Moody National Bank Trust Division Makes New Investment in Cleveland-Cliffs Inc. $CLF

Moody National Bank Trust Division purchased a new position in Cleveland-Cliffs Inc. (NYSE:CLF) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 58,017 shares of the mining company’s stock, valued at approximately $545,000.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Los Angeles Capital Management LLC bought a new stake in shares of Cleveland-Cliffs during the fourth quarter valued at approximately $25,000. Center for Financial Planning Inc. raised its holdings in shares of Cleveland-Cliffs by 119.0% during the first quarter. Center for Financial Planning Inc. now owns 3,322 shares of the mining company’s stock valued at $28,000 after purchasing an additional 1,805 shares during the last quarter. IFP Advisors Inc lifted its position in Cleveland-Cliffs by 117.5% during the fourth 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 period. Caitong International Asset Management Co. Ltd lifted its position in Cleveland-Cliffs by 94.0% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 2,505 shares of the mining company’s stock valued at $33,000 after purchasing an additional 1,214 shares during the period. Finally, CIBC Private Wealth Group LLC boosted its holdings in Cleveland-Cliffs by 306.1% in the fourth quarter. CIBC Private Wealth Group LLC now owns 2,461 shares of the mining company’s stock worth $33,000 after purchasing an additional 1,855 shares during the last quarter. 67.68% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

CLF has been the subject of a number of research analyst reports. Wells Fargo & Company reaffirmed a “positive” rating on shares of Cleveland-Cliffs in a research report on Friday, July 24th. Barclays increased their price target on Cleveland-Cliffs from $9.00 to $10.00 and gave the company an “underweight” rating in a report on Friday, July 24th. Morgan Stanley restated an “equal weight” rating and issued a $12.50 price target (up from $12.00) on shares of Cleveland-Cliffs in a research note on Monday, June 22nd. Bank of America cut their price objective on Cleveland-Cliffs from $14.00 to $11.50 and set a “neutral” rating for the company in a report on Thursday, July 9th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Cleveland-Cliffs in a research report on Tuesday, July 21st. Two research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $11.86.

Cleveland-Cliffs Stock Down 3.2%

CLF stock opened at $12.25 on Friday. Cleveland-Cliffs Inc. has a twelve month low of $7.73 and a twelve month high of $16.70. The company has a quick ratio of 0.63, a current ratio of 1.89 and a debt-to-equity ratio of 1.32. The stock has a market cap of $6.99 billion, a P/E ratio of -7.56 and a beta of 2.09. The business’s 50-day moving average price is $11.39 and its 200-day moving average price is $10.93.

Cleveland-Cliffs (NYSE:CLF) last announced its quarterly earnings data on Thursday, July 23rd. The mining company reported ($0.20) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.21) by $0.01. The company had revenue of $5.23 billion during the quarter, compared to the consensus estimate of $5.15 billion. Cleveland-Cliffs had a negative return on equity of 13.37% and a negative net margin of 4.56%.The firm’s revenue was up 5.9% on a year-over-year basis. During the same period in the previous year, the company posted ($0.50) EPS. On average, equities research analysts forecast that Cleveland-Cliffs Inc. will post -0.11 EPS for the current year.

Insider Buying and Selling at Cleveland-Cliffs

In other Cleveland-Cliffs news, EVP Celso L. Goncalves, Jr. sold 214,308 shares of the company’s stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $13.41, for a total value of $2,873,870.28. Following the completion of the transaction, the executive vice president directly owned 184,542 shares in the company, valued at $2,474,708.22. This represents a 53.73% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.95% of the stock is currently owned by insiders.

Cleveland-Cliffs Company Profile

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.