Cleveland-Cliffs Inc. (NYSE:CLF) Shares Purchased by Trexquant Investment LP

Trexquant Investment LP raised its stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 3.7% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 161,547 shares of the mining company’s stock after buying an additional 5,707 shares during the quarter. Trexquant Investment LP’s holdings in Cleveland-Cliffs were worth $3,299,000 at the end of the most recent reporting period.

Other institutional investors also recently made changes to their positions in the company. Anchor Investment Management LLC purchased a new stake in Cleveland-Cliffs during the 4th quarter worth about $31,000. Lindbrook Capital LLC raised its position in shares of Cleveland-Cliffs by 83.7% in the fourth quarter. Lindbrook Capital LLC now owns 1,571 shares of the mining company’s stock valued at $32,000 after buying an additional 716 shares during the last quarter. HighMark Wealth Management LLC purchased a new position in shares of Cleveland-Cliffs during the fourth quarter valued at approximately $35,000. Allworth Financial LP boosted its position in Cleveland-Cliffs by 50.3% during the fourth quarter. Allworth Financial LP now owns 1,850 shares of the mining company’s stock worth $38,000 after acquiring an additional 619 shares during the last quarter. Finally, Covestor Ltd boosted its position in Cleveland-Cliffs by 467.8% during the third quarter. Covestor Ltd now owns 2,765 shares of the mining company’s stock worth $43,000 after acquiring an additional 2,278 shares during the last quarter. 67.68% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the company. Morgan Stanley reduced their price target on Cleveland-Cliffs from $20.00 to $19.00 and set an “equal weight” rating on the stock in a research note on Tuesday, April 30th. BNP Paribas lowered Cleveland-Cliffs from a “neutral” rating to an “underperform” rating and set a $16.50 price target on the stock. in a research note on Wednesday, February 28th. Wolfe Research reaffirmed an “underperform” rating and set a $18.00 price objective on shares of Cleveland-Cliffs in a research note on Tuesday, April 9th. StockNews.com cut shares of Cleveland-Cliffs from a “buy” rating to a “hold” rating in a research report on Friday, April 26th. Finally, Jefferies Financial Group initiated coverage on shares of Cleveland-Cliffs in a research report on Monday. They set a “buy” rating and a $22.00 price target for the company. Two research analysts have rated the stock with a sell rating, four have given a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Cleveland-Cliffs presently has an average rating of “Hold” and an average target price of $20.64.

Cleveland-Cliffs Stock Down 1.3 %

CLF opened at $16.92 on Friday. The company has a market cap of $8.05 billion, a PE ratio of 22.86, a price-to-earnings-growth ratio of 0.39 and a beta of 2.10. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.59 and a current ratio of 1.90. Cleveland-Cliffs Inc. has a 1 year low of $13.61 and a 1 year high of $22.97. The firm has a 50 day moving average price of $19.76 and a 200 day moving average price of $19.23.

Cleveland-Cliffs (NYSE:CLF) last issued its earnings results on Monday, April 22nd. The mining company reported $0.18 earnings per share for the quarter, missing the consensus estimate of $0.19 by ($0.01). The company had revenue of $5.20 billion during the quarter, compared to analysts’ expectations of $5.34 billion. Cleveland-Cliffs had a return on equity of 8.69% and a net margin of 1.78%. Cleveland-Cliffs’s quarterly revenue was down 1.8% on a year-over-year basis. During the same period in the previous year, the company earned ($0.11) EPS. Sell-side analysts expect that Cleveland-Cliffs Inc. will post 0.95 earnings per share for the current year.

Cleveland-Cliffs declared that its board has approved a share buyback plan on Monday, April 22nd that authorizes the company to buyback $1.50 billion in outstanding shares. This buyback authorization authorizes the mining company to purchase up to 17.2% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling at Cleveland-Cliffs

In other news, Director Arlene M. Yocum bought 2,000 shares of Cleveland-Cliffs stock in a transaction dated Wednesday, March 6th. The shares were acquired at an average cost of $20.02 per share, with a total value of $40,040.00. Following the completion of the transaction, the director now owns 94,887 shares in the company, valued at approximately $1,899,637.74. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Cleveland-Cliffs news, Director Arlene M. Yocum bought 2,000 shares of the company’s stock in a transaction dated Wednesday, March 6th. The shares were acquired at an average cost of $20.02 per share, with a total value of $40,040.00. Following the completion of the transaction, the director now owns 94,887 shares in the company, valued at $1,899,637.74. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Lourenco Goncalves sold 187,136 shares of the stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $20.19, for a total value of $3,778,275.84. Following the completion of the transaction, the chief executive officer now directly owns 2,699,089 shares of the company’s stock, valued at approximately $54,494,606.91. The disclosure for this sale can be found here. Over the last 90 days, insiders bought 87,000 shares of company stock valued at $1,470,640 and sold 221,066 shares valued at $4,464,688. 1.76% of the stock is owned by corporate insiders.

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.