EntryPoint Capital LLC Takes Position in Cleveland-Cliffs Inc. (NYSE:CLF)

EntryPoint Capital LLC purchased a new position in shares of Cleveland-Cliffs Inc. (NYSE:CLF) in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 29,547 shares of the mining company’s stock, valued at approximately $278,000.

A number of other large investors also recently bought and sold shares of CLF. Bank of New York Mellon Corp increased its stake in shares of Cleveland-Cliffs by 20.1% during the fourth quarter. Bank of New York Mellon Corp now owns 7,382,769 shares of the mining company’s stock worth $69,398,000 after acquiring an additional 1,236,247 shares during the period. Franklin Resources Inc. grew its holdings in Cleveland-Cliffs by 105.6% during the third quarter. Franklin Resources Inc. now owns 262,771 shares of the mining company’s stock worth $3,429,000 after acquiring an additional 134,939 shares during the period. Stonegate Investment Group LLC purchased a new position in Cleveland-Cliffs in the fourth quarter worth $18,999,000. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Cleveland-Cliffs in the fourth quarter valued at $4,432,000. Finally, Janus Henderson Group PLC boosted its position in shares of Cleveland-Cliffs by 987.0% during the 3rd quarter. Janus Henderson Group PLC now owns 207,000 shares of the mining company’s stock worth $2,644,000 after purchasing an additional 187,957 shares in the last quarter. Hedge funds and other institutional investors own 67.68% of the company’s stock.

Insider Transactions at Cleveland-Cliffs

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

Analyst Upgrades and Downgrades

CLF has been the subject of a number of research analyst reports. The Goldman Sachs Group cut their price target 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. B. Riley reaffirmed a “buy” rating on shares of Cleveland-Cliffs in a report on Tuesday, February 4th. Morgan Stanley decreased their price target on Cleveland-Cliffs from $13.00 to $11.00 and set an “equal weight” rating on the stock in a research note on Monday, February 3rd. Citigroup lowered their price target on Cleveland-Cliffs from $12.50 to $11.00 and set a “neutral” rating on the stock in a report on Thursday, December 19th. Finally, Glj Research reduced their price objective on Cleveland-Cliffs from $14.54 to $12.90 and set a “buy” rating for the company in a report on Thursday, February 27th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating, four have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Cleveland-Cliffs currently has a consensus rating of “Hold” and an average price target of $16.43.

Cleveland-Cliffs Price Performance

Shares of NYSE:CLF opened at $9.36 on Friday. 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 $4.63 billion, a PE ratio of -9.64 and a beta of 1.94. The business’s fifty day moving average price is $10.30 and its two-hundred day moving average price is $11.23. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.55 and a current ratio of 1.85.

Cleveland-Cliffs (NYSE:CLF) last posted its quarterly earnings data 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 net margin of 2.31% and a negative return on equity of 0.59%. The company had revenue of $4.33 billion for the quarter, compared to analyst estimates of $4.46 billion. On average, analysts forecast that Cleveland-Cliffs Inc. will post -0.79 EPS for the current fiscal year.

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.