Wolverine Asset Management LLC Has $1.37 Million Position in Cleveland-Cliffs Inc. (NYSE:CLF)

Wolverine Asset Management LLC lessened its position in Cleveland-Cliffs Inc. (NYSE:CLF) by 24.2% during the 4th quarter, Holdings Channel reports. The firm owned 67,195 shares of the mining company’s stock after selling 21,400 shares during the quarter. Wolverine Asset Management LLC’s holdings in Cleveland-Cliffs were worth $1,372,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Dorsey & Whitney Trust CO LLC boosted its stake in shares of Cleveland-Cliffs by 2.3% in the 3rd quarter. Dorsey & Whitney Trust CO LLC now owns 27,337 shares of the mining company’s stock valued at $427,000 after purchasing an additional 609 shares in the last quarter. Allworth Financial LP raised its holdings in shares of Cleveland-Cliffs by 50.3% in the fourth quarter. Allworth Financial LP now owns 1,850 shares of the mining company’s stock valued at $38,000 after buying an additional 619 shares during the last quarter. Stratos Wealth Partners LTD. raised its holdings in shares of Cleveland-Cliffs by 0.7% in the third quarter. Stratos Wealth Partners LTD. now owns 103,397 shares of the mining company’s stock valued at $1,616,000 after buying an additional 674 shares during the last quarter. Fifth Third Bancorp raised its holdings in shares of Cleveland-Cliffs by 14.9% in the third quarter. Fifth Third Bancorp now owns 5,513 shares of the mining company’s stock valued at $86,000 after buying an additional 716 shares during the last quarter. Finally, Lindbrook Capital LLC raised its holdings in shares of Cleveland-Cliffs by 83.7% in the fourth quarter. Lindbrook Capital LLC now owns 1,571 shares of the mining company’s stock valued at $32,000 after buying an additional 716 shares during the last quarter. Institutional investors and hedge funds own 67.68% of the company’s stock.

Cleveland-Cliffs Stock Performance

Shares of CLF stock opened at $18.31 on Thursday. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.90 and a quick ratio of 0.62. The stock has a 50-day moving average of $20.97 and a 200-day moving average of $19.00. Cleveland-Cliffs Inc. has a one year low of $13.61 and a one year high of $22.97. The stock has a market cap of $8.71 billion, a PE ratio of 24.74, a price-to-earnings-growth ratio of 0.64 and a beta of 2.03.

Cleveland-Cliffs (NYSE:CLF) last issued its quarterly earnings data on Monday, April 22nd. The mining company reported $0.18 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.19 by ($0.01). Cleveland-Cliffs had a net margin of 1.78% and a return on equity of 8.69%. The business had revenue of $5.20 billion during the quarter, compared to analyst estimates of $5.34 billion. During the same quarter in the prior year, the firm posted ($0.11) earnings per share. Cleveland-Cliffs’s revenue for the quarter was down 1.8% compared to the same quarter last year. As a group, sell-side analysts expect that Cleveland-Cliffs Inc. will post 1.66 earnings per share for the current year.

Cleveland-Cliffs declared that its board has authorized a stock repurchase program on Monday, April 22nd that permits the company to buyback $1.50 billion in outstanding shares. This buyback authorization permits the mining company to reacquire up to 17.2% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

Analyst Ratings Changes

A number of research analysts recently issued reports on CLF shares. Morgan Stanley reaffirmed an “equal weight” rating and issued a $20.00 price target on shares of Cleveland-Cliffs in a report on Tuesday, March 26th. Citigroup cut Cleveland-Cliffs from a “buy” rating to a “neutral” rating and set a $22.00 price objective for the company. in a report on Wednesday, March 13th. BNP Paribas cut Cleveland-Cliffs from a “neutral” rating to an “underperform” rating and set a $16.50 price objective for the company. in a report on Wednesday, February 28th. Argus cut Cleveland-Cliffs from a “buy” rating to a “hold” rating in a report on Thursday, February 8th. Finally, JPMorgan Chase & Co. dropped their price objective on Cleveland-Cliffs from $24.00 to $23.00 and set an “overweight” rating for the company in a report on Wednesday. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $20.75.

Insiders Place Their Bets

In other Cleveland-Cliffs news, Director Susan Miranda Green sold 6,500 shares of the company’s stock in a transaction that occurred on Wednesday, March 13th. The stock was sold at an average price of $20.40, for a total transaction of $132,600.00. Following the completion of the transaction, the director now owns 90,286 shares of the company’s stock, valued at approximately $1,841,834.40. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, EVP Terry G. Fedor sold 27,430 shares of the stock in a transaction on Wednesday, March 6th. The stock was sold at an average price of $20.19, for a total value of $553,811.70. Following the sale, the executive vice president now owns 534,617 shares in the company, valued at approximately $10,793,917.23. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Susan Miranda Green sold 6,500 shares of the stock in a transaction on Wednesday, March 13th. The shares were sold at an average price of $20.40, for a total value of $132,600.00. Following the completion of the sale, the director now owns 90,286 shares in the company, valued at approximately $1,841,834.40. The disclosure for this sale can be found here. Insiders sold a total of 221,066 shares of company stock valued at $4,464,688 in the last quarter. 1.76% of the stock is currently owned by insiders.

Cleveland-Cliffs Company Profile

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.