Carnegie Capital Asset Management LLC increased its stake in Cleveland-Cliffs Inc. (New York Stock Exchange: CLF – Get a rating) by 9.5% during the first quarter, HoldingsChannel.com reports. The fund held 84,934 shares of the mining company after buying an additional 7,401 shares during the quarter. Carnegie Capital Asset Management LLC’s holdings in Cleveland-Cliffs were worth $2,736,000 at the end of the last quarter.
Several other hedge funds also changed their CLF holdings. Marshall Wace LLP increased its stake in Cleveland-Cliffs shares by 664.5% in the 4th quarter. Marshall Wace LLP now owns 2,766,650 shares of the mining company valued at $60,228,000 after acquiring an additional 2,404,776 shares during the period. Dimensional Fund Advisors LP increased its stake in Cleveland-Cliffs shares by 59.1% in Q4. Dimensional Fund Advisors LP now owns 3,171,842 shares of the mining company valued at $69,040,000 after acquiring an additional 1,178,447 shares during the period. THRC Management LLC bought a new position in Cleveland-Cliffs stock in Q4 worth $13,062,000. State Street Corp increased its stake in Cleveland-Cliffs shares by 3.8% in the fourth quarter. State Street Corp now owns 15,270,791 shares of the mining company valued at $332,445,000 after acquiring an additional 554,642 shares during the period. Finally, First Trust Advisors LP increased its stake in Cleveland-Cliffs by 89.0% during the 4th quarter. First Trust Advisors LP now owns 1,086,291 shares of the mining company worth $23,649,000 after purchasing an additional 511,488 shares during the period. 56.68% of the shares are currently held by institutional investors and hedge funds.
In other Cleveland-Cliffs news, Director Douglas C. Taylor sold 28,150 shares of the company in a trade dated Tuesday, June 7. The shares were sold at an average price of $23.12, for a total transaction of $650,828.00. Following completion of the transaction, the administrator now directly owns 156,974 shares of the company, valued at approximately $3,629,238.88. The transaction was disclosed in a document filed with the Securities & Exchange Commission, available at the SEC website. Also, VPE Keith Koci bought 4,500 shares of Cleveland-Cliffs in a trade on Tuesday, April 26. The shares were purchased at an average cost of $27.14 per share, with a total value of $122,130.00. Following the completion of the purchase, the executive vice president now directly owns 290,135 shares of the company, valued at $7,874,263.90. Disclosure of this purchase can be found here. Insiders purchased a total of 13,100 shares of the company valued at $330,358 over the past ninety days. Insiders of the company own 1.43% of the shares of the company.
Several equity research analysts have recently released reports on CLF shares. B. Riley raised his price target on Cleveland-Cliffs stock from $46.00 to $47.00 and gave the stock a “buy” rating in a Monday, April 25 research note. TheStreet downgraded Cleveland-Cliffs shares from a “b-” rating to a “c+” rating in a Tuesday, March 1 research note. Clarkson Capital reaffirmed a “buy” rating on Cleveland-Cliffs shares in a Tuesday, June 14 research note. StockNews.com began covering Cleveland-Cliffs shares in a research note on Thursday, March 31. They have placed a “holding” rating on the stock. Finally, JPMorgan Chase & Co. lowered its price target on Cleveland-Cliffs shares from $43.00 to $37.00 in a Tuesday, June 14 research note. Three investment analysts gave the stock a hold rating and five gave the company a buy rating. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $31.50.
FLC opened at $16.27 on Thursday. The company has a 50-day moving average of $23.50 and a 200-day moving average of $23.27. The company has a market capitalization of $8.54 billion, a P/E ratio of 2.38 and a beta of 2.17. Cleveland-Cliffs Inc. has a 1-year low of $15.81 and a 1-year high of $34.04. The company has a debt ratio of 0.76, a quick ratio of 0.80 and a current ratio of 2.28.
Cleveland Cliffs (New York Stock Exchange: CLF – Get a rating) last released its results on Friday, April 22. The mining company reported earnings per share of $1.71 for the quarter, beating the consensus estimate of $1.44 by $0.27. Cleveland-Cliffs had a net margin of 16.77% and a return on equity of 78.74%. The company posted revenue of $5.96 billion in the quarter, versus a consensus estimate of $5.43 billion. In the same quarter of the previous year, the company achieved EPS of $0.35. The company’s revenue increased 47.1% year over year. As a group, sell-side analysts expect Cleveland-Cliffs Inc. to post earnings per share of 5.46 for the current fiscal year.
Cleveland Cliffs Company Profile (Get a rating)
Cleveland-Cliffs is the largest flat-rolled steel company and the largest producer of iron ore pellets in North America. The company is vertically integrated from mining through ironmaking, steelmaking, rolling, finishing and downstream with hot and cold stamping of steel parts and components. The company was previously known as Cliffs Natural Resources Inc and changed its name to Cleveland-Cliffs Inc in August 2017.
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