791,126 Shares in Cleveland-Cliffs Inc. $CLF Acquired by First National Bank of Omaha

First National Bank of Omaha bought a new position in shares of Cleveland-Cliffs Inc. (NYSE:CLF) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 791,126 shares of the mining company’s stock, valued at approximately $7,423,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. BlackRock Inc. acquired a new position in shares of Cleveland-Cliffs during the 2nd quarter valued at $522,766,000. Vanguard Group Inc. lifted its holdings in shares of Cleveland-Cliffs by 13.4% in the fourth quarter. Vanguard Group Inc. now owns 54,391,397 shares of the mining company’s stock valued at $722,318,000 after buying an additional 6,447,462 shares during the period. State Street Corp boosted its stake in Cleveland-Cliffs by 14.2% during the fourth quarter. State Street Corp now owns 29,278,156 shares of the mining company’s stock valued at $388,814,000 after buying an additional 3,632,150 shares in the last quarter. Castle Hook Partners LP boosted its stake in Cleveland-Cliffs by 572.4% during the fourth quarter. Castle Hook Partners LP now owns 18,083,029 shares of the mining company’s stock valued at $240,143,000 after buying an additional 15,393,507 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in Cleveland-Cliffs by 6.4% during the first quarter. Dimensional Fund Advisors LP now owns 15,489,207 shares of the mining company’s stock worth $130,873,000 after acquiring an additional 925,031 shares during the period. 67.68% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have commented on CLF shares. Glj Research upgraded shares of Cleveland-Cliffs from a “hold” rating to a “buy” rating and boosted their price target for the stock from $15.01 to $15.60 in a research report on Friday, July 24th. Citigroup restated a “positive” rating on shares of Cleveland-Cliffs in a research report on Friday, July 24th. The Goldman Sachs Group reaffirmed a “neutral” rating and issued a $10.00 price objective on shares of Cleveland-Cliffs in a research note on Friday, May 1st. JPMorgan Chase & Co. dropped their target price on shares of Cleveland-Cliffs from $13.00 to $10.00 and set a “neutral” rating on the stock in a report on Wednesday, July 15th. Finally, Morgan Stanley reissued an “equal weight” rating and set a $12.50 target price (up from $12.00) on shares of Cleveland-Cliffs in a research note on Monday, June 22nd. Two analysts have rated the stock with a Buy rating, seven have issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $11.86.

Insider Buying and Selling at Cleveland-Cliffs

In other news, EVP Celso L. Goncalves, Jr. sold 214,308 shares of Cleveland-Cliffs stock in a transaction on Friday, June 5th. The stock was sold at an average price of $13.41, for a total transaction of $2,873,870.28. Following the transaction, the executive vice president owned 184,542 shares in the company, valued at approximately $2,474,708.22. The trade was a 53.73% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.95% of the company’s stock.

Cleveland-Cliffs Trading Down 3.4%

NYSE:CLF opened at $11.89 on Wednesday. The stock has a fifty day simple moving average of $11.15 and a 200 day simple moving average of $10.81. The firm has a market capitalization of $6.78 billion, a price-to-earnings ratio of -7.34 and a beta of 2.09. Cleveland-Cliffs Inc. has a 1-year low of $7.73 and a 1-year high of $16.70. The company has a quick ratio of 0.63, a current ratio of 1.89 and a debt-to-equity ratio of 1.32.

Cleveland-Cliffs (NYSE:CLF) last posted its quarterly earnings data on Thursday, July 23rd. The mining company reported ($0.20) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.21) by $0.01. Cleveland-Cliffs had a negative return on equity of 13.37% and a negative net margin of 4.56%.The firm had revenue of $5.23 billion for the quarter, compared to the consensus estimate of $5.15 billion. During the same quarter in the previous year, the company earned ($0.50) EPS. The business’s revenue for the quarter was up 5.9% compared to the same quarter last year. Sell-side analysts forecast that Cleveland-Cliffs Inc. will post -0.11 earnings per share for the current year.

Cleveland-Cliffs Company Profile

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.