Cleveland-Cliffs Inc. (NYSE:CLF) Position Trimmed by Raymond James & Associates

Raymond James & Associates reduced its holdings in Cleveland-Cliffs Inc. (NYSE:CLF) by 22.0% during the second quarter, according to the company in its most recent filing with the SEC. The fund owned 425,245 shares of the mining company’s stock after selling 119,596 shares during the quarter. Raymond James & Associates owned approximately 0.09% of Cleveland-Cliffs worth $6,545,000 as of its most recent filing with the SEC.

Other institutional investors have also modified their holdings of the company. Norges Bank acquired a new stake in shares of Cleveland-Cliffs during the 4th quarter worth approximately $117,585,000. Sound Shore Management Inc. CT grew its position in shares of Cleveland-Cliffs by 9.0% during the fourth quarter. Sound Shore Management Inc. CT now owns 4,037,507 shares of the mining company’s stock worth $82,446,000 after acquiring an additional 334,739 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of Cleveland-Cliffs by 5.8% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,542,004 shares of the mining company’s stock worth $72,328,000 after acquiring an additional 194,948 shares during the period. Castle Hook Partners LP lifted its position in Cleveland-Cliffs by 13.8% in the 1st quarter. Castle Hook Partners LP now owns 3,374,716 shares of the mining company’s stock valued at $76,741,000 after purchasing an additional 410,182 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD boosted its stake in Cleveland-Cliffs by 10.6% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,884,249 shares of the mining company’s stock valued at $65,589,000 after purchasing an additional 275,265 shares during the period. Institutional investors own 67.68% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on CLF shares. Seaport Res Ptn raised Cleveland-Cliffs to a “hold” rating in a report on Tuesday, June 11th. Morgan Stanley cut their target price on Cleveland-Cliffs from $17.50 to $15.00 and set an “equal weight” rating on the stock in a research note on Thursday, August 15th. B. Riley reissued a “buy” rating and issued a $23.00 price target on shares of Cleveland-Cliffs in a research note on Tuesday, June 25th. JPMorgan Chase & Co. lowered Cleveland-Cliffs from an “overweight” rating to a “neutral” rating and lowered their price target for the company from $23.00 to $17.00 in a report on Tuesday, June 11th. Finally, Bank of America reduced their price objective on shares of Cleveland-Cliffs from $20.00 to $18.00 and set a “neutral” rating for the company in a report on Wednesday, June 26th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, Cleveland-Cliffs has a consensus rating of “Hold” and an average price target of $18.94.

Cleveland-Cliffs Price Performance

Shares of Cleveland-Cliffs stock opened at $14.05 on Wednesday. Cleveland-Cliffs Inc. has a 52 week low of $12.39 and a 52 week high of $22.97. The company has a current ratio of 1.87, a quick ratio of 0.60 and a debt-to-equity ratio of 0.48. The stock has a market cap of $6.68 billion, a PE ratio of 18.99, a price-to-earnings-growth ratio of 1.94 and a beta of 2.03. The company’s 50-day moving average price is $14.53 and its two-hundred day moving average price is $17.52.

Cleveland-Cliffs (NYSE:CLF) last released its earnings results on Monday, July 22nd. The mining company reported $0.11 EPS for the quarter. The business had revenue of $5.09 billion for the quarter, compared to the consensus estimate of $5.18 billion. Cleveland-Cliffs had a net margin of 0.21% and a return on equity of 4.94%. The business’s revenue for the quarter was down 14.9% on a year-over-year basis. During the same period in the previous year, the firm earned $0.69 EPS. As a group, sell-side analysts anticipate that Cleveland-Cliffs Inc. will post 0.17 EPS for the current fiscal year.

Insider Activity

In related news, Director Ben Oren bought 6,700 shares of the business’s stock in a transaction dated Wednesday, June 12th. The shares were bought at an average cost of $14.99 per share, with a total value of $100,433.00. Following the completion of the transaction, the director now directly owns 14,167 shares of the company’s stock, valued at $212,363.33. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CFO Celso L. Goncalves, Jr. acquired 7,250 shares of the 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 transaction, the chief financial officer now owns 314,362 shares in the company, valued at approximately $4,709,142.76. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Ben Oren bought 6,700 shares of Cleveland-Cliffs stock in a transaction dated Wednesday, June 12th. The stock was acquired at an average price of $14.99 per share, with a total value of $100,433.00. Following the acquisition, the director now directly owns 14,167 shares of the company’s stock, valued at $212,363.33. The disclosure for this purchase can be found here. Insiders own 1.76% of the company’s stock.

About Cleveland-Cliffs

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.