Parametrica Management Ltd Makes New $105,000 Investment in Cleveland-Cliffs Inc. (NYSE:CLF)

Parametrica Management Ltd acquired a new stake in Cleveland-Cliffs Inc. (NYSE:CLF) in the fourth quarter, HoldingsChannel.com reports. The fund acquired 11,156 shares of the mining company’s stock, valued at approximately $105,000.

Several other large investors also recently modified their holdings of the stock. Signature Estate & Investment Advisors LLC acquired a new position in shares of Cleveland-Cliffs in the 4th quarter valued at approximately $102,000. EntryPoint Capital LLC bought a new position in Cleveland-Cliffs during the 4th quarter worth approximately $278,000. Vanguard Group Inc. grew its holdings in Cleveland-Cliffs by 5.5% during the 4th 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. Drexel Morgan & Co. increased its stake in shares of Cleveland-Cliffs by 34.4% in the 4th quarter. Drexel Morgan & Co. now owns 4,300,395 shares of the mining company’s stock valued at $40,424,000 after acquiring an additional 1,100,000 shares in the last quarter. Finally, Stevens Capital Management LP acquired a new stake in shares of Cleveland-Cliffs in the 4th quarter valued at about $159,000. 67.68% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have commented on CLF. The Goldman Sachs Group decreased their price objective on Cleveland-Cliffs from $17.00 to $15.00 and set a “buy” rating for the company in a report on Tuesday, March 4th. Glj Research lowered their price target on Cleveland-Cliffs from $14.54 to $12.90 and set a “buy” rating for the company in a research report on Thursday, February 27th. Morgan Stanley cut their price objective on shares of Cleveland-Cliffs from $13.00 to $11.00 and set an “equal weight” rating on the stock in a report on Monday, February 3rd. B. Riley reiterated a “buy” rating on shares of Cleveland-Cliffs in a research note on Tuesday, February 4th. Finally, Citigroup cut their target price on Cleveland-Cliffs from $12.50 to $11.00 and set a “neutral” rating on the stock in a research note on Thursday, December 19th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating, four have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $16.43.

Cleveland-Cliffs Price Performance

CLF stock opened at $9.41 on Wednesday. The company has a current ratio of 1.85, a quick ratio of 0.55 and a debt-to-equity ratio of 0.53. Cleveland-Cliffs Inc. has a 12 month low of $8.50 and a 12 month high of $22.97. The firm has a market capitalization of $4.65 billion, a P/E ratio of -9.70 and a beta of 1.94. The firm has a 50 day moving average of $10.34 and a 200-day moving average of $11.26.

Cleveland-Cliffs (NYSE:CLF) last released its earnings results 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). The firm had revenue of $4.33 billion during the quarter, compared to the consensus estimate of $4.46 billion. Cleveland-Cliffs had a negative return on equity of 0.59% and a negative net margin of 2.31%. As a group, sell-side analysts predict that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director John T. Baldwin bought 4,000 shares of the firm’s stock in a transaction dated Monday, March 10th. The stock was purchased at an average price of $8.70 per share, with a total value of $34,800.00. Following the transaction, the director now owns 133,227 shares of the company’s stock, valued at approximately $1,159,074.90. The trade was a 3.10 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Jane M. Cronin acquired 10,000 shares of the stock in a transaction on Friday, February 28th. The shares were purchased at an average cost of $10.56 per share, with a total value of $105,600.00. Following the transaction, the director now directly owns 24,522 shares of the company’s stock, valued at approximately $258,952.32. This trade represents a 68.86 % increase in their position. The disclosure for this purchase can be found here. Insiders have bought a total of 23,500 shares of company stock valued at $243,095 in the last quarter. Insiders own 1.76% of the company’s stock.

Cleveland-Cliffs Profile

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.