Cleveland-Cliffs Inc. (NYSE:CLF) Shares Sold by Franklin Street Advisors Inc. NC

Franklin Street Advisors Inc. NC trimmed its holdings in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 50.0% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 20,000 shares of the mining company’s stock after selling 20,000 shares during the period. Franklin Street Advisors Inc. NC’s holdings in Cleveland-Cliffs were worth $408,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Korea Investment CORP increased its position in Cleveland-Cliffs by 30.6% during the third quarter. Korea Investment CORP now owns 514,890 shares of the mining company’s stock worth $8,048,000 after buying an additional 120,540 shares in the last quarter. Barclays PLC increased its position in Cleveland-Cliffs by 240.4% during the 3rd quarter. Barclays PLC now owns 1,988,689 shares of the mining company’s stock worth $31,083,000 after purchasing an additional 1,404,491 shares in the last quarter. Douglas Lane & Associates LLC raised its stake in Cleveland-Cliffs by 55.5% in the 3rd quarter. Douglas Lane & Associates LLC now owns 1,743,513 shares of the mining company’s stock valued at $27,251,000 after purchasing an additional 621,937 shares during the last quarter. Aigen Investment Management LP purchased a new position in Cleveland-Cliffs in the 3rd quarter valued at about $4,970,000. Finally, Handelsinvest Investeringsforvaltning acquired a new stake in shares of Cleveland-Cliffs during the 3rd quarter worth about $3,908,000. 67.68% of the stock is currently owned by institutional investors and hedge funds.

Cleveland-Cliffs Price Performance

Shares of CLF opened at $22.74 on Friday. The company has a current ratio of 1.89, a quick ratio of 0.62 and a debt-to-equity ratio of 0.39. The firm has a market cap of $11.33 billion, a price-to-earnings ratio of 29.53, a PEG ratio of 0.76 and a beta of 2.02. Cleveland-Cliffs Inc. has a 52 week low of $13.61 and a 52 week high of $22.78. The stock has a 50 day moving average of $20.08 and a 200-day moving average of $18.07.

Cleveland-Cliffs (NYSE:CLF) last issued its earnings results on Tuesday, January 30th. The mining company reported ($0.05) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.05). Cleveland-Cliffs had a net margin of 1.81% and a return on equity of 6.79%. The company had revenue of $5.11 billion for the quarter, compared to analysts’ expectations of $5.16 billion. During the same period in the prior year, the company earned ($0.30) earnings per share. The firm’s revenue was up 1.3% compared to the same quarter last year. As a group, analysts forecast that Cleveland-Cliffs Inc. will post 1.84 EPS for the current year.

Insider Buying and Selling at Cleveland-Cliffs

In related news, Director Arlene M. Yocum purchased 2,000 shares of the business’s stock in a transaction that occurred on Wednesday, March 6th. The shares were acquired at an average price of $20.02 per share, with a total value of $40,040.00. Following the acquisition, the director now owns 94,887 shares in the company, valued at approximately $1,899,637.74. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, Director Arlene M. Yocum acquired 2,000 shares of the business’s stock in a transaction that occurred on Wednesday, March 6th. The shares were purchased at an average cost of $20.02 per share, for a total transaction of $40,040.00. Following the transaction, the director now directly owns 94,887 shares in the company, valued at approximately $1,899,637.74. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Susan Miranda Green sold 6,500 shares of the company’s stock in a transaction dated Wednesday, March 13th. The stock was sold at an average price of $20.40, for a total transaction of $132,600.00. Following the completion of the transaction, the director now owns 90,286 shares of the company’s stock, valued at approximately $1,841,834.40. The disclosure for this sale can be found here. Insiders sold a total of 221,066 shares of company stock worth $4,464,688 over the last ninety days. Company insiders own 1.57% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently issued reports on CLF shares. Citigroup downgraded shares of Cleveland-Cliffs from a “buy” rating to a “neutral” rating and set a $22.00 price objective on the stock. in a research note on Wednesday, March 13th. StockNews.com cut Cleveland-Cliffs from a “buy” rating to a “hold” rating in a report on Wednesday, February 21st. Morgan Stanley reiterated an “equal weight” rating and issued a $20.00 target price on shares of Cleveland-Cliffs in a research note on Tuesday. Argus cut shares of Cleveland-Cliffs from a “buy” rating to a “hold” rating in a research report on Thursday, February 8th. Finally, TheStreet cut Cleveland-Cliffs from a “b-” rating to a “c” rating in a research note on Tuesday, January 30th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $20.30.

About Cleveland-Cliffs

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.