Cleveland-Cliffs Inc. (NYSE:CLF) Shares Purchased by LPL Financial LLC

LPL Financial LLC grew its stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 23.4% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 830,759 shares of the mining company’s stock after purchasing an additional 157,493 shares during the quarter. LPL Financial LLC owned approximately 0.17% of Cleveland-Cliffs worth $6,829,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also modified their holdings of the stock. Russell Investments Group Ltd. raised its stake in Cleveland-Cliffs by 12.9% during the 4th quarter. Russell Investments Group Ltd. now owns 315,969 shares of the mining company’s stock worth $2,970,000 after acquiring an additional 36,174 shares in the last quarter. Invesco Ltd. raised its stake in Cleveland-Cliffs by 0.7% during the 4th quarter. Invesco Ltd. now owns 2,323,181 shares of the mining company’s stock worth $21,838,000 after acquiring an additional 16,699 shares in the last quarter. Bank of Nova Scotia purchased a new position in shares of Cleveland-Cliffs during the fourth quarter worth approximately $190,000. Raymond James Financial Inc. purchased a new position in shares of Cleveland-Cliffs during the fourth quarter worth approximately $7,835,000. Finally, Treasurer of the State of North Carolina grew its position in shares of Cleveland-Cliffs by 5.2% during the fourth quarter. Treasurer of the State of North Carolina now owns 211,869 shares of the mining company’s stock worth $1,992,000 after acquiring an additional 10,560 shares during the last quarter. Institutional investors and hedge funds own 67.68% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently issued reports on CLF. B. Riley restated a “buy” rating and set a $17.00 target price (down from $20.00) on shares of Cleveland-Cliffs in a research report on Wednesday, April 23rd. The Goldman Sachs Group lowered their target price on shares of Cleveland-Cliffs from $13.00 to $11.25 and set a “buy” rating on the stock in a research report on Monday, May 12th. Morgan Stanley raised their target price on shares of Cleveland-Cliffs from $8.00 to $10.50 and gave the stock an “equal weight” rating in a research report on Tuesday, July 22nd. Citigroup raised their target price on shares of Cleveland-Cliffs from $7.50 to $11.00 and gave the stock a “neutral” rating in a research report on Monday, July 21st. Finally, JPMorgan Chase & Co. raised their target price on shares of Cleveland-Cliffs from $7.50 to $10.00 and gave the stock a “neutral” rating in a research report on Thursday, July 24th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $11.09.

Cleveland-Cliffs Stock Performance

NYSE:CLF opened at $9.73 on Tuesday. The firm’s fifty day moving average price is $8.81 and its 200 day moving average price is $8.82. Cleveland-Cliffs Inc. has a 1-year low of $5.63 and a 1-year high of $14.34. The company has a debt-to-equity ratio of 1.28, a current ratio of 2.04 and a quick ratio of 0.61. The firm has a market cap of $4.81 billion, a price-to-earnings ratio of -2.85 and a beta of 1.99.

Cleveland-Cliffs (NYSE:CLF) last posted its quarterly earnings data on Monday, July 21st. The mining company reported ($0.50) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.68) by $0.18. The firm had revenue of $4.93 billion for the quarter, compared to analyst estimates of $4.90 billion. Cleveland-Cliffs had a negative net margin of 9.03% and a negative return on equity of 17.97%. Cleveland-Cliffs’s quarterly revenue was up 7.5% on a year-over-year basis. During the same period last year, the firm posted $0.11 EPS. On average, sell-side analysts expect that Cleveland-Cliffs Inc. will post -0.79 EPS for the current year.

Insider Activity

In other news, EVP James D. Graham sold 120,000 shares of Cleveland-Cliffs 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 completion of the transaction, the executive vice president owned 492,249 shares of the company’s stock, valued at $3,371,905.65. The trade was a 19.60% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 1.76% of the stock is owned by company insiders.

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.