Cleveland-Cliffs Inc. (NYSE:CLF) Stake Boosted by Allworth Financial LP

Allworth Financial LP increased its stake in Cleveland-Cliffs Inc. (NYSE:CLF) by 50.3% during the fourth quarter, HoldingsChannel reports. The firm owned 1,850 shares of the mining company’s stock after acquiring an additional 619 shares during the period. Allworth Financial LP’s holdings in Cleveland-Cliffs were worth $38,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of the stock. Exchange Traded Concepts LLC purchased a new position in Cleveland-Cliffs during the 3rd quarter valued at about $29,000. Anchor Investment Management LLC purchased a new position in Cleveland-Cliffs during the 4th quarter valued at about $31,000. HighMark Wealth Management LLC purchased a new position in Cleveland-Cliffs during the 4th quarter valued at about $35,000. Lazard Asset Management LLC grew its stake in Cleveland-Cliffs by 218.1% during the 1st quarter. Lazard Asset Management LLC now owns 1,088 shares of the mining company’s stock valued at $35,000 after acquiring an additional 746 shares in the last quarter. Finally, Tyler Stone Wealth Management purchased a new position in Cleveland-Cliffs during the 2nd quarter valued at about $36,000. Hedge funds and other institutional investors own 67.68% of the company’s stock.

Cleveland-Cliffs Stock Down 2.3 %

CLF opened at $21.64 on Monday. The business has a 50 day moving average price of $20.82 and a 200 day moving average price of $18.74. Cleveland-Cliffs Inc. has a twelve month low of $13.61 and a twelve month high of $22.97. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.62 and a current ratio of 1.89. The firm has a market cap of $10.29 billion, a P/E ratio of 28.10, a price-to-earnings-growth ratio of 0.77 and a beta of 2.03.

Cleveland-Cliffs (NYSE:CLF) last posted its earnings results on Tuesday, January 30th. The mining company reported ($0.05) earnings per share for the quarter, hitting the consensus estimate of ($0.05). Cleveland-Cliffs had a return on equity of 6.79% and a net margin of 1.81%. The firm had revenue of $5.11 billion during the quarter, compared to analyst estimates of $5.16 billion. During the same period in the previous year, the company earned ($0.30) EPS. The company’s revenue for the quarter was up 1.3% on a year-over-year basis. Research analysts forecast that Cleveland-Cliffs Inc. will post 1.63 EPS for the current year.

Wall Street Analyst Weigh In

Several brokerages recently commented on CLF. BNP Paribas cut 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. Argus cut Cleveland-Cliffs from a “buy” rating to a “hold” rating in a research note on Thursday, February 8th. TheStreet cut Cleveland-Cliffs from a “b-” rating to a “c” rating in a research note on Tuesday, January 30th. StockNews.com cut Cleveland-Cliffs from a “buy” rating to a “hold” rating in a research note on Wednesday, February 21st. Finally, Morgan Stanley reissued an “equal weight” rating and issued a $20.00 price target on shares of Cleveland-Cliffs in a research note on Tuesday, March 26th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and one has assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $19.92.

Insider Transactions at Cleveland-Cliffs

In other Cleveland-Cliffs news, Director Ron A. Bloom purchased 25,000 shares of the business’s stock in a transaction dated Thursday, February 1st. The stock was bought at an average cost of $20.24 per share, for a total transaction of $506,000.00. Following the completion of the acquisition, the director now directly owns 27,221 shares in the company, valued at $550,953.04. The purchase was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, Director Susan Miranda Green sold 6,500 shares of the company’s stock in a transaction on Wednesday, March 13th. The stock was sold at an average price of $20.40, for a total value of $132,600.00. Following the completion of the transaction, the director now directly owns 90,286 shares in the company, valued at $1,841,834.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Ron A. Bloom bought 25,000 shares of the business’s stock in a transaction that occurred on Thursday, February 1st. The stock was purchased at an average price of $20.24 per share, with a total value of $506,000.00. Following the completion of the purchase, the director now directly owns 27,221 shares of the company’s stock, valued at approximately $550,953.04. The disclosure for this purchase can be found here. Insiders sold a total of 221,066 shares of company stock worth $4,464,688 over the last three months. 1.57% of the stock is currently owned by insiders.

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.