Federated Hermes Inc. Acquires 11,119 Shares of Cleveland-Cliffs Inc. (NYSE:CLF)

Federated Hermes Inc. grew its holdings in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 13.3% in the 4th quarter, HoldingsChannel reports. The firm owned 94,724 shares of the mining company’s stock after acquiring an additional 11,119 shares during the quarter. Federated Hermes Inc.’s holdings in Cleveland-Cliffs were worth $1,934,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently made changes to their positions in CLF. Anchor Investment Management LLC bought a new position in shares of Cleveland-Cliffs during the 4th quarter worth $31,000. HighMark Wealth Management LLC bought a new position in shares of Cleveland-Cliffs during the 4th quarter worth $35,000. Exchange Traded Concepts LLC bought a new position in shares of Cleveland-Cliffs during the 3rd quarter worth $29,000. Allworth Financial LP grew its stake in shares of Cleveland-Cliffs by 50.3% during 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 during the period. Finally, Covestor Ltd boosted its stake in Cleveland-Cliffs by 467.8% in the 3rd quarter. Covestor Ltd now owns 2,765 shares of the mining company’s stock worth $43,000 after purchasing an additional 2,278 shares during the period. 67.68% of the stock is owned by hedge funds and other institutional investors.

Cleveland-Cliffs Stock Performance

NYSE:CLF opened at $17.88 on Monday. The business’s 50-day moving average price is $20.87 and its two-hundred day moving average price is $19.05. Cleveland-Cliffs Inc. has a twelve month low of $13.61 and a twelve month high of $22.97. The stock has a market cap of $8.50 billion, a P/E ratio of 24.16, a PEG ratio of 0.62 and a beta of 2.03. The company has a quick ratio of 0.62, a current ratio of 1.90 and a debt-to-equity ratio of 0.49.

Cleveland-Cliffs (NYSE:CLF) last announced its quarterly earnings data on Monday, April 22nd. The mining company reported $0.18 earnings per share for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.01). The firm had revenue of $5.20 billion for the quarter, compared to analysts’ expectations of $5.34 billion. Cleveland-Cliffs had a net margin of 1.78% and a return on equity of 8.69%. The business’s quarterly revenue was down 1.8% on a year-over-year basis. During the same period in the prior year, the business posted ($0.11) earnings per share. As a group, equities analysts predict that Cleveland-Cliffs Inc. will post 1.56 EPS for the current fiscal year.

Cleveland-Cliffs declared that its Board of Directors has approved a share buyback program on Monday, April 22nd that authorizes the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization authorizes the mining company to purchase up to 17.2% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several research analysts have commented on the company. BNP Paribas downgraded Cleveland-Cliffs from a “neutral” rating to an “underperform” rating and set a $16.50 target price for the company. in a research note on Wednesday, February 28th. Wolfe Research restated an “underperform” rating and issued a $18.00 target price on shares of Cleveland-Cliffs in a research note on Tuesday, April 9th. JPMorgan Chase & Co. cut their target price on Cleveland-Cliffs from $24.00 to $23.00 and set an “overweight” rating for the company in a research note on Wednesday, April 24th. StockNews.com cut Cleveland-Cliffs from a “buy” rating to a “hold” rating in a report on Friday. Finally, Argus cut Cleveland-Cliffs from a “buy” rating to a “hold” rating in a report on Thursday, February 8th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the company. According to MarketBeat.com, Cleveland-Cliffs currently has a consensus rating of “Hold” and a consensus price target of $20.75.

Insider Activity at Cleveland-Cliffs

In related news, CEO Lourenco Goncalves sold 187,136 shares of the firm’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 transaction, the chief executive officer now directly owns 2,699,089 shares of the company’s stock, valued at approximately $54,494,606.91. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, CEO Lourenco Goncalves sold 187,136 shares of the firm’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 transaction, the chief executive officer now directly owns 2,699,089 shares of the company’s stock, valued at approximately $54,494,606.91. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Terry G. Fedor sold 27,430 shares of the firm’s 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 in the company, valued at $10,793,917.23. The disclosure for this sale can be found here. In the last three months, insiders have sold 221,066 shares of company stock valued at $4,464,688. Corporate insiders own 1.76% of the company’s stock.

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.