DekaBank Deutsche Girozentrale Sells 4,701 Shares of Cleveland-Cliffs Inc. (NYSE:CLF)

DekaBank Deutsche Girozentrale lowered its stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 10.7% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 39,134 shares of the mining company’s stock after selling 4,701 shares during the quarter. DekaBank Deutsche Girozentrale’s holdings in Cleveland-Cliffs were worth $807,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Natixis Advisors L.P. grew its holdings in shares of Cleveland-Cliffs by 39.8% in the first quarter. Natixis Advisors L.P. now owns 43,986 shares of the mining company’s stock valued at $1,417,000 after purchasing an additional 12,531 shares in the last quarter. Acadian Asset Management LLC purchased a new position in shares of Cleveland-Cliffs in the first quarter valued at $486,000. Great West Life Assurance Co. Can boosted its stake in Cleveland-Cliffs by 12.7% during the first 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 period. Cibc World Market Inc. boosted its stake in Cleveland-Cliffs by 1.1% during the first 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 period. Finally, Blair William & Co. IL boosted its stake in Cleveland-Cliffs by 14.5% during the first 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 period. Institutional investors own 67.68% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have commented on CLF shares. 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 lowered shares of Cleveland-Cliffs from a “neutral” rating to an “underperform” rating and set a $16.50 price objective for the company. in a research note on Wednesday, February 28th. Citigroup lowered shares of Cleveland-Cliffs from a “buy” rating to a “neutral” rating and set a $22.00 price objective for the company. in a research note on Wednesday, March 13th. Morgan Stanley reaffirmed an “equal weight” rating and set a $20.00 price objective on shares of Cleveland-Cliffs in a research note on Tuesday, March 26th. Finally, TheStreet lowered shares of Cleveland-Cliffs from a “b-” rating to a “c” rating in a research note on Tuesday, January 30th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and one has given a buy rating to the company. According to MarketBeat.com, Cleveland-Cliffs presently has an average rating of “Hold” and a consensus target price of $19.92.

Cleveland-Cliffs Stock Down 1.9 %

Shares of CLF opened at $21.23 on Tuesday. The firm has a market capitalization of $10.09 billion, a P/E ratio of 27.57, a P/E/G ratio of 0.77 and a beta of 2.03. Cleveland-Cliffs Inc. has a 12-month low of $13.61 and a 12-month high of $22.97. The company has a current ratio of 1.89, a quick ratio of 0.62 and a debt-to-equity ratio of 0.39. The firm has a fifty day moving average price of $20.85 and a 200-day moving average price of $18.78.

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

Insider Activity at Cleveland-Cliffs

In related news, CEO Lourenco Goncalves sold 187,136 shares of Cleveland-Cliffs stock in a transaction dated 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 completion of 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 filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Director Arlene M. Yocum acquired 2,000 shares of the firm’s stock in a transaction that occurred on Wednesday, March 6th. The stock was purchased at an average cost of $20.02 per share, for a total transaction of $40,040.00. Following the completion of the acquisition, the director now directly owns 94,887 shares of the company’s stock, valued at approximately $1,899,637.74. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Lourenco Goncalves sold 187,136 shares of the business’s stock in a transaction dated Wednesday, March 6th. The stock was sold at an average price of $20.19, for a total transaction of $3,778,275.84. Following the completion of the transaction, the chief executive officer now owns 2,699,089 shares of the company’s stock, valued at $54,494,606.91. The disclosure for this sale can be found here. Insiders sold 221,066 shares of company stock worth $4,464,688 over the last three months. 1.76% of the stock is owned by corporate insiders.

Cleveland-Cliffs 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.