Geode Capital Management LLC Has $133.37 Million Stake in Cleveland-Cliffs Inc. $CLF

Geode Capital Management LLC grew its holdings in Cleveland-Cliffs Inc. (NYSE:CLF) by 14.7% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 10,039,851 shares of the mining company’s stock after purchasing an additional 1,286,042 shares during the period. Geode Capital Management LLC owned about 2.03% of Cleveland-Cliffs worth $133,372,000 as of its most recent SEC filing.

A number of other large investors also recently made changes to their positions in the business. Vanguard Group Inc. increased its holdings in shares of Cleveland-Cliffs by 13.4% in the 4th quarter. Vanguard Group Inc. now owns 54,391,397 shares of the mining company’s stock valued at $722,318,000 after purchasing an additional 6,447,462 shares during the period. State Street Corp increased its holdings in shares of Cleveland-Cliffs by 20.2% in the 2nd quarter. State Street Corp now owns 27,450,442 shares of the mining company’s stock valued at $208,623,000 after purchasing an additional 4,603,807 shares during the period. Citigroup Inc. increased its holdings in shares of Cleveland-Cliffs by 17.5% in the 3rd quarter. Citigroup Inc. now owns 8,010,913 shares of the mining company’s stock valued at $97,733,000 after purchasing an additional 1,195,035 shares during the period. BNP Paribas Financial Markets increased its holdings in shares of Cleveland-Cliffs by 200.4% in the 2nd quarter. BNP Paribas Financial Markets now owns 6,329,414 shares of the mining company’s stock valued at $48,104,000 after purchasing an additional 4,222,528 shares during the period. Finally, Voloridge Investment Management LLC increased its holdings in shares of Cleveland-Cliffs by 960.4% in the 3rd quarter. Voloridge Investment Management LLC now owns 4,683,251 shares of the mining company’s stock valued at $57,136,000 after purchasing an additional 4,241,582 shares during the period. Institutional investors and hedge funds own 67.68% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the company. Barclays assumed coverage on Cleveland-Cliffs in a report on Thursday, May 21st. They issued an “underweight” rating and a $9.00 target price on the stock. Glj Research reiterated a “sell” rating and issued a $9.42 target price on shares of Cleveland-Cliffs in a report on Monday, March 16th. Wall Street Zen upgraded Cleveland-Cliffs from a “sell” rating to a “hold” rating in a report on Saturday, February 14th. Citigroup raised their price objective on shares of Cleveland-Cliffs from $11.00 to $13.00 and gave the company a “neutral” rating in a research report on Monday, February 9th. Finally, Wells Fargo & Company raised their price objective on shares of Cleveland-Cliffs from $9.00 to $14.00 and gave the company an “equal weight” rating in a research report on Thursday. One research analyst has rated the stock with a Buy rating, seven have issued a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat.com, Cleveland-Cliffs presently has a consensus rating of “Reduce” and an average target price of $11.99.

Cleveland-Cliffs Price Performance

Shares of CLF opened at $14.45 on Friday. The firm has a market cap of $8.24 billion, a PE ratio of -6.17 and a beta of 2.09. The firm’s 50 day moving average price is $10.37 and its 200 day moving average price is $11.49. The company has a debt-to-equity ratio of 1.29, a quick ratio of 0.64 and a current ratio of 2.02. Cleveland-Cliffs Inc. has a twelve month low of $6.72 and a twelve month high of $16.70.

Cleveland-Cliffs (NYSE:CLF) last issued its quarterly earnings data on Monday, April 20th. The mining company reported ($0.40) earnings per share for the quarter, beating the consensus estimate of ($0.44) by $0.04. The firm had revenue of $4.92 billion for the quarter, compared to analyst estimates of $4.84 billion. Cleveland-Cliffs had a negative net margin of 6.42% and a negative return on equity of 15.48%. The company’s revenue for the quarter was up 6.3% on a year-over-year basis. During the same quarter last year, the firm earned ($0.92) earnings per share. As a group, research analysts expect that Cleveland-Cliffs Inc. will post -0.46 EPS for the current fiscal year.

Cleveland-Cliffs Company 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.