Capital Wealth Planning LLC acquired a new stake in shares of Cleveland-Cliffs Inc (NYSE:CLF) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 22,000 shares of the mining company’s stock, valued at approximately $159,000. Cleveland-Cliffs comprises about 0.2% of Capital Wealth Planning LLC’s portfolio, making the stock its 22nd largest holding.
Several other large investors have also recently modified their holdings of the company. Raymond James & Associates raised its stake in shares of Cleveland-Cliffs by 279.6% during the fourth quarter. Raymond James & Associates now owns 333,091 shares of the mining company’s stock valued at $2,402,000 after acquiring an additional 245,349 shares during the last quarter. Luminus Management LLC raised its stake in shares of Cleveland-Cliffs by 23.9% during the fourth quarter. Luminus Management LLC now owns 3,754,600 shares of the mining company’s stock valued at $27,071,000 after acquiring an additional 725,400 shares during the last quarter. Two Sigma Advisers LP raised its stake in shares of Cleveland-Cliffs by 5.7% during the fourth quarter. Two Sigma Advisers LP now owns 1,274,958 shares of the mining company’s stock valued at $9,192,000 after acquiring an additional 69,100 shares during the last quarter. Guggenheim Capital LLC raised its stake in shares of Cleveland-Cliffs by 15.5% during the fourth quarter. Guggenheim Capital LLC now owns 112,113 shares of the mining company’s stock valued at $810,000 after acquiring an additional 15,040 shares during the last quarter. Finally, Granite Springs Asset Management LLC bought a new position in shares of Cleveland-Cliffs during the fourth quarter valued at about $105,000. 60.71% of the stock is owned by hedge funds and other institutional investors.
Several equities analysts have recently commented on the stock. Vertical Group assumed coverage on shares of Cleveland-Cliffs in a research note on Friday, January 19th. They set a “sell” rating for the company. Zacks Investment Research downgraded shares of Cleveland-Cliffs from a “buy” rating to a “hold” rating in a research note on Tuesday, January 9th. B. Riley reaffirmed a “buy” rating and set a $11.00 price objective (up from $10.00) on shares of Cleveland-Cliffs in a research note on Friday, January 5th. ValuEngine upgraded shares of Cleveland-Cliffs from a “hold” rating to a “buy” rating in a research report on Wednesday, March 7th. Finally, Cowen reiterated a “market perform” rating and set a $9.00 price target (up previously from $7.00) on shares of Cleveland-Cliffs in a research report on Friday, January 26th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and five have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $9.79.
Cleveland-Cliffs (NYSE:CLF) last announced its quarterly earnings results on Thursday, January 25th. The mining company reported $0.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.15 by $0.11. Cleveland-Cliffs had a net margin of 16.09% and a negative return on equity of 35.81%. The company had revenue of $600.90 million for the quarter, compared to analysts’ expectations of $612.50 million. During the same quarter in the previous year, the company earned $0.42 earnings per share. Cleveland-Cliffs’s quarterly revenue was down 20.3% on a year-over-year basis. research analysts forecast that Cleveland-Cliffs Inc will post 1.15 EPS for the current fiscal year.
In related news, Director Susan Miranda Green sold 11,305 shares of the business’s stock in a transaction dated Tuesday, March 6th. The shares were sold at an average price of $7.62, for a total transaction of $86,144.10. Following the transaction, the director now owns 60,367 shares in the company, valued at $459,996.54. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.46% of the stock is owned by insiders.
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Cleveland-Cliffs Inc, formerly Cliffs Natural Resources Inc, is a mining and natural resources company. The Company is a supplier of iron ore pellets to the North American steel industry from its mines and pellet plants located in Michigan and Minnesota. The Company’s segments include U.S. Iron Ore and Asia Pacific Iron Ore.
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