Golden State Wealth Management LLC Grows Holdings in Cleveland-Cliffs Inc. (NYSE:CLF)

Golden State Wealth Management LLC grew its position in Cleveland-Cliffs Inc. (NYSE:CLF) by 152.1% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 39,313 shares of the mining company’s stock after acquiring an additional 23,720 shares during the period. Golden State Wealth Management LLC’s holdings in Cleveland-Cliffs were worth $323,000 at the end of the most recent quarter.

A number of other institutional investors have also recently modified their holdings of CLF. Vanguard Group Inc. raised its holdings in Cleveland-Cliffs by 5.5% in the 4th quarter. Vanguard Group Inc. now owns 48,751,789 shares of the mining company’s stock worth $458,267,000 after purchasing an additional 2,556,332 shares during the period. Dimensional Fund Advisors LP raised its stake in shares of Cleveland-Cliffs by 3.1% during the 4th quarter. Dimensional Fund Advisors LP now owns 21,247,426 shares of the mining company’s stock worth $199,724,000 after buying an additional 647,282 shares during the period. Slate Path Capital LP lifted its position in shares of Cleveland-Cliffs by 35.4% during the 4th quarter. Slate Path Capital LP now owns 16,208,000 shares of the mining company’s stock valued at $152,355,000 after buying an additional 4,239,000 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Cleveland-Cliffs by 3.2% during the 4th quarter. Geode Capital Management LLC now owns 8,466,747 shares of the mining company’s stock valued at $79,611,000 after buying an additional 264,078 shares in the last quarter. Finally, Fairfax Financial Holdings Ltd. Can acquired a new stake in Cleveland-Cliffs in the 4th quarter valued at $55,453,000. 67.68% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Cleveland-Cliffs news, EVP James D. Graham sold 120,000 shares of the business’s stock in a transaction on Friday, May 23rd. The stock was sold at an average price of $6.85, for a total transaction of $822,000.00. Following the transaction, the executive vice president owned 492,249 shares of the company’s stock, valued at approximately $3,371,905.65. The trade was a 19.60% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 1.71% of the company’s stock.

Cleveland-Cliffs Stock Up 0.1%

Shares of NYSE CLF opened at $8.77 on Friday. The stock has a market cap of $4.34 billion, a PE ratio of -3.59 and a beta of 1.91. The company has a current ratio of 2.13, a quick ratio of 0.64 and a debt-to-equity ratio of 1.17. Cleveland-Cliffs Inc. has a 12-month low of $5.63 and a 12-month high of $16.47. The company has a 50-day moving average of $7.49 and a 200 day moving average of $8.79.

Cleveland-Cliffs (NYSE:CLF) last issued its earnings results on Wednesday, May 7th. The mining company reported ($0.92) earnings per share for the quarter, missing the consensus estimate of ($0.78) by ($0.14). Cleveland-Cliffs had a negative return on equity of 12.84% and a negative net margin of 6.35%. The company had revenue of $4.63 billion for the quarter, compared to analyst estimates of $4.71 billion. During the same quarter in the prior year, the firm earned $0.18 earnings per share. The company’s revenue for the quarter was down 11.0% on a year-over-year basis. As a group, sell-side analysts predict that Cleveland-Cliffs Inc. will post -0.79 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the stock. Morgan Stanley upped their price objective on shares of Cleveland-Cliffs from $7.50 to $8.00 and gave the stock an “equal weight” rating in a research report on Friday, June 20th. The Goldman Sachs Group cut their price objective 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 restated a “buy” rating and issued a $17.00 target price (down previously from $20.00) on shares of Cleveland-Cliffs in a research report on Wednesday, April 23rd. Finally, Glj Research cut Cleveland-Cliffs from a “strong-buy” rating to a “strong sell” rating and set a $3.91 price target for the company. in a research report on Wednesday, May 28th. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $10.23.

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.