Bank of New Hampshire Cuts Stock Position in Cleveland-Cliffs Inc. (NYSE:CLF)

Bank of New Hampshire decreased its position in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 5.4% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 46,178 shares of the mining company’s stock after selling 2,639 shares during the period. Bank of New Hampshire’s holdings in Cleveland-Cliffs were worth $943,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. AQR Capital Management LLC increased its holdings in shares of Cleveland-Cliffs by 154.2% during the third quarter. AQR Capital Management LLC now owns 2,586,472 shares of the mining company’s stock valued at $40,181,000 after acquiring an additional 1,568,961 shares in the last quarter. Barclays PLC increased its stake in Cleveland-Cliffs by 240.4% during the 3rd quarter. Barclays PLC now owns 1,988,689 shares of the mining company’s stock valued at $31,083,000 after purchasing an additional 1,404,491 shares in the last quarter. Ninety One UK Ltd purchased a new position in shares of Cleveland-Cliffs in the fourth quarter worth $27,928,000. International Assets Investment Management LLC lifted its stake in shares of Cleveland-Cliffs by 1,627.6% during the fourth quarter. International Assets Investment Management LLC now owns 1,431,769 shares of the mining company’s stock worth $29,237,000 after buying an additional 1,348,893 shares during the period. Finally, First Dallas Securities Inc. grew its holdings in shares of Cleveland-Cliffs by 442.6% during the third quarter. First Dallas Securities Inc. now owns 746,945 shares of the mining company’s stock valued at $11,675,000 after buying an additional 609,295 shares during the last quarter. 67.68% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Cleveland-Cliffs

In other Cleveland-Cliffs news, CEO Lourenco Goncalves sold 187,136 shares of the stock in a transaction that occurred 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 sale, the chief executive officer now directly owns 2,699,089 shares in the company, valued at approximately $54,494,606.91. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other news, EVP Terry G. Fedor sold 27,430 shares of the business’s stock in a transaction dated Wednesday, March 6th. The stock was sold at an average price of $20.19, for a total transaction of $553,811.70. Following the completion of the transaction, the executive vice president now directly owns 534,617 shares of the company’s stock, valued at $10,793,917.23. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Lourenco Goncalves sold 187,136 shares of the firm’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 completion of the sale, the chief executive officer now owns 2,699,089 shares in the company, valued at $54,494,606.91. The disclosure for this sale can be found here. Over the last quarter, insiders sold 221,066 shares of company stock worth $4,464,688. Corporate insiders own 1.76% of the company’s stock.

Cleveland-Cliffs Trading Down 1.2 %

Cleveland-Cliffs stock traded down $0.22 during mid-day trading on Friday, hitting $18.01. The company’s stock had a trading volume of 3,909,470 shares, compared to its average volume of 8,762,752. Cleveland-Cliffs Inc. has a 1 year low of $13.61 and a 1 year high of $22.97. The company has a current ratio of 1.90, a quick ratio of 0.62 and a debt-to-equity ratio of 0.49. The firm has a market capitalization of $8.56 billion, a PE ratio of 24.66, a price-to-earnings-growth ratio of 0.64 and a beta of 2.03. The stock’s fifty day moving average is $20.94 and its two-hundred day moving average is $18.99.

Cleveland-Cliffs (NYSE:CLF) last issued its quarterly earnings data on Monday, April 22nd. The mining company reported $0.18 EPS for the quarter, missing the consensus estimate of $0.19 by ($0.01). Cleveland-Cliffs had a return on equity of 8.69% and a net margin of 1.78%. The company had revenue of $5.20 billion during the quarter, compared to analyst estimates of $5.34 billion. During the same quarter in the prior year, the company posted ($0.11) earnings per share. The business’s revenue was down 1.8% compared to the same quarter last year. On average, analysts anticipate that Cleveland-Cliffs Inc. will post 1.66 EPS for the current year.

Cleveland-Cliffs declared that its Board of Directors has initiated a share buyback plan on Monday, April 22nd that allows the company to repurchase $1.50 billion in shares. This repurchase authorization allows the mining company to repurchase up to 17.2% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s leadership believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of analysts have commented on CLF shares. Morgan Stanley reaffirmed an “equal weight” rating and set a $20.00 price target on shares of Cleveland-Cliffs in a research report on Tuesday, March 26th. TheStreet downgraded shares of Cleveland-Cliffs from a “b-” rating to a “c” rating in a report on Tuesday, January 30th. StockNews.com cut shares of Cleveland-Cliffs from a “buy” rating to a “hold” rating in a report on Friday. JPMorgan Chase & Co. decreased their target price on shares of Cleveland-Cliffs from $24.00 to $23.00 and set an “overweight” rating for the company in a research report on Wednesday. Finally, BNP Paribas downgraded Cleveland-Cliffs from a “neutral” rating to an “underperform” rating and set a $16.50 price target on the stock. in a research report on Wednesday, February 28th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $20.75.

Cleveland-Cliffs 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.