Ameriprise Financial Inc. trimmed its holdings in shares of Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 21.4% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,424,967 shares of the mining company's stock after selling 388,093 shares during the period. Ameriprise Financial Inc. owned 0.29% of Cleveland-Cliffs worth $13,372,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors have also recently added to or reduced their stakes in the company. Pinpoint Asset Management Ltd purchased a new stake in Cleveland-Cliffs during the 4th quarter worth $25,000. Estabrook Capital Management boosted its position in Cleveland-Cliffs by 207.7% in the 4th quarter. Estabrook Capital Management now owns 4,000 shares of the mining company's stock valued at $38,000 after buying an additional 2,700 shares during the last quarter. Byrne Asset Management LLC boosted its position in Cleveland-Cliffs by 130.0% in the 4th quarter. Byrne Asset Management LLC now owns 4,600 shares of the mining company's stock valued at $43,000 after buying an additional 2,600 shares during the last quarter. Stonebridge Financial Group LLC purchased a new position in Cleveland-Cliffs in the 4th quarter valued at about $44,000. Finally, AllSquare Wealth Management LLC boosted its position in Cleveland-Cliffs by 24.4% in the 4th quarter. AllSquare Wealth Management LLC now owns 5,100 shares of the mining company's stock valued at $48,000 after buying an additional 1,000 shares during the last quarter. 67.68% of the stock is owned by hedge funds and other institutional investors.
Insider Buying and Selling
In related news, EVP James D. Graham sold 120,000 shares of the stock in a transaction dated Friday, May 23rd. The shares were sold at an average price of $6.85, for a total transaction of $822,000.00. Following the sale, the executive vice president now owns 492,249 shares in the company, valued at $3,371,905.65. This represents a 19.60% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Jane M. Cronin purchased 10,000 shares of the company's stock in a transaction on Friday, February 28th. The stock was purchased at an average price of $10.56 per share, for a total transaction of $105,600.00. Following the purchase, the director now directly owns 24,522 shares of the company's stock, valued at $258,952.32. This trade represents a 68.86% increase in their position. The disclosure for this purchase can be found here. Insiders have acquired a total of 23,500 shares of company stock worth $243,095 over the last quarter. 1.71% of the stock is owned by company insiders.
Wall Street Analysts Forecast Growth
CLF has been the subject of a number of analyst reports. The Goldman Sachs Group decreased their price objective on shares of Cleveland-Cliffs from $13.00 to $11.25 and set a "buy" rating for the company in a research report on Monday, May 12th. Glj Research reduced their price target on shares of Cleveland-Cliffs from $14.54 to $12.90 and set a "buy" rating on the stock in a research report on Thursday, February 27th. B. Riley reaffirmed a "buy" rating and set a $17.00 price target (down previously from $20.00) on shares of Cleveland-Cliffs in a research report on Wednesday, April 23rd. Finally, Morgan Stanley reduced their price target on shares of Cleveland-Cliffs from $13.00 to $11.00 and set an "equal weight" rating on the stock in a research report on Monday, February 3rd. One analyst has rated the stock with a sell rating, four have issued a hold rating, three have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Cleveland-Cliffs presently has an average rating of "Hold" and an average target price of $14.02.
View Our Latest Report on Cleveland-Cliffs
Cleveland-Cliffs Stock Performance
CLF traded down $0.46 on Friday, hitting $6.52. 45,626,219 shares of the company's stock were exchanged, compared to its average volume of 15,525,328. The firm has a market cap of $3.22 billion, a PE ratio of -6.72 and a beta of 2.03. Cleveland-Cliffs Inc. has a twelve month low of $6.17 and a twelve month high of $17.41. The stock has a fifty day moving average of $7.88 and a two-hundred day moving average of $9.75. The company has a current ratio of 1.85, a quick ratio of 0.55 and a debt-to-equity ratio of 0.53.
Cleveland-Cliffs (NYSE:CLF - Get Free Report) last released its quarterly earnings data 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). The business had revenue of $4.63 billion for the quarter, compared to analyst estimates of $4.71 billion. Cleveland-Cliffs had a negative return on equity of 0.59% and a negative net margin of 2.31%. Cleveland-Cliffs's revenue was down 11.0% compared to the same quarter last year. During the same quarter last year, the company earned $0.18 EPS. On average, research analysts anticipate that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current fiscal year.
Cleveland-Cliffs Profile
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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.
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