Russell Investments Group Ltd. Has $1.84 Million Holdings in Cleveland-Cliffs Inc. (NYSE:CLF)

Russell Investments Group Ltd. lessened its position in Cleveland-Cliffs Inc. (NYSE:CLF – Get Rating) by 7.6% in the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 113,961 shares of the mining company’s stock after selling 9,421 shares during the period. Russell Investments Group Ltd.’s holdings in Cleveland-Cliffs were worth $1,840,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently added to or reduced their stakes in CLF. Destiny Wealth Partners LLC acquired a new stake in Cleveland-Cliffs in the fourth quarter valued at approximately $32,000. Lazard Asset Management LLC grew its stake in Cleveland-Cliffs by 218.1% in the first quarter. Lazard Asset Management LLC now owns 1,088 shares of the mining company’s stock valued at $35,000 after acquiring an additional 746 shares during the period. Quadrant Capital Group LLC boosted its position in shares of Cleveland-Cliffs by 108.6% during the third quarter. Quadrant Capital Group LLC now owns 3,075 shares of the mining company’s stock valued at $41,000 after buying an additional 1,601 shares during the last quarter. Newbridge Financial Services Group Inc. boosted its position in shares of Cleveland-Cliffs by 250.0% during the fourth quarter. Newbridge Financial Services Group Inc. now owns 3,500 shares of the mining company’s stock valued at $56,000 after buying an additional 2,500 shares during the last quarter. Finally, Zullo Investment Group Inc. boosted its position in shares of Cleveland-Cliffs by 25.0% during the third quarter. Zullo Investment Group Inc. now owns 4,500 shares of the mining company’s stock valued at $61,000 after buying an additional 900 shares during the last quarter. Institutional investors and hedge funds own 65.25% of the company’s stock.

Insider Activity at Cleveland-Cliffs

In related news, CEO Lourenco Goncalves acquired 100,000 shares of the firm’s stock in a transaction that occurred on Thursday, April 27th. The shares were bought at an average cost of $14.96 per share, for a total transaction of $1,496,000.00. Following the purchase, the chief executive officer now owns 2,464,885 shares in the company, valued at approximately $36,874,679.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Cleveland-Cliffs news, CEO Lourenco Goncalves bought 100,000 shares of Cleveland-Cliffs stock in a transaction that occurred on Thursday, April 27th. The stock was acquired at an average cost of $14.96 per share, for a total transaction of $1,496,000.00. Following the completion of the transaction, the chief executive officer now directly owns 2,464,885 shares in the company, valued at $36,874,679.60. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Susan Miranda Green sold 8,700 shares of the company’s stock in a transaction dated Friday, March 3rd. The stock was sold at an average price of $22.66, for a total value of $197,142.00. Following the completion of the transaction, the director now owns 87,353 shares of the company’s stock, valued at $1,979,418.98. The disclosure for this sale can be found here. In the last three months, insiders have purchased 125,300 shares of company stock worth $1,875,531. 1.57% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

CLF has been the topic of several analyst reports. Citigroup lifted their target price on Cleveland-Cliffs from $16.00 to $22.00 and gave the company a “neutral” rating in a research report on Monday, February 13th. B. Riley cut their target price on Cleveland-Cliffs from $27.00 to $26.00 and set a “buy” rating on the stock in a research report on Wednesday, February 15th. BNP Paribas upgraded Cleveland-Cliffs from an “underperform” rating to a “neutral” rating and set a $21.00 price target on the stock in a report on Wednesday, January 25th. StockNews.com upgraded Cleveland-Cliffs from a “sell” rating to a “hold” rating in a report on Tuesday. Finally, Wolfe Research upgraded Cleveland-Cliffs from an “underperform” rating to a “peer perform” rating in a report on Monday, March 20th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and six have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $22.11.

Cleveland-Cliffs Stock Performance

Shares of CLF opened at $14.87 on Tuesday. The company has a debt-to-equity ratio of 0.59, a current ratio of 2.15 and a quick ratio of 0.73. Cleveland-Cliffs Inc. has a 1 year low of $11.82 and a 1 year high of $24.66. The firm has a market cap of $7.66 billion, a PE ratio of 16.52 and a beta of 2.22. The stock’s fifty day moving average price is $16.55 and its two-hundred day moving average price is $17.56.

Cleveland-Cliffs (NYSE:CLF – Get Rating) last released its quarterly earnings data on Tuesday, April 25th. The mining company reported ($0.11) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.20) by $0.09. Cleveland-Cliffs had a return on equity of 8.32% and a net margin of 2.14%. The company had revenue of $5.30 billion for the quarter, compared to analyst estimates of $5.21 billion. During the same period in the previous year, the company posted $1.71 EPS. The firm’s revenue for the quarter was down 11.1% compared to the same quarter last year. On average, equities research analysts forecast that Cleveland-Cliffs Inc. will post 2.07 EPS for the current year.

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.