Rockefeller Capital Management L.P. Decreases Stock Holdings in Cleveland-Cliffs Inc. (NYSE:CLF)

Rockefeller Capital Management L.P. decreased its stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 87.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 210,580 shares of the mining company’s stock after selling 1,521,777 shares during the period. Rockefeller Capital Management L.P.’s holdings in Cleveland-Cliffs were worth $1,979,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in CLF. Norges Bank bought a new position in shares of Cleveland-Cliffs in the 4th quarter worth approximately $45,381,000. Vanguard Group Inc. raised its position in Cleveland-Cliffs by 5.5% in the fourth quarter. Vanguard Group Inc. now owns 48,751,789 shares of the mining company’s stock worth $458,267,000 after acquiring an additional 2,556,332 shares during the period. Barclays PLC boosted its stake in shares of Cleveland-Cliffs by 232.4% during the 3rd quarter. Barclays PLC now owns 3,113,337 shares of the mining company’s stock worth $39,757,000 after acquiring an additional 2,176,837 shares during the last quarter. American Century Companies Inc. grew its position in shares of Cleveland-Cliffs by 135.4% during the 4th quarter. American Century Companies Inc. now owns 3,615,774 shares of the mining company’s stock valued at $33,988,000 after acquiring an additional 2,079,589 shares during the period. Finally, Stonegate Investment Group LLC purchased a new stake in shares of Cleveland-Cliffs in the 4th quarter worth $18,999,000. Hedge funds and other institutional investors own 67.68% of the company’s stock.

Insider Activity at Cleveland-Cliffs

In other Cleveland-Cliffs news, EVP Keith Koci purchased 9,500 shares of the firm’s stock in a transaction dated Friday, February 28th. The shares were purchased at an average cost of $10.81 per share, with a total value of $102,695.00. Following the completion of the purchase, the executive vice president now owns 543,475 shares in the company, valued at approximately $5,874,964.75. This represents a 1.78 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Also, Director Jane M. Cronin acquired 10,000 shares of the company’s stock in a transaction that occurred on Friday, February 28th. The shares were acquired at an average cost of $10.56 per share, with a total value of $105,600.00. Following the purchase, 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. In the last three months, insiders have purchased 23,500 shares of company stock valued at $243,095. 1.76% of the stock is owned by corporate insiders.

Cleveland-Cliffs Trading Up 1.8 %

NYSE CLF opened at $7.31 on Monday. The company has a fifty day simple moving average of $9.29 and a two-hundred day simple moving average of $10.65. Cleveland-Cliffs Inc. has a 12-month low of $6.17 and a 12-month high of $21.15. 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 market cap of $3.61 billion, a P/E ratio of -7.54 and a beta of 1.93.

Cleveland-Cliffs (NYSE:CLF) last released 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 analysts’ expectations of $4.46 billion. On average, analysts forecast that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current year.

Analyst Ratings Changes

CLF has been the topic of several analyst reports. Glj Research lowered their target price on 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 target price on shares of Cleveland-Cliffs from $13.00 to $11.00 and set an “equal weight” rating for the company in a report on Monday, February 3rd. B. Riley reaffirmed a “buy” rating on shares of Cleveland-Cliffs in a report on Tuesday, February 4th. Finally, The Goldman Sachs Group reduced their price objective on shares of Cleveland-Cliffs from $17.00 to $15.00 and set a “buy” rating for the company in a research note on Tuesday, March 4th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, four have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $16.24.

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.