Zurcher Kantonalbank Zurich Cantonalbank Buys 38,982 Shares of Cleveland-Cliffs Inc. (NYSE:CLF)

Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 42.9% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 129,809 shares of the mining company’s stock after acquiring an additional 38,982 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Cleveland-Cliffs were worth $1,220,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Commerce Bank increased its holdings in Cleveland-Cliffs by 342.8% during the 3rd quarter. Commerce Bank now owns 116,870 shares of the mining company’s stock worth $1,492,000 after purchasing an additional 90,477 shares during the period. Advisors Asset Management Inc. grew its position in shares of Cleveland-Cliffs by 28.0% during the 3rd quarter. Advisors Asset Management Inc. now owns 19,280 shares of the mining company’s stock worth $246,000 after buying an additional 4,215 shares in the last quarter. Darwin Wealth Management LLC purchased a new position in shares of Cleveland-Cliffs during the third quarter valued at $34,000. Moors & Cabot Inc. raised its holdings in shares of Cleveland-Cliffs by 6.3% in the third quarter. Moors & Cabot Inc. now owns 33,818 shares of the mining company’s stock valued at $432,000 after acquiring an additional 2,012 shares in the last quarter. Finally, Landscape Capital Management L.L.C. lifted its stake in Cleveland-Cliffs by 74.6% in the third quarter. Landscape Capital Management L.L.C. now owns 24,088 shares of the mining company’s stock worth $308,000 after acquiring an additional 10,288 shares during the period. Institutional investors own 67.68% of the company’s stock.

Analyst Ratings Changes

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

Insider Transactions at Cleveland-Cliffs

In other news, Director Jane M. Cronin acquired 10,000 shares of Cleveland-Cliffs stock in a transaction dated Friday, February 28th. The stock was purchased at an average cost of $10.56 per share, for a total transaction of $105,600.00. Following the completion of the purchase, the director now directly owns 24,522 shares in the company, valued at $258,952.32. This trade represents a 68.86 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Keith Koci bought 9,500 shares of the company’s stock in a transaction that occurred on Friday, February 28th. The stock was purchased at an average price of $10.81 per share, for a total transaction of $102,695.00. Following the transaction, the executive vice president now owns 543,475 shares of the company’s stock, valued at $5,874,964.75. The trade was a 1.78 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last ninety days, insiders purchased 23,500 shares of company stock worth $243,095. Company insiders own 1.76% of the company’s stock.

Cleveland-Cliffs Trading Down 1.1 %

Cleveland-Cliffs stock opened at $9.58 on Thursday. Cleveland-Cliffs Inc. has a one year low of $8.50 and a one year high of $22.97. The stock has a market cap of $4.73 billion, a PE ratio of -9.87 and a beta of 1.94. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.55 and a current ratio of 1.85. The stock has a 50-day moving average of $10.39 and a two-hundred day moving average of $11.34.

Cleveland-Cliffs (NYSE:CLF) last released its earnings results on Monday, February 24th. The mining company reported ($0.68) EPS for the quarter, missing analysts’ consensus estimates of ($0.65) by ($0.03). Cleveland-Cliffs had a negative return on equity of 0.59% and a negative net margin of 2.31%. The company had revenue of $4.33 billion during the quarter, compared to analyst estimates of $4.46 billion. On average, research analysts anticipate that Cleveland-Cliffs Inc. will post -0.79 EPS for the current fiscal year.

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.