Cleveland-Cliffs Inc. (NYSE:CLF) Shares Acquired by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC boosted its stake in Cleveland-Cliffs Inc. (NYSE:CLF) by 886.6% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 357,342 shares of the mining company’s stock after acquiring an additional 321,124 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Cleveland-Cliffs were worth $7,297,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in CLF. Stonebridge Capital Advisors LLC raised its stake in shares of Cleveland-Cliffs by 20.0% in the 4th quarter. Stonebridge Capital Advisors LLC now owns 3,600 shares of the mining company’s stock valued at $58,000 after purchasing an additional 600 shares in the last quarter. Dorsey & Whitney Trust CO LLC lifted its holdings in Cleveland-Cliffs by 2.3% during the 3rd quarter. Dorsey & Whitney Trust CO LLC now owns 27,337 shares of the mining company’s stock worth $427,000 after buying an additional 609 shares during the last quarter. Allworth Financial LP grew its position in shares of Cleveland-Cliffs by 50.3% in the 4th quarter. Allworth Financial LP now owns 1,850 shares of the mining company’s stock worth $38,000 after acquiring an additional 619 shares in the last quarter. Cibc World Market Inc. increased its holdings in shares of Cleveland-Cliffs by 1.1% in the 1st quarter. Cibc World Market Inc. now owns 58,149 shares of the mining company’s stock valued at $1,873,000 after acquiring an additional 623 shares during the last quarter. Finally, Stratos Wealth Partners LTD. raised its position in shares of Cleveland-Cliffs by 0.7% during the 3rd quarter. Stratos Wealth Partners LTD. now owns 103,397 shares of the mining company’s stock valued at $1,616,000 after acquiring an additional 674 shares in the last quarter. 67.68% of the stock is currently owned by institutional investors.

Insider Transactions at Cleveland-Cliffs

In related news, Director Arlene M. Yocum acquired 2,000 shares of the stock in a transaction that occurred on Wednesday, March 6th. The shares were acquired at an average price of $20.02 per share, for a total transaction of $40,040.00. Following the completion of the purchase, the director now directly owns 94,887 shares of the company’s stock, valued at $1,899,637.74. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, CEO Lourenco Goncalves sold 187,136 shares of the company’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 completion of the sale, the chief executive officer now owns 2,699,089 shares in the company, valued at $54,494,606.91. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Arlene M. Yocum bought 2,000 shares of the firm’s stock in a transaction that occurred on Wednesday, March 6th. The shares were purchased at an average cost of $20.02 per share, with a total value of $40,040.00. Following the purchase, the director now directly owns 94,887 shares of the company’s stock, valued at $1,899,637.74. The disclosure for this purchase can be found here. In the last three months, insiders sold 221,066 shares of company stock valued at $4,464,688. Company insiders own 1.76% of the company’s stock.

Cleveland-Cliffs Trading Up 0.8 %

Shares of CLF stock opened at $21.21 on Thursday. The firm has a market capitalization of $10.08 billion, a PE ratio of 27.54, a price-to-earnings-growth ratio of 0.75 and a beta of 2.03. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.62 and a current ratio of 1.89. Cleveland-Cliffs Inc. has a 1 year low of $13.61 and a 1 year high of $22.97. The stock has a fifty day moving average of $20.90 and a two-hundred day moving average of $18.83.

Cleveland-Cliffs (NYSE:CLF) last posted its quarterly earnings data on Tuesday, January 30th. The mining company reported ($0.05) earnings per share for the quarter, hitting the consensus estimate of ($0.05). The business had revenue of $5.11 billion during the quarter, compared to the consensus estimate of $5.16 billion. Cleveland-Cliffs had a net margin of 1.81% and a return on equity of 6.79%. The company’s quarterly revenue was up 1.3% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.30) earnings per share. As a group, research analysts expect that Cleveland-Cliffs Inc. will post 1.63 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. StockNews.com downgraded shares of Cleveland-Cliffs from a “buy” rating to a “hold” rating in a report on Wednesday, February 21st. BNP Paribas cut shares of Cleveland-Cliffs from a “neutral” rating to an “underperform” rating and set a $16.50 target price on the stock. in a report on Wednesday, February 28th. Wolfe Research reaffirmed an “underperform” rating and set a $18.00 target price on shares of Cleveland-Cliffs in a report on Tuesday, April 9th. Citigroup cut Cleveland-Cliffs from a “buy” rating to a “neutral” rating and set a $22.00 price target on the stock. in a research report on Wednesday, March 13th. Finally, Morgan Stanley restated an “equal weight” rating and set a $20.00 price objective on shares of Cleveland-Cliffs in a research report on Tuesday, March 26th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat, Cleveland-Cliffs currently has a consensus rating of “Hold” and an average target price of $19.92.

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.