Cleveland-Cliffs Inc. (NYSE:CLF) Stake Lifted by Pictet Asset Management Holding SA

Pictet Asset Management Holding SA raised its stake in Cleveland-Cliffs Inc. (NYSE:CLF) by 12.0% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 100,553 shares of the mining company’s stock after buying an additional 10,773 shares during the quarter. Pictet Asset Management Holding SA’s holdings in Cleveland-Cliffs were worth $945,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Byrne Asset Management LLC lifted its position in Cleveland-Cliffs by 130.0% in the 4th quarter. Byrne Asset Management LLC now owns 4,600 shares of the mining company’s stock valued at $43,000 after purchasing an additional 2,600 shares during the last quarter. Stonebridge Financial Group LLC bought a new stake in shares of Cleveland-Cliffs during the fourth quarter valued at approximately $44,000. AllSquare Wealth Management LLC boosted its position in shares of Cleveland-Cliffs by 24.4% during the fourth quarter. AllSquare Wealth Management LLC now owns 5,100 shares of the mining company’s stock worth $48,000 after buying an additional 1,000 shares during the period. GAMMA Investing LLC boosted its position in shares of Cleveland-Cliffs by 1,190.6% during the fourth quarter. GAMMA Investing LLC now owns 5,330 shares of the mining company’s stock worth $50,000 after buying an additional 4,917 shares during the period. Finally, Farther Finance Advisors LLC grew its holdings in Cleveland-Cliffs by 487.8% in the 4th quarter. Farther Finance Advisors LLC now owns 5,990 shares of the mining company’s stock worth $56,000 after buying an additional 4,971 shares in the last quarter. Institutional investors and hedge funds own 67.68% of the company’s stock.

Cleveland-Cliffs Price Performance

NYSE CLF opened at $6.91 on Monday. Cleveland-Cliffs Inc. has a 1 year low of $6.17 and a 1 year high of $22.67. The business’s fifty day moving average is $10.04 and its two-hundred day moving average is $11.08. The stock has a market capitalization of $3.42 billion, a P/E ratio of -7.13 and a beta of 1.94. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.55 and a current ratio of 1.85.

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

Analyst Ratings Changes

A number of brokerages have issued reports on CLF. The Goldman Sachs Group reduced their price target on Cleveland-Cliffs from $17.00 to $15.00 and set a “buy” rating for the company in a research report on Tuesday, March 4th. B. Riley reaffirmed a “buy” rating on shares of Cleveland-Cliffs in a report on Tuesday, February 4th. Citigroup lowered their target price on shares of Cleveland-Cliffs from $12.50 to $11.00 and set a “neutral” rating on the stock in a research note on Thursday, December 19th. Morgan Stanley reduced their price target on shares of Cleveland-Cliffs from $13.00 to $11.00 and set an “equal weight” rating for the company in a research note on Monday, February 3rd. Finally, Glj Research lowered their price objective 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. 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 data from MarketBeat.com, Cleveland-Cliffs presently has an average rating of “Hold” and an average target price of $16.43.

Insider Buying and Selling at Cleveland-Cliffs

In other Cleveland-Cliffs news, EVP Keith Koci purchased 9,500 shares of the stock in a transaction dated Friday, February 28th. The shares were acquired at an average price of $10.81 per share, for a total transaction of $102,695.00. Following the completion of the acquisition, the executive vice president now owns 543,475 shares of the company’s stock, valued at $5,874,964.75. This represents a 1.78 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Jane M. Cronin acquired 10,000 shares of Cleveland-Cliffs stock in a transaction that occurred on Friday, February 28th. The stock was acquired at an average cost of $10.56 per share, with a total value of $105,600.00. Following the completion of the purchase, the director now owns 24,522 shares in the company, valued at approximately $258,952.32. This represents a 68.86 % increase in their position. The disclosure for this purchase can be found here. Over the last ninety days, insiders bought 23,500 shares of company stock valued at $243,095. 1.76% of the stock is currently owned by corporate insiders.

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.