Axxcess Wealth Management LLC Sells 1,500 Shares of Cleveland-Cliffs Inc. (NYSE:CLF)

Axxcess Wealth Management LLC decreased its holdings in Cleveland-Cliffs Inc. (NYSE:CLF) by 5.3% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 26,680 shares of the mining company’s stock after selling 1,500 shares during the period. Axxcess Wealth Management LLC’s holdings in Cleveland-Cliffs were worth $545,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently bought and sold shares of CLF. Anchor Investment Management LLC purchased a new stake in shares of Cleveland-Cliffs during the 4th quarter worth $31,000. Lindbrook Capital LLC raised its holdings in Cleveland-Cliffs by 83.7% in the fourth quarter. Lindbrook Capital LLC now owns 1,571 shares of the mining company’s stock worth $32,000 after purchasing an additional 716 shares in the last quarter. HighMark Wealth Management LLC purchased a new stake in shares of Cleveland-Cliffs during the fourth quarter valued at about $35,000. Allworth Financial LP grew its position in shares of Cleveland-Cliffs by 50.3% in the 4th quarter. Allworth Financial LP now owns 1,850 shares of the mining company’s stock worth $38,000 after buying an additional 619 shares during the last quarter. Finally, Covestor Ltd raised its stake in shares of Cleveland-Cliffs by 467.8% during the 3rd quarter. Covestor Ltd now owns 2,765 shares of the mining company’s stock worth $43,000 after acquiring an additional 2,278 shares in the last quarter. Hedge funds and other institutional investors own 67.68% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have issued reports on CLF shares. BNP Paribas lowered shares of Cleveland-Cliffs from a “neutral” rating to an “underperform” rating and set a $16.50 price target on the stock. in a report on Wednesday, February 28th. StockNews.com lowered Cleveland-Cliffs from a “buy” rating to a “hold” rating in a research report on Friday, April 26th. Morgan Stanley lowered their price target on Cleveland-Cliffs from $20.00 to $19.00 and set an “equal weight” rating for the company in a report on Tuesday, April 30th. B. Riley cut their price objective on shares of Cleveland-Cliffs from $25.00 to $24.00 and set a “buy” rating on the stock in a report on Tuesday, April 30th. Finally, Wolfe Research reiterated an “underperform” rating and issued a $18.00 target price on shares of Cleveland-Cliffs in a research note on Tuesday, April 9th. Two research 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, the stock presently has an average rating of “Hold” and a consensus price target of $20.42.

Cleveland-Cliffs Price Performance

Shares of NYSE CLF opened at $17.31 on Wednesday. The company has a quick ratio of 0.59, a current ratio of 1.90 and a debt-to-equity ratio of 0.49. Cleveland-Cliffs Inc. has a 52 week low of $13.61 and a 52 week high of $22.97. The business’s 50 day moving average price is $20.48 and its 200 day moving average price is $19.16. The firm has a market cap of $8.23 billion, a P/E ratio of 23.39, a P/E/G ratio of 0.83 and a beta of 2.10.

Cleveland-Cliffs (NYSE:CLF) last posted its earnings results on Monday, April 22nd. The mining company reported $0.18 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.01). The business had revenue of $5.20 billion for the quarter, compared to analyst estimates of $5.34 billion. Cleveland-Cliffs had a net margin of 1.78% and a return on equity of 8.69%. The company’s revenue for the quarter was down 1.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.11) earnings per share. On average, sell-side analysts expect that Cleveland-Cliffs Inc. will post 1.22 earnings per share for the current year.

Cleveland-Cliffs announced that its board has initiated a share repurchase plan on Monday, April 22nd that authorizes the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization authorizes the mining company to buy up to 17.2% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

Insider Activity at Cleveland-Cliffs

In other news, EVP Terry G. Fedor sold 27,430 shares of the firm’s 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 $553,811.70. Following the sale, the executive vice president now owns 534,617 shares of the company’s stock, valued at approximately $10,793,917.23. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other Cleveland-Cliffs news, EVP Terry G. Fedor sold 27,430 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 $553,811.70. Following the completion of the transaction, the executive vice president now owns 534,617 shares in the company, valued at $10,793,917.23. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Lourenco Goncalves sold 187,136 shares of the firm’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 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 ninety days, insiders purchased 87,000 shares of company stock worth $1,470,640 and sold 221,066 shares worth $4,464,688. 1.76% of the stock is owned by company insiders.

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.