Cleveland-Cliffs Inc. (NYSE:CLF) Shares Purchased by Gradient Investments LLC

Gradient Investments LLC increased its holdings in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 138.8% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 2,149 shares of the mining company’s stock after acquiring an additional 1,249 shares during the period. Gradient Investments LLC’s holdings in Cleveland-Cliffs were worth $33,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of CLF. Wealth Enhancement Advisory Services LLC raised its position in Cleveland-Cliffs by 1.9% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 25,053 shares of the mining company’s stock valued at $570,000 after purchasing an additional 476 shares during the period. Hexagon Capital Partners LLC raised its position in Cleveland-Cliffs by 41.7% in the first quarter. Hexagon Capital Partners LLC now owns 1,700 shares of the mining company’s stock valued at $39,000 after purchasing an additional 500 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. raised its position in Cleveland-Cliffs by 0.3% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 216,359 shares of the mining company’s stock valued at $4,249,000 after purchasing an additional 612 shares during the period. Fifth Third Bancorp raised its position in Cleveland-Cliffs by 11.4% in the first quarter. Fifth Third Bancorp now owns 6,151 shares of the mining company’s stock valued at $140,000 after purchasing an additional 631 shares during the period. Finally, Lindbrook Capital LLC grew its stake in shares of Cleveland-Cliffs by 83.7% during the fourth quarter. Lindbrook Capital LLC now owns 1,571 shares of the mining company’s stock worth $32,000 after purchasing an additional 716 shares in the last quarter. 67.68% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Cleveland-Cliffs news, CFO Celso L. Goncalves, Jr. bought 7,250 shares of Cleveland-Cliffs stock in a transaction dated Wednesday, June 12th. The stock was acquired at an average cost of $14.98 per share, with a total value of $108,605.00. Following the completion of the acquisition, the chief financial officer now owns 314,362 shares of the company’s stock, valued at $4,709,142.76. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, Director Ben Oren purchased 6,700 shares of the business’s stock in a transaction that occurred on Wednesday, June 12th. The stock was purchased at an average cost of $14.99 per share, with a total value of $100,433.00. Following the completion of the acquisition, the director now directly owns 14,167 shares of the company’s stock, valued at approximately $212,363.33. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Celso L. Goncalves, Jr. purchased 7,250 shares of the business’s stock in a transaction that occurred on Wednesday, June 12th. The shares were purchased at an average cost of $14.98 per share, with a total value of $108,605.00. Following the completion of the acquisition, the chief financial officer now directly owns 314,362 shares of the company’s stock, valued at $4,709,142.76. The disclosure for this purchase can be found here. Corporate insiders own 1.76% of the company’s stock.

Cleveland-Cliffs Price Performance

Shares of NYSE:CLF opened at $12.58 on Friday. The company has a 50-day simple moving average of $14.80 and a 200-day simple moving average of $17.88. Cleveland-Cliffs Inc. has a one year low of $12.47 and a one year high of $22.97. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.60 and a current ratio of 1.87. The stock has a market capitalization of $5.98 billion, a price-to-earnings ratio of 17.00, a PEG ratio of 1.94 and a beta of 2.03.

Cleveland-Cliffs (NYSE:CLF) last announced its earnings results on Monday, July 22nd. The mining company reported $0.11 EPS for the quarter. Cleveland-Cliffs had a net margin of 0.21% and a return on equity of 4.94%. The business had revenue of $5.09 billion during the quarter, compared to analysts’ expectations of $5.18 billion. During the same period in the prior year, the company earned $0.69 earnings per share. The business’s revenue was down 14.9% compared to the same quarter last year. On average, analysts predict that Cleveland-Cliffs Inc. will post 0.17 EPS for the current year.

Cleveland-Cliffs declared that its Board of Directors has initiated a share buyback plan on Monday, April 22nd that authorizes the company to repurchase $1.50 billion in shares. This repurchase authorization authorizes the mining company to repurchase up to 17.2% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s management believes its stock is undervalued.

Analysts Set New Price Targets

A number of equities analysts recently commented on CLF shares. StockNews.com downgraded shares of Cleveland-Cliffs from a “buy” rating to a “hold” rating in a research note on Friday, April 26th. Bank of America lowered their target price on shares of Cleveland-Cliffs from $20.00 to $18.00 and set a “neutral” rating for the company in a research note on Wednesday, June 26th. JPMorgan Chase & Co. downgraded shares of Cleveland-Cliffs from an “overweight” rating to a “neutral” rating and lowered their target price for the stock from $23.00 to $17.00 in a research note on Tuesday, June 11th. Jefferies Financial Group began coverage on shares of Cleveland-Cliffs in a research note on Monday, May 20th. They set a “buy” rating and a $22.00 target price for the company. Finally, Seaport Res Ptn upgraded shares of Cleveland-Cliffs to a “hold” rating in a research note on Tuesday, June 11th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $18.94.

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.