Legal & General Group Plc Acquires 76,080 Shares of Cleveland-Cliffs Inc. $CLF

Legal & General Group Plc boosted its holdings in Cleveland-Cliffs Inc. (NYSE:CLF) by 8.7% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 952,750 shares of the mining company’s stock after purchasing an additional 76,080 shares during the quarter. Legal & General Group Plc’s holdings in Cleveland-Cliffs were worth $12,653,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Strengthening Families & Communities LLC boosted its position in shares of Cleveland-Cliffs by 4,315.6% during the third quarter. Strengthening Families & Communities LLC now owns 1,987 shares of the mining company’s stock worth $25,000 after acquiring an additional 1,942 shares during the last quarter. IFP Advisors Inc boosted its holdings in shares of Cleveland-Cliffs by 117.5% during the 4th quarter. IFP Advisors Inc now owns 2,221 shares of the mining company’s stock valued at $29,000 after purchasing an additional 1,200 shares during the last quarter. Larson Financial Group LLC grew its position in shares of Cleveland-Cliffs by 819.2% during the third quarter. Larson Financial Group LLC now owns 2,684 shares of the mining company’s stock valued at $33,000 after purchasing an additional 2,392 shares in the last quarter. JPL Wealth Management LLC bought a new stake in shares of Cleveland-Cliffs in the third quarter worth about $72,000. Finally, Danske Bank A S bought a new stake in shares of Cleveland-Cliffs in the third quarter worth about $74,000. Institutional investors own 67.68% of the company’s stock.

Cleveland-Cliffs Trading Up 8.9%

Shares of NYSE CLF opened at $14.79 on Wednesday. Cleveland-Cliffs Inc. has a 1-year low of $6.71 and a 1-year high of $16.70. The company has a debt-to-equity ratio of 1.29, a current ratio of 2.02 and a quick ratio of 0.64. The business’s 50 day moving average is $9.99 and its two-hundred day moving average is $11.41. The stock has a market capitalization of $8.44 billion, a P/E ratio of -6.32 and a beta of 2.09.

Cleveland-Cliffs (NYSE:CLF) last posted its quarterly earnings data on Monday, April 20th. The mining company reported ($0.40) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.44) by $0.04. The business had revenue of $4.92 billion during the quarter, compared to analyst estimates of $4.84 billion. Cleveland-Cliffs had a negative return on equity of 15.48% and a negative net margin of 6.42%.The company’s revenue for the quarter was up 6.3% on a year-over-year basis. During the same period last year, the company earned ($0.92) EPS. As a group, research analysts expect that Cleveland-Cliffs Inc. will post -0.46 EPS for the current year.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on CLF. JPMorgan Chase & Co. dropped their price target on Cleveland-Cliffs from $13.00 to $10.00 and set a “neutral” rating for the company in a research note on Tuesday, April 14th. Wall Street Zen raised Cleveland-Cliffs from a “sell” rating to a “hold” rating in a research note on Saturday, February 14th. Argus raised Cleveland-Cliffs to a “hold” rating in a report on Monday, April 6th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Cleveland-Cliffs in a research report on Friday, April 24th. Finally, Barclays began coverage on shares of Cleveland-Cliffs in a research report on Thursday, May 21st. They issued an “underweight” rating and a $9.00 price target on the stock. One analyst has rated the stock with a Buy rating, seven have assigned a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Reduce” and a consensus price target of $11.49.

About Cleveland-Cliffs

Cleveland-Cliffs Inc is a leading North American producer of iron ore pellets and flat-rolled steel products. Tracing its roots to 1847, the company has evolved from an iron-ore mining concern in the Great Lakes region into a fully integrated steelmaker. Today, Cleveland-Cliffs operates iron ore mining complexes in Michigan and Minnesota as well as steelmaking and finishing facilities across the United States.

The company’s integrated platform begins with direct control of key raw materials, including iron ore and scrap, and extends through every stage of steel production.