Cleveland-Cliffs Inc. (NYSE:CLF) Position Decreased by Rhumbline Advisers

Rhumbline Advisers trimmed its holdings in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 0.6% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,357,513 shares of the mining company’s stock after selling 8,564 shares during the period. Rhumbline Advisers owned about 0.27% of Cleveland-Cliffs worth $11,159,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in CLF. Pinpoint Asset Management Ltd acquired a new stake in shares of Cleveland-Cliffs during the 4th quarter valued at $25,000. Estabrook Capital Management increased its stake in shares of Cleveland-Cliffs by 207.7% in the fourth quarter. Estabrook Capital Management now owns 4,000 shares of the mining company’s stock worth $38,000 after acquiring an additional 2,700 shares during the last quarter. Stonebridge Financial Group LLC acquired a new position in shares of Cleveland-Cliffs in the fourth quarter worth $44,000. AllSquare Wealth Management LLC increased its stake in shares of Cleveland-Cliffs by 24.4% in the fourth quarter. AllSquare Wealth Management LLC now owns 5,100 shares of the mining company’s stock worth $48,000 after acquiring an additional 1,000 shares during the last quarter. Finally, Farther Finance Advisors LLC grew its stake in Cleveland-Cliffs by 487.8% in the fourth quarter. Farther Finance Advisors LLC now owns 5,990 shares of the mining company’s stock valued at $56,000 after purchasing an additional 4,971 shares in the last quarter. 67.68% of the stock is currently owned by institutional investors.

Insider Transactions at Cleveland-Cliffs

In other Cleveland-Cliffs news, EVP James D. Graham sold 120,000 shares of the firm’s stock in a transaction that occurred on Friday, May 23rd. The stock was sold at an average price of $6.85, for a total value of $822,000.00. Following the completion of the transaction, the executive vice president now directly owns 492,249 shares in the company, valued at $3,371,905.65. This trade represents a 19.60% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 1.71% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several brokerages recently commented on CLF. The Goldman Sachs Group lowered their price target on Cleveland-Cliffs from $13.00 to $11.25 and set a “buy” rating for the company in a research note on Monday, May 12th. B. Riley reissued a “buy” rating and issued a $17.00 price target (down previously from $20.00) on shares of Cleveland-Cliffs in a research note on Wednesday, April 23rd. Finally, Glj Research downgraded shares of Cleveland-Cliffs from a “strong-buy” rating to a “strong sell” rating and set a $3.91 target price for the company. in a research report on Wednesday, May 28th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Cleveland-Cliffs has a consensus rating of “Hold” and a consensus target price of $12.74.

Cleveland-Cliffs Trading Up 1.9%

CLF opened at $7.75 on Tuesday. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.85 and a quick ratio of 0.55. The company has a market cap of $3.83 billion, a price-to-earnings ratio of -7.98 and a beta of 1.85. The firm has a 50 day simple moving average of $7.40 and a 200 day simple moving average of $9.31. Cleveland-Cliffs Inc. has a fifty-two week low of $5.63 and a fifty-two week high of $16.47.

Cleveland-Cliffs (NYSE:CLF) last announced its quarterly earnings results on Wednesday, May 7th. The mining company reported ($0.92) EPS for the quarter, missing analysts’ consensus estimates of ($0.78) by ($0.14). Cleveland-Cliffs had a negative net margin of 2.31% and a negative return on equity of 0.59%. The company had revenue of $4.63 billion during the quarter, compared to the consensus estimate of $4.71 billion. During the same period last year, the company earned $0.18 earnings per share. The business’s revenue was down 11.0% compared to the same quarter last year. On average, sell-side analysts anticipate that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current year.

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.