Cleveland-Cliffs Inc. (NYSE:CLF) Shares Sold by Raymond James Financial Services Advisors Inc.

Raymond James Financial Services Advisors Inc. lowered its position in shares of Cleveland-Cliffs Inc. (NYSE:CLFFree Report) by 8.2% during the fourth quarter, HoldingsChannel reports. The firm owned 300,125 shares of the mining company’s stock after selling 26,748 shares during the period. Raymond James Financial Services Advisors Inc.’s holdings in Cleveland-Cliffs were worth $6,129,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in CLF. Korea Investment CORP increased its position in shares of Cleveland-Cliffs by 30.6% during the third quarter. Korea Investment CORP now owns 514,890 shares of the mining company’s stock worth $8,048,000 after acquiring an additional 120,540 shares during the last quarter. Barclays PLC raised its position in shares of Cleveland-Cliffs by 240.4% in the 3rd quarter. Barclays PLC now owns 1,988,689 shares of the mining company’s stock valued at $31,083,000 after purchasing an additional 1,404,491 shares in the last quarter. Douglas Lane & Associates LLC boosted its stake in shares of Cleveland-Cliffs by 55.5% during the 3rd quarter. Douglas Lane & Associates LLC now owns 1,743,513 shares of the mining company’s stock valued at $27,251,000 after buying an additional 621,937 shares during the last quarter. Aigen Investment Management LP purchased a new position in shares of Cleveland-Cliffs during the 3rd quarter valued at approximately $4,970,000. Finally, Handelsinvest Investeringsforvaltning acquired a new stake in shares of Cleveland-Cliffs during the third quarter worth approximately $3,908,000. Hedge funds and other institutional investors own 67.68% of the company’s stock.

Cleveland-Cliffs Price Performance

Shares of NYSE:CLF opened at $22.83 on Thursday. The company has a market cap of $11.38 billion, a PE ratio of 29.65, a P/E/G ratio of 0.78 and a beta of 2.03. Cleveland-Cliffs Inc. has a fifty-two week low of $13.61 and a fifty-two week high of $22.95. The firm has a 50-day simple moving average of $20.45 and a 200 day simple moving average of $18.33. The company has a quick ratio of 0.62, a current ratio of 1.89 and a debt-to-equity ratio of 0.39.

Cleveland-Cliffs (NYSE:CLFGet Free Report) last posted its earnings results on Tuesday, January 30th. The mining company reported ($0.05) EPS for the quarter, meeting the consensus estimate of ($0.05). The company had revenue of $5.11 billion during the quarter, compared to analyst estimates of $5.16 billion. Cleveland-Cliffs had a return on equity of 6.79% and a net margin of 1.81%. The business’s revenue was up 1.3% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.30) earnings per share. On average, sell-side analysts anticipate that Cleveland-Cliffs Inc. will post 1.84 EPS for the current year.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on CLF shares. Argus cut shares of Cleveland-Cliffs from a “buy” rating to a “hold” rating in a report on Thursday, February 8th. StockNews.com lowered shares of Cleveland-Cliffs from a “buy” rating to a “hold” rating in a research note on Wednesday, February 21st. BNP Paribas downgraded Cleveland-Cliffs from a “neutral” rating to an “underperform” rating and set a $16.50 price target for the company. in a research note on Wednesday, February 28th. TheStreet cut Cleveland-Cliffs from a “b-” rating to a “c” rating in a research note on Tuesday, January 30th. Finally, Citigroup downgraded Cleveland-Cliffs from a “buy” rating to a “neutral” rating and set a $22.00 target price on the stock. in a report on Wednesday, March 13th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $20.30.

View Our Latest Stock Report on CLF

Insider Buying and Selling

In other Cleveland-Cliffs news, CEO Lourenco Goncalves sold 187,136 shares of the firm’s stock in a transaction on Wednesday, March 6th. The stock was sold at an average price of $20.19, for a total value of $3,778,275.84. Following the sale, the chief executive officer now directly owns 2,699,089 shares in the company, valued at $54,494,606.91. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Cleveland-Cliffs news, CEO Lourenco Goncalves sold 187,136 shares of the company’s stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $20.19, for a total value of $3,778,275.84. Following the completion of the transaction, the chief executive officer now owns 2,699,089 shares in the company, valued at approximately $54,494,606.91. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Susan Miranda Green sold 6,500 shares of the firm’s stock in a transaction that occurred on Wednesday, March 13th. The shares were sold at an average price of $20.40, for a total transaction of $132,600.00. Following the completion of the sale, the director now owns 90,286 shares in the company, valued at approximately $1,841,834.40. The disclosure for this sale can be found here. Insiders sold a total of 221,066 shares of company stock worth $4,464,688 in the last three months. 1.57% of the stock is owned by insiders.

About Cleveland-Cliffs

(Free Report)

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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Institutional Ownership by Quarter for Cleveland-Cliffs (NYSE:CLF)

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