Jefferies Financial Group Inc. lifted its stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 1,151.4% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 150,037 shares of the mining company's stock after purchasing an additional 138,047 shares during the period. Jefferies Financial Group Inc.'s holdings in Cleveland-Cliffs were worth $1,410,000 at the end of the most recent reporting period.
A number of other large investors also recently modified their holdings of CLF. Pinpoint Asset Management Ltd bought a new stake in Cleveland-Cliffs during the 4th quarter worth about $25,000. Estabrook Capital Management raised its holdings in Cleveland-Cliffs by 207.7% during the 4th quarter. Estabrook Capital Management now owns 4,000 shares of the mining company's stock worth $38,000 after purchasing an additional 2,700 shares during the last quarter. Byrne Asset Management LLC increased its stake in shares of 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 acquiring an additional 2,600 shares during the last quarter. Stonebridge Financial Group LLC acquired a new stake in shares of Cleveland-Cliffs in the 4th quarter valued at approximately $44,000. Finally, AllSquare Wealth Management LLC raised its position in shares of 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 acquiring an additional 1,000 shares during the period. 67.68% of the stock is currently owned by institutional investors and hedge funds.
Insider Activity at Cleveland-Cliffs
In other Cleveland-Cliffs news, Director John T. Baldwin purchased 4,000 shares of the company's stock in a transaction that occurred on Monday, March 10th. The shares were acquired at an average price of $8.70 per share, for a total transaction of $34,800.00. Following the purchase, the director now owns 133,227 shares in the company, valued at approximately $1,159,074.90. The trade was a 3.10% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP James D. Graham sold 120,000 shares of the company's stock in a transaction on Friday, May 23rd. The shares were 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 now owns 492,249 shares in the company, valued at approximately $3,371,905.65. This represents a 19.60% decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.71% of the stock is owned by company insiders.
Cleveland-Cliffs Stock Up 23.8%
CLF traded up $1.39 during trading hours on Monday, hitting $7.22. 119,423,427 shares of the company's stock were exchanged, compared to its average volume of 16,592,858. Cleveland-Cliffs Inc. has a 1-year low of $5.63 and a 1-year high of $17.41. The stock's 50-day moving average is $7.50 and its two-hundred day moving average is $9.46. The stock has a market cap of $3.57 billion, a price-to-earnings ratio of -7.44 and a beta of 2.03. The company has a quick ratio of 0.55, a current ratio of 1.85 and a debt-to-equity ratio of 0.53.
Cleveland-Cliffs (NYSE:CLF - Get Free Report) last announced its earnings results on Wednesday, May 7th. The mining company reported ($0.92) EPS for the quarter, missing the consensus estimate of ($0.78) by ($0.14). Cleveland-Cliffs had a negative return on equity of 0.59% and a negative net margin of 2.31%. The business had revenue of $4.63 billion for the quarter, compared to analyst estimates of $4.71 billion. During the same quarter in the previous year, the company posted $0.18 EPS. The business's revenue for the quarter was down 11.0% compared to the same quarter last year. Sell-side analysts predict that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current fiscal year.
Analyst Upgrades and Downgrades
CLF has been the topic of several recent analyst reports. Glj Research lowered shares of Cleveland-Cliffs from a "strong-buy" rating to a "strong sell" rating and set a $3.91 price objective on the stock. in a research note on Wednesday, May 28th. Morgan Stanley reduced their price objective on shares of Cleveland-Cliffs from $13.00 to $11.00 and set an "equal weight" rating on the stock in a research note on Monday, February 3rd. The Goldman Sachs Group reduced their price objective on shares of Cleveland-Cliffs from $13.00 to $11.25 and set a "buy" rating on the stock in a research note on Monday, May 12th. Finally, B. Riley reissued a "buy" rating and set a $17.00 price objective (down previously from $20.00) on shares of Cleveland-Cliffs in a research note on Wednesday, April 23rd. Two investment analysts have rated the stock with a sell rating, four have given a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $12.74.
Get Our Latest Analysis on Cleveland-Cliffs
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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