued at $33,988,000 after acquiring an additional 2,079,589 shares during the last quarter. 67.68% of the stock is owned by institutional investors and hedge funds.

Cleveland-Cliffs Stock Down 4.8 %

NYSE:CLF opened at $6.91 on Friday. The business’s fifty day moving average price is $10.04 and its 200 day moving average price is $11.09. The firm has a market capitalization of $3.42 billion, a price-to-earnings ratio of -7.13 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 Inc. has a 1-year low of $6.17 and a 1-year high of $22.67.

Cleveland-Cliffs (NYSE:CLF) last issued its earnings results on Monday, February 24th. The mining company reported ($0.68) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.65) by ($0.03). The business had revenue of $4.33 billion during the quarter, compared to analyst estimates of $4.46 billion. Cleveland-Cliffs had a negative net margin of 2.31% and a negative return on equity of 0.59%. On average, sell-side analysts forecast that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director John T. Baldwin purchased 4,000 shares of the business’s stock in a transaction dated Monday, March 10th. The stock was bought at an average cost of $8.70 per share, with a total value of $34,800.00. Following 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 acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Jane M. Cronin purchased 10,000 shares of the stock in a transaction that occurred on Friday, February 28th. The stock was purchased at an average cost of $10.56 per share, with a total value of $105,600.00. Following the purchase, the director now owns 24,522 shares in the company, valued at $258,952.32. This represents a 68.86 % increase in their position. The disclosure for this purchase can be found here. Insiders purchased a total of 23,500 shares of company stock worth $243,095 in the last quarter. 1.76% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

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

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.