Chicago Equity Partners LLC reduced its stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 69.6% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 207,505 shares of the mining company’s stock after selling 475,725 shares during the quarter. Chicago Equity Partners LLC’s holdings in Cleveland-Cliffs were worth $1,442,000 as of its most recent SEC filing.
Other institutional investors also recently added to or reduced their stakes in the company. NEXT Financial Group Inc raised its stake in Cleveland-Cliffs by 87.8% during the fourth quarter. NEXT Financial Group Inc now owns 13,905 shares of the mining company’s stock worth $100,000 after acquiring an additional 6,500 shares in the last quarter. Granite Springs Asset Management LLC acquired a new position in Cleveland-Cliffs during the fourth quarter worth $105,000. Quantitative Investment Management LLC acquired a new position in Cleveland-Cliffs during the fourth quarter worth $115,000. Girard Partners LTD. acquired a new position in Cleveland-Cliffs during the fourth quarter worth $142,000. Finally, Capital Wealth Planning LLC acquired a new position in Cleveland-Cliffs during the fourth quarter worth $159,000. Hedge funds and other institutional investors own 61.00% of the company’s stock.
Shares of CLF stock opened at $8.95 on Friday. The company has a current ratio of 3.32, a quick ratio of 2.37 and a debt-to-equity ratio of -4.76. The firm has a market cap of $2.55 billion, a PE ratio of 17.90 and a beta of 1.59. Cleveland-Cliffs Inc. has a 52 week low of $8.54 and a 52 week high of $8.79.
Cleveland-Cliffs (NYSE:CLF) last announced its earnings results on Friday, April 20th. The mining company reported ($0.08) EPS for the quarter, topping the consensus estimate of ($0.21) by $0.13. The company had revenue of $239.00 million for the quarter, compared to analysts’ expectations of $177.93 million. Cleveland-Cliffs had a negative return on equity of 40.15% and a net margin of 15.12%. The business’s revenue for the quarter was down 48.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.16 earnings per share. equities analysts predict that Cleveland-Cliffs Inc. will post 1.58 EPS for the current year.
Several research firms have issued reports on CLF. Zacks Investment Research upgraded Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating and set a $9.75 price objective for the company in a research note on Monday. Vertical Group began coverage on Cleveland-Cliffs in a research note on Friday, January 19th. They set a “sell” rating for the company. ValuEngine upgraded Cleveland-Cliffs from a “hold” rating to a “buy” rating in a research note on Wednesday, March 7th. Cowen reiterated a “market perform” rating and set a $9.00 price objective (up from $7.00) on shares of Cleveland-Cliffs in a research note on Friday, January 26th. Finally, Seaport Global Securities began coverage on Cleveland-Cliffs in a research note on Wednesday, May 9th. They set a “buy” rating and a $10.00 price objective for the company. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Cleveland-Cliffs has an average rating of “Hold” and an average target price of $9.68.
In other Cleveland-Cliffs news, Director Eric M. Rychel bought 5,000 shares of the firm’s stock in a transaction dated Friday, April 27th. The shares were bought at an average price of $7.48 per share, for a total transaction of $37,400.00. Following the completion of the acquisition, the director now owns 19,845 shares of the company’s stock, valued at $148,440.60. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Susan Miranda Green sold 11,305 shares of the stock in a transaction on Tuesday, March 6th. The stock was sold at an average price of $7.62, for a total value of $86,144.10. Following the sale, the director now owns 60,367 shares in the company, valued at approximately $459,996.54. The disclosure for this sale can be found here. 0.89% of the stock is currently owned by corporate insiders.
Cleveland-Cliffs Company Profile
Cleveland-Cliffs Inc operates as an iron ore mining company in the United States. The company operates four iron ore mines in Michigan and Minnesota; and Koolyanobbing iron ore mining complex located in Western Australia. It sells its products to integrated steel companies and steel producers in the United States and the Asia Pacific.
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