Cleveland-Cliffs Inc. (NYSE:CLF) Shares Purchased by Daiwa Securities Group Inc.

Daiwa Securities Group Inc. boosted its position in Cleveland-Cliffs Inc. (NYSE:CLF) by 5.3% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 40,150 shares of the mining company’s stock after purchasing an additional 2,012 shares during the period. Daiwa Securities Group Inc.’s holdings in Cleveland-Cliffs were worth $820,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. AQR Capital Management LLC lifted its position in shares of Cleveland-Cliffs by 154.2% during the 3rd quarter. AQR Capital Management LLC now owns 2,586,472 shares of the mining company’s stock valued at $40,181,000 after acquiring an additional 1,568,961 shares during the period. Barclays PLC lifted its position in shares of Cleveland-Cliffs by 240.4% during the 3rd quarter. Barclays PLC now owns 1,988,689 shares of the mining company’s stock valued at $31,083,000 after acquiring an additional 1,404,491 shares during the period. International Assets Investment Management LLC lifted its position in shares of Cleveland-Cliffs by 1,627.6% during the 4th quarter. International Assets Investment Management LLC now owns 1,431,769 shares of the mining company’s stock valued at $29,237,000 after acquiring an additional 1,348,893 shares during the period. First Dallas Securities Inc. lifted its position in shares of Cleveland-Cliffs by 442.6% during the 3rd quarter. First Dallas Securities Inc. now owns 746,945 shares of the mining company’s stock valued at $11,675,000 after acquiring an additional 609,295 shares during the period. Finally, Caisse DE Depot ET Placement DU Quebec acquired a new stake in shares of Cleveland-Cliffs during the 3rd quarter valued at approximately $6,846,000. Institutional investors and hedge funds own 67.68% of the company’s stock.

Cleveland-Cliffs Stock Down 0.4 %

CLF stock opened at $18.25 on Friday. The stock has a market capitalization of $8.67 billion, a P/E ratio of 24.66, a PEG ratio of 0.64 and a beta of 2.03. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.62 and a current ratio of 1.90. Cleveland-Cliffs Inc. has a one year low of $13.61 and a one year high of $22.97. The company has a 50 day moving average price of $20.94 and a two-hundred day moving average price of $18.99.

Cleveland-Cliffs (NYSE:CLF) last released 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 firm had revenue of $5.20 billion during the quarter, compared to analysts’ expectations of $5.34 billion. Cleveland-Cliffs had a return on equity of 8.69% and a net margin of 1.78%. The firm’s revenue was down 1.8% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.11) earnings per share. As a group, sell-side analysts expect that Cleveland-Cliffs Inc. will post 1.66 EPS for the current year.

Cleveland-Cliffs announced that its Board of Directors has initiated a stock buyback plan on Monday, April 22nd that authorizes the company to buyback $1.50 billion in shares. This buyback authorization authorizes the mining company to purchase up to 17.2% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s leadership believes its shares are undervalued.

Analysts Set New Price Targets

CLF has been the subject of a number of research reports. Citigroup downgraded shares of Cleveland-Cliffs from a “buy” rating to a “neutral” rating and set a $22.00 price target for the company. in a research report on Wednesday, March 13th. Morgan Stanley reiterated an “equal weight” rating and set a $20.00 price target on shares of Cleveland-Cliffs in a research report on Tuesday, March 26th. BNP Paribas cut 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. JPMorgan Chase & Co. dropped their price objective on shares of Cleveland-Cliffs from $24.00 to $23.00 and set an “overweight” rating for the company in a research note on Wednesday. Finally, Wolfe Research reissued an “underperform” rating and set a $18.00 price objective on shares of Cleveland-Cliffs in a research note on Tuesday, April 9th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $20.75.

Insiders Place Their Bets

In other Cleveland-Cliffs news, Director Susan Miranda Green sold 6,500 shares of Cleveland-Cliffs stock in a transaction that occurred on Wednesday, March 13th. The shares were sold at an average price of $20.40, for a total value 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 filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, Director Susan Miranda Green sold 6,500 shares of the business’s stock in a transaction 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 directly owns 90,286 shares of the company’s stock, valued at approximately $1,841,834.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Arlene M. Yocum acquired 2,000 shares of the stock in a transaction dated Wednesday, March 6th. The shares were bought at an average cost of $20.02 per share, with a total value of $40,040.00. Following the completion of the purchase, the director now directly owns 94,887 shares in the company, 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 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.