NBC Securities Inc. Purchases 92,373 Shares of Cleveland-Cliffs Inc. (NYSE:CLF)

NBC Securities Inc. boosted its position in Cleveland-Cliffs Inc. (NYSE:CLF) by 148,988.7% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 92,435 shares of the mining company’s stock after acquiring an additional 92,373 shares during the quarter. NBC Securities Inc.’s holdings in Cleveland-Cliffs were worth $759,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in CLF. Fairfax Financial Holdings Ltd. Can bought a new position in Cleveland-Cliffs in the fourth quarter valued at $55,453,000. Norges Bank bought a new position in Cleveland-Cliffs in the fourth quarter valued at $45,381,000. Slate Path Capital LP increased its stake in Cleveland-Cliffs by 35.4% in the fourth quarter. Slate Path Capital LP now owns 16,208,000 shares of the mining company’s stock valued at $152,355,000 after acquiring an additional 4,239,000 shares during the last quarter. Vanguard Group Inc. increased its stake in Cleveland-Cliffs by 5.5% in the fourth quarter. Vanguard Group Inc. now owns 48,751,789 shares of the mining company’s stock valued at $458,267,000 after acquiring an additional 2,556,332 shares during the last quarter. Finally, American Century Companies Inc. increased its stake in Cleveland-Cliffs by 135.4% in the fourth quarter. American Century Companies Inc. now owns 3,615,774 shares of the mining company’s stock valued at $33,988,000 after acquiring an additional 2,079,589 shares during the last quarter. Institutional investors own 67.68% of the company’s stock.

Cleveland-Cliffs Stock Up 5.2%

Shares of NYSE:CLF opened at $7.56 on Wednesday. The company has a current ratio of 1.85, a quick ratio of 0.55 and a debt-to-equity ratio of 0.53. The stock’s 50-day moving average price is $7.47 and its 200-day moving average price is $9.45. The stock has a market capitalization of $3.74 billion, a P/E ratio of -7.79 and a beta of 2.03. Cleveland-Cliffs Inc. has a 12-month low of $5.63 and a 12-month high of $17.00.

Cleveland-Cliffs (NYSE:CLF) last posted its earnings results on Wednesday, May 7th. The mining company reported ($0.92) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.78) by ($0.14). The firm had revenue of $4.63 billion for the quarter, compared to analysts’ expectations of $4.71 billion. Cleveland-Cliffs had a negative return on equity of 0.59% and a negative net margin of 2.31%. The business’s revenue for the quarter was down 11.0% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.18 earnings per share. On average, equities analysts anticipate that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on CLF shares. Glj Research cut Cleveland-Cliffs from a “strong-buy” rating to a “strong sell” rating and set a $3.91 price objective on the stock. in a research note on Wednesday, May 28th. The Goldman Sachs Group reduced their price objective on Cleveland-Cliffs from $13.00 to $11.25 and set a “buy” rating on the stock in a research note on Monday, May 12th. Finally, B. Riley reaffirmed a “buy” rating and set a $17.00 price objective (down from $20.00) on shares of Cleveland-Cliffs in a research note on Wednesday, April 23rd. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $12.74.

Insider Transactions at Cleveland-Cliffs

In other news, EVP James D. Graham sold 120,000 shares of the stock in a transaction dated Friday, May 23rd. The shares were sold at an average price of $6.85, for a total transaction of $822,000.00. Following the completion of the sale, the executive vice president now directly owns 492,249 shares in the company, valued at approximately $3,371,905.65. This represents a 19.60% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director John T. Baldwin bought 4,000 shares of the company’s stock in a transaction dated Monday, March 10th. The shares were purchased at an average price of $8.70 per share, with a total value of $34,800.00. Following the completion of the acquisition, the director now owns 133,227 shares of the company’s stock, valued at $1,159,074.90. This trade represents a 3.10% increase in their position. The disclosure for this purchase can be found here. 1.71% of the stock is currently owned by company insiders.

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.