Friedenthal Financial Buys New Shares in Cleveland-Cliffs Inc. $CLF

Friedenthal Financial bought a new stake in Cleveland-Cliffs Inc. (NYSE:CLF) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 76,752 shares of the mining company’s stock, valued at approximately $1,019,000.

Several other institutional investors have also recently added to or reduced their stakes in CLF. State Street Corp increased its position in Cleveland-Cliffs by 20.2% during the second quarter. State Street Corp now owns 27,450,442 shares of the mining company’s stock worth $208,623,000 after purchasing an additional 4,603,807 shares during the last quarter. Voloridge Investment Management LLC increased its position in Cleveland-Cliffs by 960.4% during the third quarter. Voloridge Investment Management LLC now owns 4,683,251 shares of the mining company’s stock worth $57,136,000 after purchasing an additional 4,241,582 shares during the last quarter. BNP Paribas Financial Markets increased its position in Cleveland-Cliffs by 200.4% during the second quarter. BNP Paribas Financial Markets now owns 6,329,414 shares of the mining company’s stock worth $48,104,000 after purchasing an additional 4,222,528 shares during the last quarter. Duquesne Family Office LLC acquired a new position in Cleveland-Cliffs during the third quarter worth approximately $33,123,000. Finally, Barclays PLC increased its position in Cleveland-Cliffs by 281.9% during the third quarter. Barclays PLC now owns 2,308,271 shares of the mining company’s stock worth $28,161,000 after purchasing an additional 1,703,791 shares during the last quarter. 67.68% of the stock is currently owned by institutional investors and hedge funds.

Cleveland-Cliffs Price Performance

Shares of NYSE CLF opened at $9.91 on Friday. Cleveland-Cliffs Inc. has a fifty-two week low of $5.63 and a fifty-two week high of $16.70. The business has a 50 day moving average price of $9.61 and a two-hundred day moving average price of $11.80. The company has a quick ratio of 0.50, a current ratio of 1.95 and a debt-to-equity ratio of 1.15. The firm has a market cap of $5.65 billion, a PE ratio of -3.39 and a beta of 1.91.

Cleveland-Cliffs (NYSE:CLF) last issued its quarterly earnings data on Monday, February 9th. The mining company reported ($0.43) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.62) by $0.19. Cleveland-Cliffs had a negative return on equity of 18.94% and a negative net margin of 7.91%.The firm had revenue of $4.31 billion during the quarter, compared to analyst estimates of $4.60 billion. During the same quarter last year, the firm earned ($0.68) EPS. Cleveland-Cliffs’s quarterly revenue was down .3% on a year-over-year basis. Sell-side analysts expect that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current fiscal year.

Insider Activity

In other Cleveland-Cliffs news, Director Edilson Camara purchased 19,700 shares of the firm’s stock in a transaction dated Friday, February 13th. The stock was acquired at an average cost of $10.13 per share, with a total value of $199,561.00. Following the acquisition, the director owned 41,983 shares of the company’s stock, valued at approximately $425,287.79. This represents a 88.41% increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Lourenco Goncalves sold 3,000,000 shares of the business’s stock in a transaction that occurred on Wednesday, February 11th. The shares were sold at an average price of $12.42, for a total value of $37,260,000.00. The SEC filing for this sale provides additional information. Company insiders own 0.95% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have commented on CLF shares. The Goldman Sachs Group started coverage on Cleveland-Cliffs in a research note on Wednesday, April 1st. They set a “neutral” rating and a $9.00 price target for the company. KeyCorp started coverage on Cleveland-Cliffs in a research note on Wednesday, March 25th. They set a “sector weight” rating for the company. Weiss Ratings restated a “sell (d-)” rating on shares of Cleveland-Cliffs in a research note on Tuesday, January 27th. Glj Research restated a “sell” rating and set a $9.42 price target on shares of Cleveland-Cliffs in a research note on Monday, March 16th. Finally, Argus raised shares of Cleveland-Cliffs to a “hold” rating in a research report on Monday, April 6th. Two research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $12.69.

About Cleveland-Cliffs

Cleveland-Cliffs Inc is a leading North American producer of iron ore pellets and flat-rolled steel products. Tracing its roots to 1847, the company has evolved from an iron-ore mining concern in the Great Lakes region into a fully integrated steelmaker. Today, Cleveland-Cliffs operates iron ore mining complexes in Michigan and Minnesota as well as steelmaking and finishing facilities across the United States.

The company’s integrated platform begins with direct control of key raw materials, including iron ore and scrap, and extends through every stage of steel production.