Oxford Asset Management LLP Decreases Stock Position in Cleveland-Cliffs Inc. (NYSE:CLF)

Oxford Asset Management LLP lessened its holdings in Cleveland-Cliffs Inc. (NYSE:CLF) by 56.8% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 23,721 shares of the mining company’s stock after selling 31,222 shares during the quarter. Oxford Asset Management LLP’s holdings in Cleveland-Cliffs were worth $223,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of CLF. Vanguard Group Inc. increased its stake 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 valued at $458,267,000 after purchasing an additional 2,556,332 shares in the last quarter. Dimensional Fund Advisors LP increased its position in shares of Cleveland-Cliffs by 3.1% in the 4th quarter. Dimensional Fund Advisors LP now owns 21,247,426 shares of the mining company’s stock valued at $199,724,000 after acquiring an additional 647,282 shares during the period. Slate Path Capital LP raised its stake in Cleveland-Cliffs by 35.4% in the 4th quarter. Slate Path Capital LP now owns 16,208,000 shares of the mining company’s stock worth $152,355,000 after acquiring an additional 4,239,000 shares during the last quarter. Geode Capital Management LLC lifted its position in Cleveland-Cliffs by 3.2% during the 4th quarter. Geode Capital Management LLC now owns 8,466,747 shares of the mining company’s stock worth $79,611,000 after acquiring an additional 264,078 shares during the period. Finally, Bank of New York Mellon Corp grew its stake in Cleveland-Cliffs by 20.1% during the 4th quarter. Bank of New York Mellon Corp now owns 7,382,769 shares of the mining company’s stock valued at $69,398,000 after purchasing an additional 1,236,247 shares during the last quarter. Hedge funds and other institutional investors own 67.68% of the company’s stock.

Cleveland-Cliffs Price Performance

Shares of Cleveland-Cliffs stock opened at $7.90 on Monday. The firm has a market cap of $3.91 billion, a PE ratio of -8.14 and a beta of 1.93. Cleveland-Cliffs Inc. has a twelve month low of $6.17 and a twelve month high of $18.20. The company has a quick ratio of 0.55, a current ratio of 1.85 and a debt-to-equity ratio of 0.53. The business has a 50-day moving average price of $8.90 and a 200 day moving average price of $10.47.

Cleveland-Cliffs (NYSE:CLF) last announced its earnings results on Monday, February 24th. The mining company reported ($0.68) earnings per share for the quarter, missing the consensus estimate of ($0.65) by ($0.03). The business had revenue of $4.33 billion for the quarter, compared to analyst estimates of $4.46 billion. Cleveland-Cliffs had a negative return on equity of 0.59% and a negative net margin of 2.31%. Sell-side analysts predict that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current fiscal year.

Analyst Ratings Changes

CLF has been the subject of several research analyst reports. Morgan Stanley reduced their price objective on Cleveland-Cliffs from $13.00 to $11.00 and set an “equal weight” rating for the company in a research note on Monday, February 3rd. B. Riley reissued a “buy” rating and set a $17.00 price target (down from $20.00) on shares of Cleveland-Cliffs in a research report on Wednesday, April 23rd. Glj Research dropped their price objective on shares of Cleveland-Cliffs from $14.54 to $12.90 and set a “buy” rating on the stock in a report on Thursday, February 27th. Finally, The Goldman Sachs Group reduced their target price on shares of Cleveland-Cliffs from $17.00 to $15.00 and set a “buy” rating for the company in a report on Tuesday, March 4th. One analyst has rated the stock with a sell rating, four have given a hold rating, four have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $15.49.

Insider Buying and Selling at Cleveland-Cliffs

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

Cleveland-Cliffs Company 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.