Register Financial Advisors LLC Decreases Stock Holdings in Cleveland-Cliffs Inc. (NYSE:CLF)

Register Financial Advisors LLC lowered its stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 10.3% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 34,725 shares of the mining company’s stock after selling 4,000 shares during the period. Register Financial Advisors LLC’s holdings in Cleveland-Cliffs were worth $285,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in CLF. Vontobel Holding Ltd. lifted its holdings in shares of Cleveland-Cliffs by 109.0% in the fourth quarter. Vontobel Holding Ltd. now owns 52,019 shares of the mining company’s stock valued at $489,000 after purchasing an additional 27,127 shares in the last quarter. Rhumbline Advisers lifted its holdings in shares of Cleveland-Cliffs by 3.4% in the fourth quarter. Rhumbline Advisers now owns 1,366,077 shares of the mining company’s stock valued at $12,841,000 after purchasing an additional 45,522 shares in the last quarter. Strategic Financial Concepts LLC purchased a new stake in shares of Cleveland-Cliffs in the fourth quarter valued at about $442,000. J.W. Cole Advisors Inc. lifted its holdings in shares of Cleveland-Cliffs by 16.8% in the fourth quarter. J.W. Cole Advisors Inc. now owns 31,365 shares of the mining company’s stock valued at $295,000 after purchasing an additional 4,500 shares in the last quarter. Finally, State of New Jersey Common Pension Fund D lifted its holdings in shares of Cleveland-Cliffs by 3.9% in the fourth quarter. State of New Jersey Common Pension Fund D now owns 190,235 shares of the mining company’s stock valued at $1,788,000 after purchasing an additional 7,168 shares in the last quarter. Hedge funds and other institutional investors own 67.68% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have issued reports on CLF. Glj Research downgraded shares of Cleveland-Cliffs from a “strong-buy” rating to a “strong sell” rating and set a $3.91 price target on the stock. in a report on Wednesday, May 28th. The Goldman Sachs Group reduced their price objective on shares of Cleveland-Cliffs from $13.00 to $11.25 and set a “buy” rating on the stock in a research note on Monday, May 12th. Morgan Stanley upped their price objective on shares of Cleveland-Cliffs from $7.50 to $8.00 and gave the company an “equal weight” rating in a research note on Friday. Finally, B. Riley reissued a “buy” rating and set a $17.00 price objective (down previously from $20.00) on shares of Cleveland-Cliffs in a research note on Wednesday, April 23rd. Two research analysts have rated the stock with a sell rating, three have issued a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $11.53.

Cleveland-Cliffs Stock Performance

Shares of CLF stock opened at $6.99 on Friday. Cleveland-Cliffs Inc. has a one year low of $5.63 and a one year high of $16.47. The company has a debt-to-equity ratio of 1.17, a quick ratio of 0.64 and a current ratio of 2.13. The company has a 50 day moving average price of $7.41 and a 200 day moving average price of $9.04. The firm has a market capitalization of $3.45 billion, a price-to-earnings ratio of -2.86 and a beta of 1.85.

Cleveland-Cliffs (NYSE:CLF) last issued its quarterly earnings results on Wednesday, May 7th. The mining company reported ($0.92) EPS for the quarter, missing the consensus estimate of ($0.78) by ($0.14). Cleveland-Cliffs had a negative return on equity of 12.84% and a negative net margin of 6.35%. The company had revenue of $4.63 billion for the quarter, compared to analyst estimates of $4.71 billion. During the same period last year, the company posted $0.18 EPS. The business’s revenue for the quarter was down 11.0% on a year-over-year basis. Sell-side analysts anticipate that Cleveland-Cliffs Inc. will post -0.79 EPS for the current year.

Insider Transactions at Cleveland-Cliffs

In other news, EVP James D. Graham sold 120,000 shares of the stock in a transaction on Friday, May 23rd. The shares were sold at an average price of $6.85, for a total value of $822,000.00. Following the completion of the sale, the executive vice president now owns 492,249 shares of the company’s stock, valued at $3,371,905.65. This represents a 19.60% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 1.71% of the company’s stock.

Cleveland-Cliffs 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.