General American Investors Co. Inc. Decreases Stock Position in Cleveland-Cliffs Inc. $CLF

General American Investors Co. Inc. cut its position in Cleveland-Cliffs Inc. (NYSE:CLF) by 58.7% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 100,593 shares of the mining company’s stock after selling 143,000 shares during the quarter. General American Investors Co. Inc.’s holdings in Cleveland-Cliffs were worth $1,336,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Los Angeles Capital Management LLC purchased a new position in shares of Cleveland-Cliffs in the fourth quarter valued at $25,000. IFP Advisors Inc boosted its stake in shares of Cleveland-Cliffs by 117.5% in the fourth quarter. IFP Advisors Inc now owns 2,221 shares of the mining company’s stock valued at $29,000 after purchasing an additional 1,200 shares during the period. CIBC Private Wealth Group LLC boosted its stake in shares of Cleveland-Cliffs by 306.1% in the fourth quarter. CIBC Private Wealth Group LLC now owns 2,461 shares of the mining company’s stock valued at $33,000 after purchasing an additional 1,855 shares during the period. Caitong International Asset Management Co. Ltd boosted its stake in shares of Cleveland-Cliffs by 94.0% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 2,505 shares of the mining company’s stock valued at $33,000 after purchasing an additional 1,214 shares during the period. Finally, Larson Financial Group LLC boosted its stake in shares of Cleveland-Cliffs by 819.2% in the third quarter. Larson Financial Group LLC now owns 2,684 shares of the mining company’s stock valued at $33,000 after purchasing an additional 2,392 shares during the period. 67.68% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

CLF has been the topic of a number of research analyst reports. JPMorgan Chase & Co. increased their price objective on shares of Cleveland-Cliffs from $9.00 to $13.00 and gave the company a “neutral” rating in a research note on Wednesday. Wall Street Zen upgraded shares of Cleveland-Cliffs from a “sell” rating to a “hold” rating in a research note on Saturday, February 14th. Argus upgraded shares of Cleveland-Cliffs to a “hold” rating in a research note on Monday, April 6th. Wells Fargo & Company increased their price objective on shares of Cleveland-Cliffs from $9.00 to $14.00 and gave the company an “equal weight” rating in a research note on Thursday, June 4th. Finally, The Goldman Sachs Group reiterated a “neutral” rating and set a $10.00 price objective on shares of Cleveland-Cliffs in a research note on Friday, May 1st. One research analyst has rated the stock with a Buy rating, eight have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, Cleveland-Cliffs presently has a consensus rating of “Reduce” and a consensus price target of $12.85.

Insider Buying and Selling at Cleveland-Cliffs

In other Cleveland-Cliffs news, EVP Celso L. Goncalves, Jr. sold 214,308 shares of the stock in a transaction on Friday, June 5th. The shares were sold at an average price of $13.41, for a total transaction of $2,873,870.28. Following the sale, the executive vice president directly owned 184,542 shares of the company’s stock, valued at approximately $2,474,708.22. This represents a 53.73% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.95% of the company’s stock.

Cleveland-Cliffs Trading Up 0.6%

NYSE CLF opened at $13.80 on Friday. Cleveland-Cliffs Inc. has a 12 month low of $6.72 and a 12 month high of $16.70. The company has a debt-to-equity ratio of 1.29, a current ratio of 2.02 and a quick ratio of 0.64. The company has a market capitalization of $7.87 billion, a price-to-earnings ratio of -5.90 and a beta of 2.09. The company’s fifty day moving average price is $10.95 and its two-hundred day moving average price is $11.58.

Cleveland-Cliffs (NYSE:CLF) last posted its quarterly earnings data on Monday, April 20th. The mining company reported ($0.40) EPS for the quarter, beating analysts’ consensus estimates of ($0.44) by $0.04. The firm had revenue of $4.92 billion for the quarter, compared to the consensus estimate of $4.84 billion. Cleveland-Cliffs had a negative net margin of 6.42% and a negative return on equity of 15.48%. The firm’s revenue was up 6.3% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.92) EPS. As a group, research analysts predict that Cleveland-Cliffs Inc. will post -0.41 earnings per share for the current fiscal 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.