Stevens Capital Management LP Invests $159,000 in Cleveland-Cliffs Inc. (NYSE:CLF)

Stevens Capital Management LP purchased a new position in shares of Cleveland-Cliffs Inc. (NYSE:CLF) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 16,911 shares of the mining company’s stock, valued at approximately $159,000.

Several other large investors have also recently added to or reduced their stakes in CLF. Advisors Asset Management Inc. lifted its holdings in Cleveland-Cliffs by 28.0% in the third quarter. Advisors Asset Management Inc. now owns 19,280 shares of the mining company’s stock valued at $246,000 after acquiring an additional 4,215 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in shares of Cleveland-Cliffs by 3.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 3,751,153 shares of the mining company’s stock valued at $47,902,000 after purchasing an additional 121,389 shares during the period. Cerity Partners LLC boosted its holdings in Cleveland-Cliffs by 10.9% during the third quarter. Cerity Partners LLC now owns 366,619 shares of the mining company’s stock worth $4,682,000 after buying an additional 35,995 shares in the last quarter. Truvestments Capital LLC acquired a new position in Cleveland-Cliffs during the third quarter worth about $34,000. Finally, Private Trust Co. NA increased its holdings in Cleveland-Cliffs by 3.8% in the third quarter. Private Trust Co. NA now owns 40,531 shares of the mining company’s stock valued at $518,000 after buying an additional 1,500 shares in the last quarter. 67.68% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

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

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on CLF shares. 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. B. Riley reissued a “buy” rating on shares of Cleveland-Cliffs in a report on Tuesday, February 4th. Glj Research cut their price target 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. Morgan Stanley decreased their price objective 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 dropped their target price on shares of Cleveland-Cliffs from $17.00 to $15.00 and set a “buy” rating for the company in a report on Tuesday, March 4th. Two research 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, the stock currently has an average rating of “Hold” and an average target price of $16.43.

Cleveland-Cliffs Trading Up 1.3 %

Cleveland-Cliffs stock opened at $9.41 on Wednesday. The stock has a market cap of $4.65 billion, a PE ratio of -9.70 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. The stock has a 50-day moving average price of $10.34 and a 200 day moving average price of $11.26. Cleveland-Cliffs Inc. has a 52 week low of $8.50 and a 52 week high of $22.97.

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 analysts’ consensus estimates of ($0.65) by ($0.03). Cleveland-Cliffs had a negative net margin of 2.31% and a negative return on equity of 0.59%. The firm had revenue of $4.33 billion during the quarter, compared to analyst estimates of $4.46 billion. Equities research analysts predict that Cleveland-Cliffs Inc. will post -0.79 earnings per share 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.