Citigroup Inc. Increases Stock Position in Cleveland-Cliffs Inc. $CLF

Citigroup Inc. increased its stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 17.5% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 8,010,913 shares of the mining company’s stock after purchasing an additional 1,195,035 shares during the period. Citigroup Inc. owned approximately 1.62% of Cleveland-Cliffs worth $97,733,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in CLF. Oregon Public Employees Retirement Fund grew its position in Cleveland-Cliffs by 0.9% in the 3rd quarter. Oregon Public Employees Retirement Fund now owns 99,649 shares of the mining company’s stock worth $1,216,000 after purchasing an additional 900 shares during the period. 4WEALTH Advisors Inc. boosted its stake in shares of Cleveland-Cliffs by 1.5% in the 3rd quarter. 4WEALTH Advisors Inc. now owns 76,834 shares of the mining company’s stock worth $937,000 after buying an additional 1,118 shares during the last quarter. Deseret Mutual Benefit Administrators grew its holdings in shares of Cleveland-Cliffs by 72.6% in the third quarter. Deseret Mutual Benefit Administrators now owns 2,768 shares of the mining company’s stock worth $34,000 after acquiring an additional 1,164 shares during the period. Louisiana State Employees Retirement System grew its position in shares of Cleveland-Cliffs by 1.0% during the 3rd quarter. Louisiana State Employees Retirement System now owns 137,700 shares of the mining company’s stock valued at $1,680,000 after acquiring an additional 1,300 shares during the period. Finally, State of Michigan Retirement System grew its holdings in Cleveland-Cliffs by 1.1% during the third quarter. State of Michigan Retirement System now owns 117,827 shares of the mining company’s stock valued at $1,437,000 after purchasing an additional 1,300 shares during the period. Institutional investors own 67.68% of the company’s stock.

Cleveland-Cliffs Price Performance

CLF stock opened at $10.66 on Monday. The company has a quick ratio of 0.50, a current ratio of 1.95 and a debt-to-equity ratio of 1.15. Cleveland-Cliffs Inc. has a 52 week low of $5.63 and a 52 week high of $16.70. The company has a fifty day simple moving average of $13.14 and a two-hundred day simple moving average of $12.29. The firm has a market capitalization of $6.08 billion, a P/E ratio of -3.65 and a beta of 1.93.

Cleveland-Cliffs (NYSE:CLF) last released its quarterly earnings results on Monday, February 9th. The mining company reported ($0.43) EPS for the quarter, topping the consensus estimate of ($0.62) by $0.19. Cleveland-Cliffs had a negative return on equity of 18.94% and a negative net margin of 7.91%.The company had revenue of $4.31 billion during the quarter, compared to analyst estimates of $4.60 billion. During the same quarter last year, the business posted ($0.68) earnings per share. The firm’s revenue was down .3% on a year-over-year basis. Analysts anticipate that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages have weighed in on CLF. Glj Research lowered their price target on shares of Cleveland-Cliffs from $9.52 to $9.42 and set a “sell” rating on the stock in a report on Tuesday, February 10th. The Goldman Sachs Group restated a “buy” rating and set a $15.00 price objective on shares of Cleveland-Cliffs in a research report on Monday, February 9th. UBS Group set a $15.00 target price on shares of Cleveland-Cliffs in a report on Monday, October 27th. KeyCorp lowered Cleveland-Cliffs from an “overweight” rating to a “sector weight” rating in a research note on Wednesday, January 7th. Finally, Citigroup raised their price target on Cleveland-Cliffs from $11.00 to $13.00 and gave the company a “neutral” rating in a report on Monday, February 9th. Three analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, Cleveland-Cliffs presently has an average rating of “Hold” and a consensus price target of $13.89.

Insider Activity

In related news, COO Clifford T. Smith sold 200,000 shares of the stock in a transaction on Tuesday, February 17th. The stock was sold at an average price of $10.46, for a total transaction of $2,092,000.00. Following the sale, the chief operating officer owned 560,529 shares in the company, valued at approximately $5,863,133.34. This represents a 26.30% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Edilson Camara acquired 19,700 shares of the company’s stock in a transaction on Friday, February 13th. The shares were purchased at an average cost of $10.13 per share, with a total value of $199,561.00. Following the completion of the purchase, the director directly owned 41,983 shares of the company’s stock, valued at $425,287.79. This trade represents a 88.41% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Corporate insiders own 1.76% of the company’s stock.

Cleveland-Cliffs Profile

Cleveland-Cliffs Inc is a leading North American producer of iron ore pellets and flat-rolled steel products. Tracing its roots to 1847, the company has evolved from an iron-ore mining concern in the Great Lakes region into a fully integrated steelmaker. Today, Cleveland-Cliffs operates iron ore mining complexes in Michigan and Minnesota as well as steelmaking and finishing facilities across the United States.

The company’s integrated platform begins with direct control of key raw materials, including iron ore and scrap, and extends through every stage of steel production.