Luminus Management LLC lifted its stake in shares of Cleveland-Cliffs Inc (NYSE:CLF) by 23.9% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,754,600 shares of the mining company’s stock after purchasing an additional 725,400 shares during the period. Luminus Management LLC owned approximately 1.27% of Cleveland-Cliffs worth $27,071,000 at the end of the most recent quarter.
Other institutional investors also recently made changes to their positions in the company. NEXT Financial Group Inc raised its position in shares of Cleveland-Cliffs by 87.8% during the fourth quarter. NEXT Financial Group Inc now owns 13,905 shares of the mining company’s stock worth $100,000 after purchasing an additional 6,500 shares during the period. Granite Springs Asset Management LLC purchased a new position in shares of Cleveland-Cliffs during the fourth quarter valued at $105,000. Quantitative Investment Management LLC purchased a new position in shares of Cleveland-Cliffs during the fourth quarter valued at $115,000. Girard Partners LTD. purchased a new position in shares of Cleveland-Cliffs during the fourth quarter valued at $142,000. Finally, First Trust Advisors LP purchased a new position in shares of Cleveland-Cliffs during the fourth quarter valued at $227,000. 60.71% of the stock is currently owned by institutional investors.
Cleveland-Cliffs Inc (NYSE:CLF) opened at $7.47 on Monday. The company has a debt-to-equity ratio of -5.19, a current ratio of 3.42 and a quick ratio of 2.80. Cleveland-Cliffs Inc has a 52 week low of $5.56 and a 52 week high of $9.92. The company has a market capitalization of $2,210.00, a PE ratio of -82.56 and a beta of 1.48.
In other Cleveland-Cliffs news, Director Susan Miranda Green sold 11,305 shares of the business’s stock in a transaction dated Tuesday, March 6th. The stock was sold at an average price of $7.62, for a total value of $86,144.10. Following the transaction, the director now owns 60,367 shares in the company, valued at $459,996.54. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.46% of the company’s stock.
A number of research analysts have recently weighed in on CLF shares. B. Riley reiterated a “buy” rating and set a $11.00 price target on shares of Cleveland-Cliffs in a report on Friday, January 26th. Zacks Investment Research upgraded Cleveland-Cliffs from a “hold” rating to a “buy” rating and set a $8.75 price target on the stock in a report on Thursday, January 4th. ValuEngine upgraded Cleveland-Cliffs from a “hold” rating to a “buy” rating in a report on Wednesday, March 7th. Finally, KeyCorp reiterated a “hold” rating on shares of Cleveland-Cliffs in a report on Friday, November 24th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and five have issued a buy rating to the company. Cleveland-Cliffs has an average rating of “Hold” and an average price target of $9.79.
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Cleveland-Cliffs Inc, formerly Cliffs Natural Resources Inc, is a mining and natural resources company. The Company is a supplier of iron ore pellets to the North American steel industry from its mines and pellet plants located in Michigan and Minnesota. The Company’s segments include U.S. Iron Ore and Asia Pacific Iron Ore.
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