LMG Wealth Partners LLC Invests $82,000 in Cleveland-Cliffs Inc. (NYSE:CLF)

LMG Wealth Partners LLC acquired a new position in shares of Cleveland-Cliffs Inc. (NYSE:CLF) in the 1st quarter, HoldingsChannel reports. The institutional investor acquired 10,000 shares of the mining company’s stock, valued at approximately $82,000.

Several other institutional investors have also modified their holdings of CLF. Slate Path Capital LP lifted its position 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. lifted its position 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. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in Cleveland-Cliffs by 22.9% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,298,868 shares of the mining company’s stock valued at $12,209,000 after acquiring an additional 242,386 shares during the last quarter. Twelve Points Wealth Management LLC lifted its position in Cleveland-Cliffs by 51.7% in the first quarter. Twelve Points Wealth Management LLC now owns 225,499 shares of the mining company’s stock valued at $1,854,000 after acquiring an additional 76,827 shares during the last quarter. Finally, Wexford Capital LP lifted its position in Cleveland-Cliffs by 1,212.0% in the fourth quarter. Wexford Capital LP now owns 1,018,950 shares of the mining company’s stock valued at $9,578,000 after acquiring an additional 941,284 shares during the last quarter. 67.68% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms have commented on CLF. JPMorgan Chase & Co. restated a “neutral” rating and issued a $7.50 price objective on shares of Cleveland-Cliffs in a research note on Monday. Glj Research lowered shares of 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. B. Riley restated a “buy” rating and issued a $17.00 price objective (down from $20.00) on shares of Cleveland-Cliffs in a research note on Wednesday, April 23rd. The Goldman Sachs Group dropped 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. Finally, Morgan Stanley upped their target price on shares of Cleveland-Cliffs from $7.50 to $8.00 and gave the stock an “equal weight” rating in a research report on Friday, June 20th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $9.78.

Insiders Place Their Bets

In related news, EVP James D. Graham sold 120,000 shares of the firm’s stock in a transaction on 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 directly owned 492,249 shares of the company’s stock, valued at approximately $3,371,905.65. This trade represents a 19.60% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 1.76% of the company’s stock.

Cleveland-Cliffs Price Performance

Cleveland-Cliffs stock opened at $9.07 on Wednesday. Cleveland-Cliffs Inc. has a 52-week low of $5.63 and a 52-week high of $16.09. The firm has a fifty day moving average of $7.59 and a 200-day moving average of $8.78. The firm has a market capitalization of $4.48 billion, a P/E ratio of -3.72 and a beta of 1.91. The company has a quick ratio of 0.64, a current ratio of 2.13 and a debt-to-equity ratio of 1.17.

Cleveland-Cliffs (NYSE:CLF) last released its quarterly earnings data on Wednesday, May 7th. The mining company reported ($0.92) earnings per share (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 business had revenue of $4.63 billion during the quarter, compared to analyst estimates of $4.71 billion. During the same period in the previous year, the company earned $0.18 EPS. Cleveland-Cliffs’s revenue was down 11.0% on a year-over-year basis. As a group, analysts predict that Cleveland-Cliffs Inc. will post -0.79 EPS for the current year.

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.