J.W. Cole Advisors Inc. Purchases 845 Shares of Cleveland-Cliffs Inc. (NYSE:CLF)

J.W. Cole Advisors Inc. grew its holdings in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 3.6% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 24,575 shares of the mining company’s stock after buying an additional 845 shares during the quarter. J.W. Cole Advisors Inc.’s holdings in Cleveland-Cliffs were worth $559,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Norges Bank acquired a new position in shares of Cleveland-Cliffs during the 4th quarter worth approximately $117,585,000. Sound Shore Management Inc. CT lifted its position in Cleveland-Cliffs by 9.0% during the fourth quarter. Sound Shore Management Inc. CT now owns 4,037,507 shares of the mining company’s stock worth $82,446,000 after purchasing an additional 334,739 shares during the period. Charles Schwab Investment Management Inc. grew its stake in Cleveland-Cliffs by 5.8% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,542,004 shares of the mining company’s stock worth $72,328,000 after buying an additional 194,948 shares in the last quarter. Douglas Lane & Associates LLC increased its holdings in Cleveland-Cliffs by 5.3% in the 1st quarter. Douglas Lane & Associates LLC now owns 2,214,119 shares of the mining company’s stock valued at $50,349,000 after buying an additional 110,805 shares during the period. Finally, Peconic Partners LLC bought a new stake in shares of Cleveland-Cliffs during the 4th quarter worth approximately $42,370,000. Institutional investors and hedge funds own 67.68% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have commented on CLF shares. Bank of America lowered their price objective on shares of Cleveland-Cliffs from $20.00 to $18.00 and set a “neutral” rating for the company in a research report on Wednesday, June 26th. Citigroup downgraded Cleveland-Cliffs from a “buy” rating to a “neutral” rating and set a $22.00 price objective for the company. in a research report on Wednesday, March 13th. Jefferies Financial Group assumed coverage on Cleveland-Cliffs in a research note on Monday, May 20th. They set a “buy” rating and a $22.00 target price for the company. JPMorgan Chase & Co. downgraded shares of Cleveland-Cliffs from an “overweight” rating to a “neutral” rating and reduced their price target for the company from $23.00 to $17.00 in a research note on Tuesday, June 11th. Finally, Seaport Res Ptn raised shares of Cleveland-Cliffs to a “hold” rating in a report on Tuesday, June 11th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have assigned a buy rating to the company. According to MarketBeat, Cleveland-Cliffs currently has an average rating of “Hold” and an average price target of $19.44.

Cleveland-Cliffs Trading Down 1.9 %

CLF opened at $15.64 on Friday. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.90 and a quick ratio of 0.59. Cleveland-Cliffs Inc. has a fifty-two week low of $13.84 and a fifty-two week high of $22.97. The company’s 50 day moving average price is $16.33 and its two-hundred day moving average price is $18.87. The firm has a market capitalization of $7.44 billion, a price-to-earnings ratio of 21.15, a PEG ratio of 1.07 and a beta of 2.03.

Cleveland-Cliffs (NYSE:CLF) last issued its quarterly earnings data on Monday, April 22nd. The mining company reported $0.18 earnings per share for the quarter, missing the consensus estimate of $0.19 by ($0.01). The business had revenue of $5.20 billion during the quarter, compared to the consensus estimate of $5.34 billion. Cleveland-Cliffs had a return on equity of 8.69% and a net margin of 1.78%. The business’s revenue for the quarter was down 1.8% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.11) EPS. As a group, research analysts predict that Cleveland-Cliffs Inc. will post 0.34 earnings per share for the current year.

Cleveland-Cliffs announced that its Board of Directors has approved a stock repurchase program on Monday, April 22nd that authorizes the company to buyback $1.50 billion in shares. This buyback authorization authorizes the mining company to buy up to 17.2% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its stock is undervalued.

Insider Activity

In related news, Director Ben Oren acquired 6,700 shares of the business’s stock in a transaction that occurred on Wednesday, June 12th. The shares were bought at an average cost of $14.99 per share, with a total value of $100,433.00. Following the completion of the purchase, the director now directly owns 14,167 shares in the company, valued at $212,363.33. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Cleveland-Cliffs news, CFO Celso L. Goncalves, Jr. acquired 7,250 shares of the stock in a transaction dated Wednesday, June 12th. The stock was purchased at an average cost of $14.98 per share, with a total value of $108,605.00. Following the transaction, the chief financial officer now owns 314,362 shares in the company, valued at approximately $4,709,142.76. The acquisition was disclosed in a filing with the SEC, which is available at this link. Also, Director Ben Oren bought 6,700 shares of the business’s stock in a transaction that occurred on Wednesday, June 12th. The shares were acquired at an average price of $14.99 per share, for a total transaction of $100,433.00. Following the transaction, the director now owns 14,167 shares in the company, valued at $212,363.33. The disclosure for this purchase can be found here. Over the last quarter, insiders purchased 98,950 shares of company stock valued at $1,639,638. Company insiders own 1.76% of the company’s stock.

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.