Norges Bank Makes New $49.80 Million Investment in Cleveland-Cliffs Inc. $CLF

Norges Bank bought a new position in shares of Cleveland-Cliffs Inc. (NYSE:CLF) during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund bought 3,749,785 shares of the mining company’s stock, valued at approximately $49,797,000. Norges Bank owned about 0.76% of Cleveland-Cliffs at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in Cleveland-Cliffs by 13.4% during the fourth quarter. Vanguard Group Inc. now owns 54,391,397 shares of the mining company’s stock worth $722,318,000 after buying an additional 6,447,462 shares during the last quarter. State Street Corp raised its position in shares of Cleveland-Cliffs by 20.2% in the 2nd quarter. State Street Corp now owns 27,450,442 shares of the mining company’s stock worth $208,623,000 after acquiring an additional 4,603,807 shares in the last quarter. Geode Capital Management LLC lifted its stake in shares of Cleveland-Cliffs by 14.7% in the 4th quarter. Geode Capital Management LLC now owns 10,039,851 shares of the mining company’s stock valued at $133,372,000 after purchasing an additional 1,286,042 shares during the period. Citigroup Inc. boosted its position in shares of Cleveland-Cliffs by 17.5% during the 3rd quarter. Citigroup Inc. now owns 8,010,913 shares of the mining company’s stock valued at $97,733,000 after purchasing an additional 1,195,035 shares in the last quarter. Finally, BNP Paribas Financial Markets boosted its position in shares of Cleveland-Cliffs by 200.4% during the 2nd quarter. BNP Paribas Financial Markets now owns 6,329,414 shares of the mining company’s stock valued at $48,104,000 after purchasing an additional 4,222,528 shares in the last quarter. 67.68% of the stock is currently owned by institutional investors and hedge funds.

Cleveland-Cliffs Trading Up 0.1%

Shares of CLF opened at $13.55 on Monday. Cleveland-Cliffs Inc. has a twelve month low of $6.72 and a twelve month high of $16.70. The stock has a market cap of $7.73 billion, a PE ratio of -5.79 and a beta of 2.09. The company has a quick ratio of 0.64, a current ratio of 2.02 and a debt-to-equity ratio of 1.29. The business’s 50-day moving average price is $10.47 and its 200-day moving average price is $11.51.

Cleveland-Cliffs (NYSE:CLF) last issued its quarterly earnings data on Monday, April 20th. The mining company reported ($0.40) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.44) by $0.04. Cleveland-Cliffs had a negative return on equity of 15.48% and a negative net margin of 6.42%.The company had revenue of $4.92 billion for the quarter, compared to the consensus estimate of $4.84 billion. During the same quarter last year, the business posted ($0.92) earnings per share. The firm’s revenue was up 6.3% compared to the same quarter last year. On average, equities analysts forecast that Cleveland-Cliffs Inc. will post -0.46 EPS for the current fiscal year.

Insiders Place Their Bets

In other Cleveland-Cliffs news, EVP Celso L. Goncalves, Jr. sold 214,308 shares of Cleveland-Cliffs stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $13.41, for a total transaction of $2,873,870.28. Following the completion of the sale, the executive vice president owned 184,542 shares of the company’s stock, valued at $2,474,708.22. The trade was a 53.73% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.95% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the stock. Citigroup lifted their price objective on shares of Cleveland-Cliffs from $11.00 to $13.00 and gave the company a “neutral” rating in a research note on Monday, February 9th. Wells Fargo & Company raised their price target on shares of Cleveland-Cliffs from $9.00 to $14.00 and gave the stock an “equal weight” rating in a report on Thursday. Argus raised shares of Cleveland-Cliffs to a “hold” rating in a research note on Monday, April 6th. JPMorgan Chase & Co. dropped their price objective on shares of Cleveland-Cliffs from $13.00 to $10.00 and set a “neutral” rating on the stock in a report on Tuesday, April 14th. Finally, The Goldman Sachs Group reissued a “neutral” rating and set a $10.00 price objective on shares of Cleveland-Cliffs in a research report on Friday, May 1st. One equities research analyst has rated the stock with a Buy rating, seven have issued a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Reduce” and an average price target of $11.99.

About Cleveland-Cliffs

Cleveland-Cliffs Inc is a leading North American producer of iron ore pellets and flat-rolled steel products. Tracing its roots to 1847, the company has evolved from an iron-ore mining concern in the Great Lakes region into a fully integrated steelmaker. Today, Cleveland-Cliffs operates iron ore mining complexes in Michigan and Minnesota as well as steelmaking and finishing facilities across the United States.

The company’s integrated platform begins with direct control of key raw materials, including iron ore and scrap, and extends through every stage of steel production.