Capital Investment Advisory Services LLC Has $198,000 Position in Cleveland-Cliffs Inc. (NYSE:CLF)

Capital Investment Advisory Services LLC grew its position in Cleveland-Cliffs Inc. (NYSE:CLF) by 7.1% in the 1st quarter, Holdings Channel.com reports. The institutional investor owned 24,125 shares of the mining company’s stock after purchasing an additional 1,600 shares during the quarter. Capital Investment Advisory Services LLC’s holdings in Cleveland-Cliffs were worth $198,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. grew its holdings in shares of Cleveland-Cliffs by 5.5% during the 4th quarter. Vanguard Group Inc. now owns 48,751,789 shares of the mining company’s stock valued at $458,267,000 after purchasing an additional 2,556,332 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Cleveland-Cliffs by 3.1% during the 4th quarter. Dimensional Fund Advisors LP now owns 21,247,426 shares of the mining company’s stock valued at $199,724,000 after purchasing an additional 647,282 shares during the last quarter. Slate Path Capital LP grew its holdings in shares of Cleveland-Cliffs by 35.4% during the 4th quarter. Slate Path Capital LP now owns 16,208,000 shares of the mining company’s stock valued at $152,355,000 after purchasing an additional 4,239,000 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of Cleveland-Cliffs by 3.2% during the 4th quarter. Geode Capital Management LLC now owns 8,466,747 shares of the mining company’s stock valued at $79,611,000 after purchasing an additional 264,078 shares during the last quarter. Finally, Fairfax Financial Holdings Ltd. Can bought a new stake in shares of Cleveland-Cliffs during the 4th quarter valued at approximately $55,453,000. 67.68% of the stock is currently owned by institutional investors and hedge funds.

Cleveland-Cliffs Trading Up 4.6%

NYSE:CLF opened at $8.88 on Wednesday. The firm’s fifty day moving average is $7.51 and its 200-day moving average is $8.78. The company has a debt-to-equity ratio of 1.17, a quick ratio of 0.64 and a current ratio of 2.13. Cleveland-Cliffs Inc. has a 52 week low of $5.63 and a 52 week high of $16.47. The firm has a market cap of $4.39 billion, a P/E ratio of -3.64 and a beta of 1.91.

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

Insider Activity at Cleveland-Cliffs

In other news, EVP James D. Graham sold 120,000 shares of the company’s 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 sale, the executive vice president directly owned 492,249 shares of the company’s stock, valued at approximately $3,371,905.65. This represents a 19.60% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 1.76% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently issued reports on CLF shares. Glj Research lowered 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. Morgan Stanley boosted their target price on shares of Cleveland-Cliffs from $7.50 to $8.00 and gave the stock an “equal weight” rating in a report on Friday, June 20th. The Goldman Sachs Group reduced their target price on shares of Cleveland-Cliffs from $13.00 to $11.25 and set a “buy” rating on the stock in a report on Monday, May 12th. Finally, B. Riley reissued a “buy” rating and set a $17.00 target price (down from $20.00) on shares of Cleveland-Cliffs in a report on Wednesday, April 23rd. Two analysts have rated the stock with a sell rating, two have assigned a hold rating, two have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $10.23.

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.