Kestra Private Wealth Services LLC Grows Position in Cleveland-Cliffs Inc. (NYSE:CLF)

Kestra Private Wealth Services LLC increased its stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 1.8% in the fourth quarter, Holdings Channel.com reports. The fund owned 140,181 shares of the mining company’s stock after purchasing an additional 2,472 shares during the period. Kestra Private Wealth Services LLC’s holdings in Cleveland-Cliffs were worth $2,862,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Exchange Traded Concepts LLC purchased a new stake in Cleveland-Cliffs in the 3rd quarter worth $29,000. Anchor Investment Management LLC bought a new stake in shares of Cleveland-Cliffs in the fourth quarter worth about $31,000. Lindbrook Capital LLC lifted its position in shares of Cleveland-Cliffs by 83.7% in the fourth quarter. Lindbrook Capital LLC now owns 1,571 shares of the mining company’s stock worth $32,000 after buying an additional 716 shares in the last quarter. HighMark Wealth Management LLC bought a new position in Cleveland-Cliffs during the fourth quarter valued at approximately $35,000. Finally, Allworth Financial LP grew its holdings in Cleveland-Cliffs by 50.3% during the 4th quarter. Allworth Financial LP now owns 1,850 shares of the mining company’s stock valued at $38,000 after buying an additional 619 shares in the last quarter. 67.68% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the company. TheStreet cut Cleveland-Cliffs from a “b-” rating to a “c” rating in a report on Tuesday, January 30th. Wolfe Research restated an “underperform” rating and issued a $18.00 price target on shares of Cleveland-Cliffs in a research report on Tuesday, April 9th. Morgan Stanley lowered their price objective on shares of Cleveland-Cliffs from $20.00 to $19.00 and set an “equal weight” rating for the company in a research report on Tuesday. StockNews.com cut shares of Cleveland-Cliffs from a “buy” rating to a “hold” rating in a research note on Friday, April 26th. Finally, Argus cut shares of Cleveland-Cliffs from a “buy” rating to a “hold” rating in a research report on Thursday, February 8th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $20.42.

Insider Transactions at Cleveland-Cliffs

In other Cleveland-Cliffs news, Director Arlene M. Yocum acquired 2,000 shares of the company’s stock in a transaction that occurred on Wednesday, March 6th. The stock was bought at an average price of $20.02 per share, for a total transaction of $40,040.00. Following the acquisition, the director now directly owns 94,887 shares in the company, valued at $1,899,637.74. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Cleveland-Cliffs news, Director Susan Miranda Green sold 6,500 shares of the business’s stock in a transaction dated Wednesday, March 13th. The shares were sold at an average price of $20.40, for a total value of $132,600.00. Following the completion of the sale, the director now directly owns 90,286 shares of the company’s stock, valued at approximately $1,841,834.40. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Arlene M. Yocum bought 2,000 shares of Cleveland-Cliffs stock in a transaction dated Wednesday, March 6th. The shares were bought at an average cost of $20.02 per share, for a total transaction of $40,040.00. Following the completion of the transaction, the director now owns 94,887 shares of the company’s stock, valued at approximately $1,899,637.74. The disclosure for this purchase can be found here. Over the last three months, insiders have acquired 87,000 shares of company stock worth $1,470,640 and have sold 221,066 shares worth $4,464,688. Company insiders own 1.76% of the company’s stock.

Cleveland-Cliffs Trading Down 1.2 %

CLF stock opened at $16.70 on Thursday. The firm’s fifty day simple moving average is $20.78 and its two-hundred day simple moving average is $19.08. The stock has a market capitalization of $7.94 billion, a price-to-earnings ratio of 22.56, a price-to-earnings-growth ratio of 0.67 and a beta of 2.03. The company has a quick ratio of 0.59, a current ratio of 1.90 and a debt-to-equity ratio of 0.49. Cleveland-Cliffs Inc. has a twelve month low of $13.61 and a twelve month high of $22.97.

Cleveland-Cliffs (NYSE:CLF) last issued its quarterly earnings results on Monday, April 22nd. The mining company reported $0.18 EPS for the quarter, missing the consensus estimate of $0.19 by ($0.01). The firm had revenue of $5.20 billion for the quarter, compared to the consensus estimate of $5.34 billion. Cleveland-Cliffs had a net margin of 1.78% and a return on equity of 8.69%. The business’s revenue for the quarter was down 1.8% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.11) earnings per share. As a group, analysts anticipate that Cleveland-Cliffs Inc. will post 1.56 earnings per share for the current year.

Cleveland-Cliffs declared that its Board of Directors has initiated a stock repurchase program on Monday, April 22nd that permits the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization permits the mining company to buy up to 17.2% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its shares are undervalued.

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.