Pekin Hardy Strauss Inc. bought a new stake in Cleveland-Cliffs Inc. (NYSE:CLF) in the first quarter, Holdings Channel reports. The institutional investor bought 16,500 shares of the mining company’s stock, valued at approximately $332,000.
Several other large investors have also made changes to their positions in the company. Wall Street Access Asset Management LLC purchased a new stake in shares of Cleveland-Cliffs in the first quarter valued at about $304,000. Bank of New York Mellon Corp raised its holdings in shares of Cleveland-Cliffs by 8.8% in the first quarter. Bank of New York Mellon Corp now owns 4,591,727 shares of the mining company’s stock valued at $92,340,000 after buying an additional 371,412 shares during the last quarter. Van ECK Associates Corp raised its holdings in Cleveland-Cliffs by 112.8% during the first quarter. Van ECK Associates Corp now owns 567,499 shares of the mining company’s stock worth $11,412,000 after purchasing an additional 300,854 shares in the last quarter. Federated Hermes Inc. raised its holdings in Cleveland-Cliffs by 2,114.5% during the first quarter. Federated Hermes Inc. now owns 1,177,250 shares of the mining company’s stock worth $23,675,000 after purchasing an additional 1,124,088 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. raised its holdings in Cleveland-Cliffs by 97.6% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,091,304 shares of the mining company’s stock worth $21,946,000 after purchasing an additional 539,066 shares in the last quarter. 64.42% of the stock is owned by institutional investors and hedge funds.
CLF stock opened at $20.87 on Wednesday. The firm has a 50 day simple moving average of $19.76. The firm has a market capitalization of $10.42 billion, a price-to-earnings ratio of -173.92, a PEG ratio of 0.20 and a beta of 2.29. Cleveland-Cliffs Inc. has a 12 month low of $4.92 and a 12 month high of $24.77. The company has a quick ratio of 0.66, a current ratio of 2.00 and a debt-to-equity ratio of 2.11.
Cleveland-Cliffs (NYSE:CLF) last announced its earnings results on Wednesday, April 21st. The mining company reported $0.19 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.33 by ($0.14). Cleveland-Cliffs had a positive return on equity of 10.98% and a negative net margin of 0.32%. The firm had revenue of $4 billion for the quarter, compared to analyst estimates of $3.92 billion. During the same quarter last year, the business posted ($0.18) EPS. The firm’s revenue was up 1014.2% compared to the same quarter last year. Sell-side analysts expect that Cleveland-Cliffs Inc. will post 4.45 EPS for the current year.
Several research analysts recently issued reports on the stock. B. Riley increased their price target on shares of Cleveland-Cliffs from $22.00 to $24.00 and gave the stock a “buy” rating in a report on Monday, April 26th. Exane BNP Paribas cut shares of Cleveland-Cliffs from an “outperform” rating to a “neutral” rating in a report on Monday, April 19th. KeyCorp cut their price target on shares of Cleveland-Cliffs from $22.00 to $20.00 and set an “overweight” rating for the company in a report on Monday, March 8th. UBS Group upped their target price on shares of Cleveland-Cliffs from $22.09 to $28.35 and gave the stock a “buy” rating in a research report on Thursday, June 10th. Finally, The Goldman Sachs Group initiated coverage on shares of Cleveland-Cliffs in a research report on Friday, April 9th. They set a “neutral” rating and a $20.00 target price on the stock. Four analysts have rated the stock with a hold rating and six have given a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average target price of $23.95.
In other Cleveland-Cliffs news, Director Susan Miranda Green sold 18,000 shares of the stock in a transaction that occurred on Tuesday, May 18th. The shares were sold at an average price of $20.39, for a total transaction of $367,020.00. Following the transaction, the director now owns 91,082 shares of the company’s stock, valued at $1,857,161.98. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director John T. Baldwin sold 12,800 shares of the stock in a transaction that occurred on Thursday, June 10th. The stock was sold at an average price of $23.38, for a total transaction of $299,264.00. Following the transaction, the director now directly owns 120,927 shares in the company, valued at approximately $2,827,273.26. The disclosure for this sale can be found here. 1.34% of the stock is currently owned by company insiders.
Cleveland-Cliffs Company 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.
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