Cleveland-Cliffs Inc. (NYSE:CLF) Stake Reduced by SFE Investment Counsel

SFE Investment Counsel lowered its position in Cleveland-Cliffs Inc. (NYSE:CLF) by 1.7% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 727,612 shares of the mining company’s stock after selling 12,675 shares during the period. Cleveland-Cliffs makes up approximately 3.9% of SFE Investment Counsel’s investment portfolio, making the stock its 2nd largest holding. SFE Investment Counsel owned 0.14% of Cleveland-Cliffs worth $14,858,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of the company. BlackRock Inc. boosted its position in Cleveland-Cliffs by 3.8% in the first quarter. BlackRock Inc. now owns 56,453,183 shares of the mining company’s stock valued at $1,034,787,000 after buying an additional 2,041,111 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of Cleveland-Cliffs by 0.9% in the 3rd quarter. Vanguard Group Inc. now owns 45,757,539 shares of the mining company’s stock worth $616,355,000 after acquiring an additional 387,794 shares during the last quarter. State Street Corp increased its stake in shares of Cleveland-Cliffs by 18.6% in the 2nd quarter. State Street Corp now owns 21,000,065 shares of the mining company’s stock worth $322,771,000 after acquiring an additional 3,295,448 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of Cleveland-Cliffs by 2.1% in the 1st quarter. Geode Capital Management LLC now owns 7,476,201 shares of the mining company’s stock worth $136,853,000 after acquiring an additional 150,571 shares during the last quarter. Finally, Morgan Stanley increased its stake in shares of Cleveland-Cliffs by 1.5% in the 4th quarter. Morgan Stanley now owns 6,855,860 shares of the mining company’s stock worth $110,448,000 after acquiring an additional 98,117 shares during the last quarter. Hedge funds and other institutional investors own 67.68% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have issued reports on the company. Morgan Stanley reaffirmed an “equal weight” rating and issued a $20.00 target price on shares of Cleveland-Cliffs in a research note on Tuesday, March 26th. BNP Paribas cut Cleveland-Cliffs from a “neutral” rating to an “underperform” rating and set a $16.50 price target for the company. in a report on Wednesday, February 28th. Argus cut Cleveland-Cliffs from a “buy” rating to a “hold” rating in a report on Thursday, February 8th. Wolfe Research reiterated an “underperform” rating and set a $18.00 price target on shares of Cleveland-Cliffs in a report on Tuesday, April 9th. Finally, StockNews.com cut Cleveland-Cliffs from a “buy” rating to a “hold” rating in a report on Wednesday, February 21st. Two analysts have rated the stock with a sell rating, five have issued a hold rating and one has issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $19.92.

Cleveland-Cliffs Trading Down 2.3 %

Cleveland-Cliffs stock traded down $0.49 during midday trading on Thursday, reaching $20.72. 5,591,021 shares of the stock traded hands, compared to its average volume of 8,360,078. The company has a 50-day simple moving average of $20.90 and a two-hundred day simple moving average of $18.83. Cleveland-Cliffs Inc. has a 12-month low of $13.61 and a 12-month high of $22.97. The firm has a market cap of $9.85 billion, a PE ratio of 27.54, a price-to-earnings-growth ratio of 0.74 and a beta of 2.03. The company has a current ratio of 1.89, a quick ratio of 0.62 and a debt-to-equity ratio of 0.39.

Cleveland-Cliffs (NYSE:CLF) last announced its earnings results on Tuesday, January 30th. The mining company reported ($0.05) EPS for the quarter, meeting analysts’ consensus estimates of ($0.05). Cleveland-Cliffs had a return on equity of 6.79% and a net margin of 1.81%. The company had revenue of $5.11 billion during the quarter, compared to analysts’ expectations of $5.16 billion. During the same period last year, the business posted ($0.30) EPS. Cleveland-Cliffs’s revenue for the quarter was up 1.3% on a year-over-year basis. Research analysts expect that Cleveland-Cliffs Inc. will post 1.63 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Lourenco Goncalves sold 187,136 shares of Cleveland-Cliffs stock in a transaction dated Wednesday, March 6th. The stock was sold at an average price of $20.19, for a total value of $3,778,275.84. Following the completion of the transaction, the chief executive officer now owns 2,699,089 shares in the company, valued at approximately $54,494,606.91. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Cleveland-Cliffs news, CEO Lourenco Goncalves sold 187,136 shares of Cleveland-Cliffs stock in a transaction that occurred on Wednesday, March 6th. The stock was sold at an average price of $20.19, for a total transaction of $3,778,275.84. Following the transaction, the chief executive officer now owns 2,699,089 shares of the company’s stock, valued at $54,494,606.91. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Arlene M. Yocum purchased 2,000 shares of the business’s stock in a transaction on Wednesday, March 6th. The shares were purchased at an average cost of $20.02 per share, for a total transaction of $40,040.00. Following the transaction, the director now owns 94,887 shares of the company’s stock, valued at $1,899,637.74. The disclosure for this purchase can be found here. In the last quarter, insiders sold 221,066 shares of company stock worth $4,464,688. 1.76% of the stock is currently 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.