Inceptionr LLC Invests $259,000 in Cleveland-Cliffs Inc. (NYSE:CLF)

Inceptionr LLC acquired a new position in shares of Cleveland-Cliffs Inc. (NYSE:CLF) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 27,509 shares of the mining company’s stock, valued at approximately $259,000.

A number of other hedge funds have also modified their holdings of the business. Strengthening Families & Communities LLC boosted its position in Cleveland-Cliffs by 299.8% during the third quarter. Strengthening Families & Communities LLC now owns 1,987 shares of the mining company’s stock worth $25,000 after acquiring an additional 1,490 shares during the last quarter. Truvestments Capital LLC acquired a new stake in Cleveland-Cliffs during the third quarter worth approximately $34,000. Darwin Wealth Management LLC acquired a new stake in Cleveland-Cliffs during the third quarter worth approximately $34,000. Byrne Asset Management LLC boosted its position in Cleveland-Cliffs by 130.0% during the fourth quarter. Byrne Asset Management LLC now owns 4,600 shares of the mining company’s stock worth $43,000 after acquiring an additional 2,600 shares during the last quarter. Finally, Stonebridge Financial Group LLC acquired a new stake in Cleveland-Cliffs during the fourth quarter worth approximately $44,000. 67.68% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Cleveland-Cliffs

In other news, EVP Keith Koci purchased 9,500 shares of the company’s stock in a transaction that occurred on Friday, February 28th. The shares were purchased at an average price of $10.81 per share, with a total value of $102,695.00. Following the purchase, the executive vice president now directly owns 543,475 shares of the company’s stock, valued at approximately $5,874,964.75. This represents a 1.78 % increase in their position. The transaction was disclosed in a 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 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 purchase, the director now directly owns 24,522 shares in the company, valued at $258,952.32. This trade represents a 68.86 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 1.76% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently issued reports on CLF. B. Riley restated a “buy” rating on shares of Cleveland-Cliffs in a research report on Tuesday, February 4th. Glj Research decreased their target price 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 decreased their target price 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. The Goldman Sachs Group decreased their price target on shares of Cleveland-Cliffs from $17.00 to $15.00 and set a “buy” rating on the stock in a report on Tuesday, March 4th. Finally, Citigroup decreased their price target on shares of Cleveland-Cliffs from $12.50 to $11.00 and set a “neutral” rating on the stock in a report on Thursday, December 19th. Two analysts have rated the stock with a sell rating, four have given a hold rating, four have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $16.43.

Cleveland-Cliffs Stock Performance

NYSE:CLF opened at $9.79 on Monday. 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 firm has a market capitalization of $4.84 billion, a price-to-earnings ratio of -10.09 and a beta of 1.94. The firm’s fifty day simple moving average is $10.39 and its 200 day simple moving average is $11.53. Cleveland-Cliffs Inc. has a twelve month low of $8.99 and a twelve month high of $22.97.

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

Cleveland-Cliffs Company Profile

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.