Xponance Inc. Buys 1,596 Shares of Cleveland-Cliffs Inc. (NYSE:CLF)

Xponance Inc. boosted its stake in Cleveland-Cliffs Inc. (NYSE:CLF) by 2.4% during the 4th quarter, HoldingsChannel reports. The fund owned 67,373 shares of the mining company’s stock after acquiring an additional 1,596 shares during the quarter. Xponance Inc.’s holdings in Cleveland-Cliffs were worth $1,376,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Ninety One SA PTY Ltd acquired a new stake in shares of Cleveland-Cliffs in the 4th quarter valued at about $8,902,000. Ninety One UK Ltd acquired a new stake in Cleveland-Cliffs in the 4th quarter valued at approximately $27,928,000. Twin Capital Management Inc. lifted its stake in Cleveland-Cliffs by 57.1% in the 4th quarter. Twin Capital Management Inc. now owns 56,369 shares of the mining company’s stock valued at $1,151,000 after acquiring an additional 20,484 shares in the last quarter. Federated Hermes Inc. boosted its position in Cleveland-Cliffs by 13.3% during the 4th quarter. Federated Hermes Inc. now owns 94,724 shares of the mining company’s stock worth $1,934,000 after acquiring an additional 11,119 shares during the last quarter. Finally, Wright Investors Service Inc. bought a new position in shares of Cleveland-Cliffs during the 4th quarter worth approximately $259,000. 67.68% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, EVP Terry G. Fedor sold 27,430 shares of the stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $20.19, for a total value of $553,811.70. Following the transaction, the executive vice president now directly owns 534,617 shares of the company’s stock, valued at $10,793,917.23. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, Director Susan Miranda Green sold 6,500 shares of Cleveland-Cliffs stock in a transaction that occurred on Wednesday, March 13th. The stock was 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 directly owns 90,286 shares of the company’s stock, valued at approximately $1,841,834.40. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Terry G. Fedor sold 27,430 shares of the company’s stock in a transaction on Wednesday, March 6th. The shares were sold at an average price of $20.19, for a total value of $553,811.70. Following the completion of the transaction, the executive vice president now directly owns 534,617 shares in the company, valued at $10,793,917.23. The disclosure for this sale can be found here. Insiders sold a total of 221,066 shares of company stock valued at $4,464,688 over the last ninety days. 1.76% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

CLF has been the topic of a number of research reports. Argus lowered shares of Cleveland-Cliffs from a “buy” rating to a “hold” rating in a research report on Thursday, February 8th. TheStreet cut shares of Cleveland-Cliffs from a “b-” rating to a “c” rating in a research report on Tuesday, January 30th. BNP Paribas cut Cleveland-Cliffs from a “neutral” rating to an “underperform” rating and set a $16.50 price objective for the company. in a report on Wednesday, February 28th. Citigroup downgraded Cleveland-Cliffs from a “buy” rating to a “neutral” rating and set a $22.00 target price on the stock. in a research report on Wednesday, March 13th. Finally, Morgan Stanley reissued an “equal weight” rating and set a $20.00 price target 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, three have given a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, Cleveland-Cliffs has a consensus rating of “Hold” and a consensus target price of $20.75.

Cleveland-Cliffs Trading Down 1.3 %

Cleveland-Cliffs stock opened at $18.31 on Thursday. The stock has a 50-day simple moving average of $20.97 and a 200 day simple moving average of $19.00. The stock has a market capitalization of $8.71 billion, a P/E ratio of 24.74, a PEG ratio of 0.72 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 52 week low of $13.61 and a 52 week high of $22.97.

Cleveland-Cliffs (NYSE:CLF) last issued its earnings results on Monday, April 22nd. The mining company reported $0.18 EPS for the quarter, missing the consensus estimate of $0.19 by ($0.01). The business had revenue of $5.20 billion for the quarter, compared to the consensus estimate of $5.34 billion. Cleveland-Cliffs had a return on equity of 8.50% and a net margin of 1.78%. The business’s revenue was down 1.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.11) earnings per share. Analysts expect that Cleveland-Cliffs Inc. will post 1.66 earnings per share for the current year.

Cleveland-Cliffs declared that its board has approved a stock buyback plan on Monday, April 22nd that allows the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization allows the mining company to repurchase up to 17.2% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.

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.