Sage Rhino Capital LLC Has $291,000 Position in Cleveland-Cliffs Inc. (NYSE:CLF)

Sage Rhino Capital LLC raised its stake in Cleveland-Cliffs Inc. (NYSE:CLF) by 9.2% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 14,266 shares of the mining company’s stock after buying an additional 1,202 shares during the quarter. Sage Rhino Capital LLC’s holdings in Cleveland-Cliffs were worth $291,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. AQR Capital Management LLC lifted its holdings in Cleveland-Cliffs by 154.2% in the 3rd quarter. AQR Capital Management LLC now owns 2,586,472 shares of the mining company’s stock worth $40,181,000 after purchasing an additional 1,568,961 shares during the last quarter. Barclays PLC lifted its stake in shares of Cleveland-Cliffs by 240.4% in the third quarter. Barclays PLC now owns 1,988,689 shares of the mining company’s stock worth $31,083,000 after buying an additional 1,404,491 shares during the last quarter. Ninety One UK Ltd acquired a new position in Cleveland-Cliffs in the 4th quarter valued at $27,928,000. International Assets Investment Management LLC raised its holdings in Cleveland-Cliffs by 1,627.6% in the 4th quarter. International Assets Investment Management LLC now owns 1,431,769 shares of the mining company’s stock worth $29,237,000 after acquiring an additional 1,348,893 shares during the period. Finally, First Dallas Securities Inc. lifted its position in Cleveland-Cliffs by 442.6% during the 3rd quarter. First Dallas Securities Inc. now owns 746,945 shares of the mining company’s stock worth $11,675,000 after acquiring an additional 609,295 shares during the last quarter. Hedge funds and other institutional investors own 67.68% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on CLF. Morgan Stanley lowered their price target on Cleveland-Cliffs from $20.00 to $19.00 and set an “equal weight” rating on the stock in a research report on Tuesday. TheStreet cut shares of Cleveland-Cliffs from a “b-” rating to a “c” rating in a research note on Tuesday, January 30th. StockNews.com lowered shares of Cleveland-Cliffs from a “buy” rating to a “hold” rating in a research report on Friday. Wolfe Research reiterated an “underperform” rating and issued a $18.00 target price on shares of Cleveland-Cliffs in a research note on Tuesday, April 9th. Finally, Argus lowered Cleveland-Cliffs from a “buy” rating to a “hold” rating in a research note on Thursday, February 8th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, Cleveland-Cliffs has a consensus rating of “Hold” and an average price target of $20.42.

Cleveland-Cliffs Price Performance

Cleveland-Cliffs stock traded down $1.17 during trading hours on Tuesday, hitting $16.89. 14,294,441 shares of the stock were exchanged, compared to its average volume of 8,896,916. The stock has a market capitalization of $8.03 billion, a P/E ratio of 23.24, a P/E/G ratio of 0.66 and a beta of 2.03. The business’s 50-day moving average is $20.83 and its two-hundred day moving average is $19.07. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.59 and a current ratio of 1.90. Cleveland-Cliffs Inc. has a 12 month low of $13.61 and a 12 month high of $22.97.

Cleveland-Cliffs (NYSE:CLF) last posted its quarterly earnings data on Monday, April 22nd. The mining company reported $0.18 EPS for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.01). Cleveland-Cliffs had a return on equity of 8.69% and a net margin of 1.78%. The business had revenue of $5.20 billion during the quarter, compared to analyst estimates of $5.34 billion. During the same period in the prior year, the firm posted ($0.11) EPS. Cleveland-Cliffs’s revenue for the quarter was down 1.8% compared to the same quarter last year. Equities research analysts expect that Cleveland-Cliffs Inc. will post 1.56 EPS for the current fiscal year.

Cleveland-Cliffs announced that its Board of Directors has approved a share repurchase program on Monday, April 22nd that authorizes the company to buyback $1.50 billion in shares. This buyback authorization authorizes the mining company to repurchase up to 17.2% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

Insiders Place Their Bets

In other news, Director Arlene M. Yocum acquired 2,000 shares of the firm’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 purchase was disclosed in a filing with the SEC, which can be accessed through this link. In other news, Director Arlene M. Yocum acquired 2,000 shares of the company’s stock in a transaction on Wednesday, March 6th. The stock was purchased at an average cost of $20.02 per share, with a total value of $40,040.00. Following the acquisition, the director now owns 94,887 shares of the company’s stock, valued at approximately $1,899,637.74. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Lourenco Goncalves sold 187,136 shares of the firm’s stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $20.19, for a total transaction of $3,778,275.84. Following the completion of the transaction, the chief executive officer now directly owns 2,699,089 shares in the company, valued at approximately $54,494,606.91. The disclosure for this sale can be found here. Over the last three months, insiders sold 221,066 shares of company stock valued at $4,464,688. Insiders own 1.76% of the company’s stock.

About Cleveland-Cliffs

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.