Kestra Private Wealth Services LLC boosted its holdings in Cleveland-Cliffs Inc. (NYSE:CLF – Get Rating) by 6.5% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 50,043 shares of the mining company’s stock after purchasing an additional 3,073 shares during the quarter. Kestra Private Wealth Services LLC’s holdings in Cleveland-Cliffs were worth $1,612,000 at the end of the most recent quarter.
A number of other hedge funds have also added to or reduced their stakes in the business. Rhumbline Advisers increased its holdings in shares of Cleveland-Cliffs by 1.8% during the fourth quarter. Rhumbline Advisers now owns 1,187,572 shares of the mining company’s stock valued at $25,853,000 after acquiring an additional 20,755 shares in the last quarter. Equitable Holdings Inc. increased its holdings in shares of Cleveland-Cliffs by 37.0% during the fourth quarter. Equitable Holdings Inc. now owns 14,638 shares of the mining company’s stock valued at $319,000 after acquiring an additional 3,950 shares in the last quarter. Bank of Montreal Can increased its holdings in shares of Cleveland-Cliffs by 4.6% during the fourth quarter. Bank of Montreal Can now owns 741,314 shares of the mining company’s stock valued at $15,760,000 after acquiring an additional 32,307 shares in the last quarter. Advisor Resource Council bought a new stake in shares of Cleveland-Cliffs during the fourth quarter valued at approximately $234,000. Finally, Ensign Peak Advisors Inc increased its holdings in shares of Cleveland-Cliffs by 56.4% during the fourth quarter. Ensign Peak Advisors Inc now owns 814,495 shares of the mining company’s stock valued at $17,731,000 after acquiring an additional 293,760 shares in the last quarter. 61.21% of the stock is currently owned by institutional investors.
Analyst Upgrades and Downgrades
Several research analysts recently issued reports on the company. Morgan Stanley cut their target price on Cleveland-Cliffs from $16.00 to $14.50 and set an “equal weight” rating on the stock in a research report on Monday, July 25th. B. Riley cut their target price on Cleveland-Cliffs from $47.00 to $39.00 and set a “buy” rating on the stock in a research report on Wednesday, July 6th. Credit Suisse Group cut their target price on Cleveland-Cliffs from $37.00 to $30.00 and set an “outperform” rating on the stock in a research report on Thursday, July 21st. JPMorgan Chase & Co. cut their target price on Cleveland-Cliffs from $43.00 to $37.00 in a research report on Tuesday, June 14th. Finally, Citigroup boosted their price objective on Cleveland-Cliffs to $20.00 in a research report on Tuesday. Three analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $26.79.
Cleveland-Cliffs Stock Down 1.5 %
Cleveland-Cliffs (NYSE:CLF – Get Rating) last issued its quarterly earnings results on Friday, July 22nd. The mining company reported $1.13 EPS for the quarter, missing analysts’ consensus estimates of $1.40 by ($0.27). Cleveland-Cliffs had a net margin of 15.07% and a return on equity of 64.45%. The firm had revenue of $6.34 billion for the quarter, compared to analysts’ expectations of $6.13 billion. During the same period in the prior year, the company earned $1.46 EPS. The firm’s quarterly revenue was up 25.6% on a year-over-year basis. On average, equities research analysts anticipate that Cleveland-Cliffs Inc. will post 4.74 EPS for the current year.
Insider Activity at Cleveland-Cliffs
In related news, CFO Celso L. Goncalves, Jr. acquired 5,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 16th. The shares were bought at an average cost of $19.36 per share, for a total transaction of $96,800.00. Following the purchase, 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 document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.43% of the stock is currently owned by corporate insiders.
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.
- Get a free copy of the StockNews.com research report on Cleveland-Cliffs (CLF)
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