Capital Investment Advisory Services LLC Trims Stock Position in Cleveland-Cliffs Inc. (NYSE:CLF)

Capital Investment Advisory Services LLC lowered its position in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 48.7% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 20,935 shares of the mining company’s stock after selling 19,907 shares during the period. Capital Investment Advisory Services LLC’s holdings in Cleveland-Cliffs were worth $427,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of CLF. Dorsey & Whitney Trust CO LLC lifted its position in Cleveland-Cliffs by 2.3% during the third quarter. Dorsey & Whitney Trust CO LLC now owns 27,337 shares of the mining company’s stock valued at $427,000 after purchasing an additional 609 shares during the last quarter. Allworth Financial LP lifted its position in Cleveland-Cliffs by 50.3% during the fourth quarter. Allworth Financial LP now owns 1,850 shares of the mining company’s stock valued at $38,000 after purchasing an additional 619 shares during the last quarter. Stratos Wealth Partners LTD. lifted its position in Cleveland-Cliffs by 0.7% during the third quarter. Stratos Wealth Partners LTD. now owns 103,397 shares of the mining company’s stock valued at $1,616,000 after purchasing an additional 674 shares during the last quarter. Fifth Third Bancorp lifted its position in Cleveland-Cliffs by 14.9% during the third quarter. Fifth Third Bancorp now owns 5,513 shares of the mining company’s stock valued at $86,000 after purchasing an additional 716 shares during the last quarter. Finally, Lindbrook Capital LLC lifted its position in Cleveland-Cliffs by 83.7% during the fourth quarter. Lindbrook Capital LLC now owns 1,571 shares of the mining company’s stock valued at $32,000 after purchasing an additional 716 shares during the last quarter. Hedge funds and other institutional investors own 67.68% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on CLF shares. Morgan Stanley reiterated an “equal weight” rating and set a $20.00 target price on shares of Cleveland-Cliffs in a research report on Tuesday, March 26th. BNP Paribas lowered shares of Cleveland-Cliffs from a “neutral” rating to an “underperform” rating and set a $16.50 price objective for the company. in a report on Wednesday, February 28th. Argus lowered shares of Cleveland-Cliffs from a “buy” rating to a “hold” rating in a report on Thursday, February 8th. StockNews.com upgraded shares of Cleveland-Cliffs from a “hold” rating to a “buy” rating in a report on Thursday, April 18th. Finally, Wolfe Research restated an “underperform” rating and issued a $18.00 price objective on shares of Cleveland-Cliffs in a report on Tuesday, April 9th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $19.92.

Cleveland-Cliffs Trading Down 11.1 %

NYSE:CLF opened at $18.53 on Wednesday. The company has a fifty day moving average of $20.98 and a 200 day moving average of $18.98. Cleveland-Cliffs Inc. has a 52 week low of $13.61 and a 52 week high of $22.97. The company has a quick ratio of 0.62, a current ratio of 1.89 and a debt-to-equity ratio of 0.39. The firm has a market capitalization of $8.81 billion, a P/E ratio of 24.07, a P/E/G ratio of 0.72 and a beta of 2.03.

Cleveland-Cliffs (NYSE:CLF) last posted its quarterly earnings results on Monday, April 22nd. The mining company reported $0.18 EPS for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.01). The firm had revenue of $5.20 billion for the quarter, compared to the consensus estimate of $5.34 billion. Cleveland-Cliffs had a net margin of 1.81% and a return on equity of 6.79%. The company’s quarterly revenue was down 1.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.11) earnings per share. On average, research analysts predict that Cleveland-Cliffs Inc. will post 1.66 earnings per share for the current year.

Insider Buying and Selling at Cleveland-Cliffs

In other Cleveland-Cliffs news, CEO Lourenco Goncalves sold 187,136 shares of the business’s stock in a transaction on Wednesday, March 6th. The shares were sold at an average price of $20.19, for a total transaction of $3,778,275.84. Following the transaction, the chief executive officer now directly owns 2,699,089 shares of the company’s stock, valued at approximately $54,494,606.91. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, CEO Lourenco Goncalves sold 187,136 shares of the company’s stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $20.19, for a total value of $3,778,275.84. Following the sale, the chief executive officer now directly owns 2,699,089 shares of the company’s stock, valued at approximately $54,494,606.91. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 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 sale, the director now directly owns 90,286 shares in the company, valued at $1,841,834.40. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 221,066 shares of company stock valued at $4,464,688. 1.76% of the stock is currently owned by company insiders.

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.