Ninety One SA PTY Ltd Invests $8.90 Million in Cleveland-Cliffs Inc. (NYSE:CLF)

Ninety One SA PTY Ltd acquired a new position in shares of Cleveland-Cliffs Inc. (NYSE:CLF) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 435,954 shares of the mining company’s stock, valued at approximately $8,902,000. Cleveland-Cliffs accounts for about 1.4% of Ninety One SA PTY Ltd’s investment portfolio, making the stock its 28th biggest holding. Ninety One SA PTY Ltd owned 0.09% of Cleveland-Cliffs as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. BlackRock Inc. boosted its position in shares of Cleveland-Cliffs by 3.8% during the 1st quarter. BlackRock Inc. now owns 56,453,183 shares of the mining company’s stock valued at $1,034,787,000 after acquiring an additional 2,041,111 shares in the last quarter. Vanguard Group Inc. boosted its position in shares of Cleveland-Cliffs by 0.9% during the 3rd quarter. Vanguard Group Inc. now owns 45,757,539 shares of the mining company’s stock valued at $616,355,000 after acquiring an additional 387,794 shares in the last quarter. State Street Corp boosted its position in shares of Cleveland-Cliffs by 18.6% during the 2nd quarter. State Street Corp now owns 21,000,065 shares of the mining company’s stock valued at $322,771,000 after acquiring an additional 3,295,448 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of Cleveland-Cliffs by 2.1% during the 1st quarter. Geode Capital Management LLC now owns 7,476,201 shares of the mining company’s stock valued at $136,853,000 after acquiring an additional 150,571 shares in the last quarter. Finally, Morgan Stanley boosted its position in shares of Cleveland-Cliffs by 1.5% during the 4th quarter. Morgan Stanley now owns 6,855,860 shares of the mining company’s stock valued at $110,448,000 after acquiring an additional 98,117 shares in the last quarter. Institutional investors own 67.68% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the stock. Argus lowered shares of Cleveland-Cliffs from a “buy” rating to a “hold” rating in a research report on Thursday, February 8th. Morgan Stanley restated an “equal weight” rating and issued a $20.00 price target on shares of Cleveland-Cliffs in a research report on Tuesday, March 26th. TheStreet lowered shares of Cleveland-Cliffs from a “b-” rating to a “c” rating in a research report on Tuesday, January 30th. Wolfe Research restated an “underperform” rating and issued a $18.00 price target on shares of Cleveland-Cliffs in a research report on Tuesday, April 9th. Finally, BNP Paribas lowered shares of Cleveland-Cliffs from a “neutral” rating to an “underperform” rating and set a $16.50 price target on the stock. in a research report on Wednesday, February 28th. Two analysts have rated the stock with a sell rating, five have given a hold rating and one has assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $19.92.

Cleveland-Cliffs Trading Down 2.1 %

Cleveland-Cliffs stock traded down $0.45 during mid-day trading on Thursday, hitting $20.76. The stock had a trading volume of 5,538,804 shares, compared to its average volume of 8,360,078. The stock has a 50-day simple moving average of $20.90 and a two-hundred day simple moving average of $18.83. The stock has a market capitalization of $9.87 billion, a PE ratio of 27.54, a P/E/G ratio of 0.74 and a beta of 2.03. Cleveland-Cliffs Inc. has a 12 month low of $13.61 and a 12 month high of $22.97. The company has a current ratio of 1.89, a quick ratio of 0.62 and a debt-to-equity ratio of 0.39.

Cleveland-Cliffs (NYSE:CLF) last issued its earnings results on Tuesday, January 30th. The mining company reported ($0.05) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.05). Cleveland-Cliffs had a return on equity of 6.79% and a net margin of 1.81%. The firm had revenue of $5.11 billion for the quarter, compared to analysts’ expectations of $5.16 billion. During the same quarter last year, the business earned ($0.30) earnings per share. The company’s revenue was up 1.3% compared to the same quarter last year. As a group, sell-side analysts forecast that Cleveland-Cliffs Inc. will post 1.63 EPS for the current year.

Insiders Place Their Bets

In related news, Director Arlene M. Yocum bought 2,000 shares of Cleveland-Cliffs stock in a transaction on Wednesday, March 6th. The shares were purchased at an average price of $20.02 per share, for a total transaction of $40,040.00. Following the completion of the acquisition, the director now owns 94,887 shares in the company, valued at $1,899,637.74. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, Director Susan Miranda Green sold 6,500 shares of the firm’s stock in a transaction dated Wednesday, March 13th. The stock was sold at an average price of $20.40, for a total transaction of $132,600.00. Following the sale, the director now owns 90,286 shares of the company’s stock, valued at $1,841,834.40. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Arlene M. Yocum purchased 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, for a total transaction of $40,040.00. Following the transaction, the director now owns 94,887 shares of the company’s stock, valued at $1,899,637.74. The disclosure for this purchase can be found here. Over the last quarter, insiders have sold 221,066 shares of company stock worth $4,464,688. Insiders own 1.76% of the company’s stock.

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.