Daiwa Securities Group Inc. Has $752,000 Stock Holdings in Cleveland-Cliffs Inc. (NYSE:CLF)

Daiwa Securities Group Inc. reduced its holdings in shares of Cleveland-Cliffs Inc. (NYSE:CLFFree Report) by 17.6% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 33,074 shares of the mining company’s stock after selling 7,076 shares during the quarter. Daiwa Securities Group Inc.’s holdings in Cleveland-Cliffs were worth $752,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Rise Advisors LLC increased its holdings in shares of Cleveland-Cliffs by 2,858.0% in the first quarter. Rise Advisors LLC now owns 1,479 shares of the mining company’s stock valued at $34,000 after purchasing an additional 1,429 shares during the last quarter. Anchor Investment Management LLC acquired a new position in Cleveland-Cliffs in the 4th quarter valued at about $31,000. Lindbrook Capital LLC raised its holdings in Cleveland-Cliffs by 83.7% in the 4th quarter. Lindbrook Capital LLC now owns 1,571 shares of the mining company’s stock valued at $32,000 after acquiring an additional 716 shares during the period. HighMark Wealth Management LLC acquired a new stake in Cleveland-Cliffs during the fourth quarter worth approximately $35,000. Finally, Hexagon Capital Partners LLC grew its position in shares of Cleveland-Cliffs by 41.7% in the first quarter. Hexagon Capital Partners LLC now owns 1,700 shares of the mining company’s stock valued at $39,000 after purchasing an additional 500 shares during the last quarter. 67.68% of the stock is currently owned by institutional investors and hedge funds.

Cleveland-Cliffs Price Performance

Shares of CLF opened at $15.40 on Thursday. The business’s fifty day moving average is $16.22 and its 200 day moving average is $18.73. Cleveland-Cliffs Inc. has a 12-month low of $13.84 and a 12-month high of $22.97. The company has a quick ratio of 0.59, a current ratio of 1.90 and a debt-to-equity ratio of 0.49. The stock has a market cap of $7.32 billion, a P/E ratio of 20.81, a P/E/G ratio of 1.04 and a beta of 2.03.

Cleveland-Cliffs (NYSE:CLFGet Free Report) last released 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 business had revenue of $5.20 billion during the quarter, compared to the consensus estimate of $5.34 billion. Cleveland-Cliffs had a net margin of 1.78% and a return on equity of 8.69%. The firm’s quarterly revenue was down 1.8% on a year-over-year basis. During the same period last year, the business posted ($0.11) earnings per share. Sell-side analysts anticipate that Cleveland-Cliffs Inc. will post 0.34 earnings per share for the current fiscal year.

Cleveland-Cliffs declared that its board has authorized a share 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 repurchase 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.

Insider Activity at Cleveland-Cliffs

In related news, CEO Lourenco Goncalves acquired 60,000 shares of the stock in a transaction dated Wednesday, May 1st. The stock was purchased at an average cost of $16.76 per share, with a total value of $1,005,600.00. Following the completion of the purchase, the chief executive officer now directly owns 2,759,089 shares in the company, valued at approximately $46,242,331.64. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, CEO Lourenco Goncalves purchased 60,000 shares of the stock in a transaction that occurred on Wednesday, May 1st. The stock was acquired at an average cost of $16.76 per share, with a total value of $1,005,600.00. Following the transaction, the chief executive officer now owns 2,759,089 shares of the company’s stock, valued at approximately $46,242,331.64. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Celso L. Goncalves, Jr. acquired 7,250 shares of the business’s stock in a transaction on Wednesday, June 12th. The shares were purchased at an average cost of $14.98 per share, for a total transaction of $108,605.00. Following the completion of the acquisition, the chief financial officer now directly owns 314,362 shares in the company, valued at $4,709,142.76. The disclosure for this purchase can be found here. In the last quarter, insiders have acquired 98,950 shares of company stock valued at $1,639,638. 1.76% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several equities research analysts recently commented on CLF shares. JPMorgan Chase & Co. downgraded shares of Cleveland-Cliffs from an “overweight” rating to a “neutral” rating and cut their target price for the stock from $23.00 to $17.00 in a research report on Tuesday, June 11th. Wolfe Research reissued an “underperform” rating and issued a $18.00 price objective on shares of Cleveland-Cliffs in a research note on Tuesday, April 9th. B. Riley reaffirmed a “buy” rating and set a $23.00 target price on shares of Cleveland-Cliffs in a research note on Tuesday, June 25th. Morgan Stanley dropped their price target on Cleveland-Cliffs from $20.00 to $19.00 and set an “equal weight” rating on the stock in a research note on Tuesday, April 30th. Finally, Citigroup downgraded 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 report on Wednesday, March 13th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $19.44.

Check Out Our Latest Analysis on CLF

Cleveland-Cliffs Profile

(Free Report)

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.

See Also

Institutional Ownership by Quarter for Cleveland-Cliffs (NYSE:CLF)

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