AE Wealth Management LLC grew its stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF – Free Report) by 109.3% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 22,630 shares of the mining company’s stock after purchasing an additional 11,818 shares during the period. AE Wealth Management LLC’s holdings in Cleveland-Cliffs were worth $415,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also made changes to their positions in CLF. Natixis Advisors L.P. raised its stake in shares of Cleveland-Cliffs by 39.8% during the 1st quarter. Natixis Advisors L.P. now owns 43,986 shares of the mining company’s stock worth $1,417,000 after buying an additional 12,531 shares during the last quarter. Acadian Asset Management LLC acquired a new position in shares of Cleveland-Cliffs during the 1st quarter worth $486,000. Great West Life Assurance Co. Can raised its stake in shares of Cleveland-Cliffs by 12.7% during the 1st quarter. Great West Life Assurance Co. Can now owns 259,092 shares of the mining company’s stock worth $8,577,000 after buying an additional 29,178 shares during the last quarter. Cibc World Market Inc. raised its stake in shares of Cleveland-Cliffs by 1.1% during the 1st quarter. Cibc World Market Inc. now owns 58,149 shares of the mining company’s stock worth $1,873,000 after buying an additional 623 shares during the last quarter. Finally, Blair William & Co. IL raised its stake in shares of Cleveland-Cliffs by 14.5% during the 1st quarter. Blair William & Co. IL now owns 167,800 shares of the mining company’s stock worth $5,405,000 after buying an additional 21,233 shares during the last quarter. Institutional investors and hedge funds own 62.92% of the company’s stock.
Analyst Upgrades and Downgrades
Several research firms have recently issued reports on CLF. StockNews.com raised Cleveland-Cliffs from a “sell” rating to a “hold” rating in a research note on Tuesday, July 4th. JPMorgan Chase & Co. began coverage on shares of Cleveland-Cliffs in a research note on Tuesday, May 23rd. They issued a “neutral” rating and a $18.00 target price for the company. Finally, Wolfe Research raised shares of Cleveland-Cliffs from an “underperform” rating to a “peer perform” rating in a research note on Monday, March 20th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, Cleveland-Cliffs presently has an average rating of “Hold” and a consensus price target of $20.53.
Insider Transactions at Cleveland-Cliffs
In other news, CEO Lourenco Goncalves bought 100,000 shares of the firm’s stock in a transaction dated Thursday, April 27th. The stock was acquired at an average price of $14.96 per share, for a total transaction of $1,496,000.00. Following the acquisition, the chief executive officer now owns 2,464,885 shares of the company’s stock, valued at $36,874,679.60. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In related news, Director Ralph S. Michael III purchased 10,000 shares of the firm’s stock in a transaction on Tuesday, May 2nd. The stock was purchased at an average price of $14.96 per share, for a total transaction of $149,600.00. Following the acquisition, the director now directly owns 171,840 shares in the company, valued at $2,570,726.40. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Lourenco Goncalves purchased 100,000 shares of the firm’s stock in a transaction on Thursday, April 27th. The stock was bought at an average price of $14.96 per share, with a total value of $1,496,000.00. Following the acquisition, the chief executive officer now owns 2,464,885 shares in the company, valued at $36,874,679.60. The disclosure for this purchase can be found here. In the last quarter, insiders bought 125,300 shares of company stock worth $1,875,531. 1.57% of the stock is currently owned by company insiders.
Cleveland-Cliffs Trading Up 4.2 %
NYSE CLF opened at $16.29 on Monday. Cleveland-Cliffs Inc. has a 12 month low of $11.82 and a 12 month high of $22.83. The company has a 50-day moving average of $15.51 and a 200-day moving average of $17.69. The company has a debt-to-equity ratio of 0.59, a current ratio of 2.15 and a quick ratio of 0.73. The company has a market cap of $8.39 billion, a P/E ratio of 18.10 and a beta of 2.23.
Cleveland-Cliffs (NYSE:CLF – Free Report) last posted its quarterly earnings data on Tuesday, April 25th. The mining company reported ($0.11) EPS for the quarter, beating analysts’ consensus estimates of ($0.20) by $0.09. Cleveland-Cliffs had a net margin of 2.14% and a return on equity of 8.32%. The company had revenue of $5.30 billion during the quarter, compared to the consensus estimate of $5.21 billion. During the same quarter in the prior year, the company posted $1.71 EPS. The company’s quarterly revenue was down 11.1% compared to the same quarter last year. As a group, equities analysts predict that Cleveland-Cliffs Inc. will post 2.02 earnings per share for the current year.
Cleveland-Cliffs Company 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.
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