Weil Company Inc. bought a new stake in Cleveland-Cliffs Inc. (NYSE:CLF) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 12,678 shares of the mining company’s stock, valued at approximately $255,000.
Several other hedge funds have also recently bought and sold shares of CLF. Arkadios Wealth Advisors acquired a new position in shares of Cleveland-Cliffs during the fourth quarter worth about $27,000. Winch Advisory Services LLC acquired a new position in shares of Cleveland-Cliffs during the first quarter worth about $35,000. Inspire Advisors LLC acquired a new position in shares of Cleveland-Cliffs during the fourth quarter worth about $37,000. IFP Advisors Inc boosted its position in shares of Cleveland-Cliffs by 18,470.0% during the first quarter. IFP Advisors Inc now owns 1,857 shares of the mining company’s stock worth $37,000 after buying an additional 1,847 shares during the period. Finally, Archer Investment Corp bought a new stake in Cleveland-Cliffs during the fourth quarter worth about $40,000. 64.42% of the stock is owned by institutional investors.
In other news, Director Susan Miranda Green sold 18,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 18th. The stock was sold at an average price of $20.39, for a total value of $367,020.00. Following the transaction, the director now owns 91,082 shares of the company’s stock, valued at $1,857,161.98. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 1.34% of the stock is currently owned by corporate insiders.
Cleveland-Cliffs (NYSE:CLF) last posted its earnings results on Wednesday, April 21st. The mining company reported $0.19 EPS for the quarter, missing the consensus estimate of $0.33 by ($0.14). Cleveland-Cliffs had a negative net margin of 0.32% and a positive return on equity of 10.98%. The firm had revenue of $4 billion during the quarter, compared to analyst estimates of $3.92 billion. During the same period in the previous year, the company posted ($0.18) EPS. Cleveland-Cliffs’s revenue for the quarter was up 1014.2% compared to the same quarter last year. On average, equities research analysts forecast that Cleveland-Cliffs Inc. will post 4.45 earnings per share for the current fiscal year.
CLF has been the topic of several analyst reports. UBS Group upped their target price on Cleveland-Cliffs from $22.09 to $28.35 and gave the stock a “buy” rating in a report on Thursday. BNP Paribas reiterated a “neutral” rating and set a $19.20 target price on shares of Cleveland-Cliffs in a report on Monday, April 26th. The Goldman Sachs Group initiated coverage on Cleveland-Cliffs in a report on Friday, April 9th. They set a “neutral” rating and a $20.00 target price on the stock. Exane BNP Paribas lowered Cleveland-Cliffs from an “outperform” rating to a “neutral” rating in a report on Monday, April 19th. Finally, B. Riley upped their target price on Cleveland-Cliffs from $22.00 to $24.00 and gave the stock a “buy” rating in a report on Monday, April 26th. Four analysts have rated the stock with a hold rating and five have given a buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $22.07.
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.
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