Monaco Asset Management SAM Buys Shares of 550,000 Cleveland-Cliffs Inc. (NYSE:CLF)

Monaco Asset Management SAM purchased a new position in shares of Cleveland-Cliffs Inc. (NYSE:CLF) in the 4th quarter, HoldingsChannel.com reports. The institutional investor purchased 550,000 shares of the mining company’s stock, valued at approximately $5,170,000. Cleveland-Cliffs comprises approximately 0.7% of Monaco Asset Management SAM’s portfolio, making the stock its 13th largest position.

A number of other hedge funds have also made changes to their positions in CLF. Pacer Advisors Inc. boosted its position in Cleveland-Cliffs by 13.7% during the third quarter. Pacer Advisors Inc. now owns 25,893,879 shares of the mining company’s stock worth $330,665,000 after purchasing an additional 3,110,651 shares during the period. Barclays PLC lifted its stake in shares of Cleveland-Cliffs by 232.4% in the third quarter. Barclays PLC now owns 3,113,337 shares of the mining company’s stock worth $39,757,000 after buying an additional 2,176,837 shares during the last quarter. Stonegate Investment Group LLC bought a new stake in shares of Cleveland-Cliffs during the 4th quarter worth $18,999,000. Rockefeller Capital Management L.P. acquired a new position in Cleveland-Cliffs in the 3rd quarter valued at $22,122,000. Finally, Bank of New York Mellon Corp raised its holdings in Cleveland-Cliffs by 20.1% in the 4th quarter. Bank of New York Mellon Corp now owns 7,382,769 shares of the mining company’s stock worth $69,398,000 after acquiring an additional 1,236,247 shares during the period. Institutional investors and hedge funds own 67.68% of the company’s stock.

Insider Buying and Selling

In related news, Director John T. Baldwin acquired 4,000 shares of the firm’s stock in a transaction on Monday, March 10th. The shares were bought at an average cost of $8.70 per share, with a total value of $34,800.00. Following the completion of the acquisition, the director now owns 133,227 shares of the company’s stock, valued at $1,159,074.90. This trade represents a 3.10 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Jane M. Cronin bought 10,000 shares of the company’s stock in a transaction dated Friday, February 28th. The stock was bought at an average cost of $10.56 per share, with a total value of $105,600.00. Following the completion of the acquisition, 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 acquired 23,500 shares of company stock valued at $243,095 over the last quarter. Corporate insiders own 1.76% of the company’s stock.

Cleveland-Cliffs Stock Performance

Shares of NYSE CLF opened at $9.74 on Friday. The firm has a market capitalization of $4.81 billion, a price-to-earnings ratio of -10.04 and a beta of 1.94. Cleveland-Cliffs Inc. has a one year low of $8.50 and a one year high of $22.97. The business has a fifty day simple moving average of $10.38 and a 200 day simple moving average of $11.46. 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 (NYSE:CLF) last announced its quarterly earnings data 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 net margin of 2.31% and a negative return on equity of 0.59%. The business had revenue of $4.33 billion during the quarter, compared to analyst estimates of $4.46 billion. Sell-side analysts expect that Cleveland-Cliffs Inc. will post -0.79 EPS for the current year.

Wall Street Analyst Weigh In

CLF has been the subject of a number of recent analyst reports. Glj Research decreased their price target on shares of Cleveland-Cliffs from $14.54 to $12.90 and set a “buy” rating for the company in a report on Thursday, February 27th. Citigroup cut their price objective on Cleveland-Cliffs from $12.50 to $11.00 and set a “neutral” rating for the company in a research report on Thursday, December 19th. Morgan Stanley lowered their target price on Cleveland-Cliffs from $13.00 to $11.00 and set an “equal weight” rating on the stock in a report on Monday, February 3rd. The Goldman Sachs Group cut their price target on Cleveland-Cliffs from $17.00 to $15.00 and set a “buy” rating for the company in a report on Tuesday, March 4th. Finally, B. Riley restated a “buy” rating on shares of Cleveland-Cliffs in a research note on Tuesday, February 4th. Two analysts have rated the stock with a sell rating, four have given a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average 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.