Cleveland-Cliffs Inc. (NYSE:CLF) Shares Purchased by Peddock Capital Advisors LLC

Peddock Capital Advisors LLC raised its position in Cleveland-Cliffs Inc. (NYSE:CLF) by 5.2% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 15,894 shares of the mining company’s stock after acquiring an additional 781 shares during the quarter. Peddock Capital Advisors LLC’s holdings in Cleveland-Cliffs were worth $325,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of CLF. Korea Investment CORP boosted its stake in shares of Cleveland-Cliffs by 30.6% in the third quarter. Korea Investment CORP now owns 514,890 shares of the mining company’s stock valued at $8,048,000 after purchasing an additional 120,540 shares during the period. Barclays PLC raised its position in Cleveland-Cliffs by 240.4% in the 3rd quarter. Barclays PLC now owns 1,988,689 shares of the mining company’s stock valued at $31,083,000 after purchasing an additional 1,404,491 shares in the last quarter. Aigen Investment Management LP purchased a new position in shares of Cleveland-Cliffs in the 3rd quarter valued at about $4,970,000. Raymond James & Associates grew its position in shares of Cleveland-Cliffs by 29.4% during the third quarter. Raymond James & Associates now owns 554,022 shares of the mining company’s stock worth $8,659,000 after buying an additional 125,884 shares in the last quarter. Finally, CenterBook Partners LP purchased a new stake in shares of Cleveland-Cliffs during the third quarter worth approximately $475,000. 67.68% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the stock. BNP Paribas downgraded shares of Cleveland-Cliffs from a “neutral” rating to an “underperform” rating and set a $16.50 price target for the company. in a research note on Wednesday, February 28th. Argus cut Cleveland-Cliffs from a “buy” rating to a “hold” rating in a research note on Thursday, February 8th. JPMorgan Chase & Co. lowered their price objective on Cleveland-Cliffs from $24.00 to $23.00 and set an “overweight” rating for the company in a research report on Wednesday, April 24th. Wolfe Research reaffirmed an “underperform” rating and issued a $18.00 price target on shares of Cleveland-Cliffs in a report on Tuesday, April 9th. Finally, Citigroup cut shares of Cleveland-Cliffs from a “buy” rating to a “neutral” rating and set a $22.00 price objective on the stock. in a report on Wednesday, March 13th. 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 stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $20.42.

Insiders Place Their Bets

In related news, CEO Lourenco Goncalves sold 187,136 shares of the business’s 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 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 legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, EVP Terry G. Fedor sold 27,430 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 value of $553,811.70. Following the completion of the sale, the executive vice president now owns 534,617 shares in the company, valued at $10,793,917.23. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Lourenco Goncalves sold 187,136 shares of the business’s stock in a transaction that occurred on 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 transaction, the chief executive officer now owns 2,699,089 shares in the company, valued at approximately $54,494,606.91. The disclosure for this sale can be found here. In the last three months, insiders have acquired 87,000 shares of company stock valued at $1,470,640 and have sold 221,066 shares valued at $4,464,688. 1.76% of the stock is currently owned by insiders.

Cleveland-Cliffs Stock Performance

Shares of NYSE CLF traded up $0.11 during trading hours on Tuesday, reaching $17.31. The stock had a trading volume of 7,592,628 shares, compared to its average volume of 8,932,529. The firm has a market cap of $8.23 billion, a price-to-earnings ratio of 23.24, a PEG ratio of 0.83 and a beta of 2.10. Cleveland-Cliffs Inc. has a fifty-two week low of $13.61 and a fifty-two week high of $22.97. The firm has a 50-day moving average of $20.55 and a 200-day moving average of $19.14. The company has a current ratio of 1.90, a quick ratio of 0.59 and a debt-to-equity ratio of 0.49.

Cleveland-Cliffs (NYSE:CLF) last announced its earnings results on Monday, April 22nd. The mining company reported $0.18 earnings per share (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 for the quarter, compared to analysts’ expectations of $5.34 billion. During the same quarter last year, the business posted ($0.11) earnings per share. The business’s revenue was down 1.8% on a year-over-year basis. Equities research analysts predict that Cleveland-Cliffs Inc. will post 1.22 earnings per share for the current year.

Cleveland-Cliffs announced that its Board of Directors has approved a stock repurchase program on Monday, April 22nd that authorizes the company to buyback $1.50 billion in outstanding shares. This buyback authorization authorizes the mining company to purchase up to 17.2% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board believes its shares are undervalued.

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.