Cresset Asset Management LLC Buys Shares of 10,100 Cleveland-Cliffs Inc. (NYSE:CLF)

Cresset Asset Management LLC bought a new stake in Cleveland-Cliffs Inc. (NYSE:CLF) during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 10,100 shares of the mining company’s stock, valued at approximately $95,000.

Other large investors also recently bought and sold shares of the company. Barclays PLC lifted its position in shares of Cleveland-Cliffs by 232.4% during the third quarter. Barclays PLC now owns 3,113,337 shares of the mining company’s stock worth $39,757,000 after purchasing an additional 2,176,837 shares in the last quarter. Fifth Third Wealth Advisors LLC lifted its position in shares of Cleveland-Cliffs by 29.1% during the fourth quarter. Fifth Third Wealth Advisors LLC now owns 14,008 shares of the mining company’s stock worth $132,000 after purchasing an additional 3,155 shares in the last quarter. Empirical Asset Management LLC acquired a new stake in shares of Cleveland-Cliffs during the fourth quarter worth about $96,000. Arkadios Wealth Advisors lifted its position in shares of Cleveland-Cliffs by 31.4% during the fourth quarter. Arkadios Wealth Advisors now owns 68,251 shares of the mining company’s stock worth $642,000 after purchasing an additional 16,300 shares in the last quarter. Finally, M.E. Allison & CO. Inc. acquired a new stake in shares of Cleveland-Cliffs during the fourth quarter worth about $108,000. Institutional investors and hedge funds own 67.68% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently issued reports on CLF shares. B. Riley reissued a “buy” rating and set a $17.00 price target (down previously from $20.00) on shares of Cleveland-Cliffs in a research report on Wednesday, April 23rd. Glj Research reduced their price target on shares of Cleveland-Cliffs from $14.54 to $12.90 and set a “buy” rating on the stock in a research report on Thursday, February 27th. Morgan Stanley reduced their price target on shares of Cleveland-Cliffs from $13.00 to $11.00 and set an “equal weight” rating on the stock in a research report on Monday, February 3rd. Finally, The Goldman Sachs Group reduced their price target on shares of Cleveland-Cliffs from $13.00 to $11.25 and set a “buy” rating on the stock in a research report on Monday, May 12th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, four have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Cleveland-Cliffs has an average rating of “Moderate Buy” and an average price target of $15.02.

Insider Buying and Selling at Cleveland-Cliffs

In related news, Director John T. Baldwin purchased 4,000 shares of the company’s stock in a transaction on Monday, March 10th. The shares were bought at an average cost of $8.70 per share, for a total transaction of $34,800.00. Following the completion of 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 position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Jane M. Cronin purchased 10,000 shares of the company’s stock in a transaction on Friday, February 28th. The stock was bought at an average price of $10.56 per share, for a total transaction of $105,600.00. Following the completion of the purchase, the director now directly owns 24,522 shares of the company’s stock, valued at $258,952.32. The trade was a 68.86% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have purchased 23,500 shares of company stock worth $243,095 over the last three months. Insiders own 1.71% of the company’s stock.

Cleveland-Cliffs Stock Up 2.0%

CLF stock opened at $7.58 on Monday. The company’s 50 day moving average price is $8.17 and its 200 day moving average price is $9.91. 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 Inc. has a fifty-two week low of $6.17 and a fifty-two week high of $17.86. The firm has a market capitalization of $3.75 billion, a price-to-earnings ratio of -7.81 and a beta of 2.03.

Cleveland-Cliffs (NYSE:CLF) last released its earnings results on Wednesday, May 7th. The mining company reported ($0.92) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.78) by ($0.14). Cleveland-Cliffs had a negative return on equity of 0.59% and a negative net margin of 2.31%. The firm had revenue of $4.63 billion for the quarter, compared to analysts’ expectations of $4.71 billion. During the same quarter in the previous year, the company posted $0.18 earnings per share. The firm’s quarterly revenue was down 11.0% on a year-over-year basis. On average, equities research analysts anticipate that Cleveland-Cliffs Inc. will post -0.79 EPS for the current fiscal year.

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.