Belpointe Asset Management LLC lowered its stake in Cleveland-Cliffs Inc. (NYSE:CLF – Get Rating) by 80.3% during the second quarter, Holdings Channel reports. The institutional investor owned 6,777 shares of the mining company’s stock after selling 27,539 shares during the period. Belpointe Asset Management LLC’s holdings in Cleveland-Cliffs were worth $104,000 as of its most recent filing with the SEC.
A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Allworth Financial LP boosted its holdings in Cleveland-Cliffs by 199.7% in the 1st quarter. Allworth Financial LP now owns 917 shares of the mining company’s stock valued at $30,000 after purchasing an additional 611 shares during the period. First Eagle Investment Management LLC bought a new stake in Cleveland-Cliffs in the 1st quarter valued at about $30,000. Montag A & Associates Inc. bought a new stake in Cleveland-Cliffs in the 1st quarter valued at about $32,000. Lazard Asset Management LLC boosted its holdings in Cleveland-Cliffs by 218.1% in the 1st quarter. Lazard Asset Management LLC now owns 1,088 shares of the mining company’s stock valued at $35,000 after purchasing an additional 746 shares during the period. Finally, Parallel Advisors LLC boosted its holdings in Cleveland-Cliffs by 58.4% in the 1st quarter. Parallel Advisors LLC now owns 1,562 shares of the mining company’s stock valued at $50,000 after purchasing an additional 576 shares during the period. Institutional investors and hedge funds own 61.21% of the company’s stock.
Insider Buying and Selling at Cleveland-Cliffs
In other Cleveland-Cliffs news, CFO Celso L. Goncalves, Jr. purchased 5,000 shares of the firm’s stock in a transaction on Tuesday, August 16th. The stock was purchased at an average cost of $19.36 per share, for a total transaction of $96,800.00. Following the transaction, the chief financial officer now owns 148,285 shares in the company, valued at approximately $2,870,797.60. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 1.43% of the company’s stock.
Cleveland-Cliffs Trading Down 3.3 %
Shares of NYSE CLF opened at $13.45 on Monday. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.75 and a current ratio of 2.33. Cleveland-Cliffs Inc. has a 52-week low of $12.90 and a 52-week high of $34.04. The firm has a 50 day moving average price of $15.70 and a two-hundred day moving average price of $18.79. The stock has a market cap of $6.93 billion, a P/E ratio of 2.92 and a beta of 2.26.
Cleveland-Cliffs (NYSE:CLF – Get Rating) last announced its quarterly earnings results on Tuesday, October 25th. The mining company reported $0.29 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.68 by ($0.39). Cleveland-Cliffs had a net margin of 10.48% and a return on equity of 40.41%. The business had revenue of $5.65 billion during the quarter, compared to analyst estimates of $5.79 billion. During the same quarter last year, the company posted $2.33 earnings per share. The company’s revenue was down 5.8% compared to the same quarter last year. As a group, equities analysts forecast that Cleveland-Cliffs Inc. will post 3.06 EPS for the current year.
Analysts Set New Price Targets
CLF has been the subject of a number of recent analyst reports. BNP Paribas downgraded shares of Cleveland-Cliffs from a “neutral” rating to an “underperform” rating and set a $14.30 price target for the company. in a report on Tuesday, October 18th. Citigroup upped their price target on shares of Cleveland-Cliffs to $20.00 in a report on Tuesday, September 13th. The Goldman Sachs Group cut their price target on shares of Cleveland-Cliffs from $23.00 to $19.00 and set a “buy” rating for the company in a report on Thursday, October 6th. Credit Suisse Group cut their price target on shares of Cleveland-Cliffs from $30.00 to $25.00 and set an “outperform” rating for the company in a report on Wednesday, September 21st. Finally, B. Riley cut their price target on shares of Cleveland-Cliffs from $32.00 to $26.00 in a report on Wednesday, October 26th. Two analysts have rated the stock with a sell rating, three have issued a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, Cleveland-Cliffs presently has an average rating of “Hold” and a consensus price target of $21.52.
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.
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