Mraz Amerine & Associates Inc. Acquires 4,816 Shares of Cleveland-Cliffs Inc. (NYSE:CLF)

Mraz Amerine & Associates Inc. raised its stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 3.4% during the 2nd quarter, according to its most recent filing with the SEC. The firm owned 144,665 shares of the mining company’s stock after acquiring an additional 4,816 shares during the period. Mraz Amerine & Associates Inc.’s holdings in Cleveland-Cliffs were worth $2,226,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in CLF. Norges Bank bought a new position in Cleveland-Cliffs during the fourth quarter valued at approximately $117,585,000. Bank of New York Mellon Corp increased its position in Cleveland-Cliffs by 23.6% during the second quarter. Bank of New York Mellon Corp now owns 5,597,662 shares of the mining company’s stock valued at $86,148,000 after acquiring an additional 1,069,907 shares during the last quarter. Sound Shore Management Inc. CT increased its position in Cleveland-Cliffs by 9.0% during the fourth quarter. Sound Shore Management Inc. CT now owns 4,037,507 shares of the mining company’s stock valued at $82,446,000 after acquiring an additional 334,739 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in Cleveland-Cliffs by 5.8% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,542,004 shares of the mining company’s stock valued at $72,328,000 after acquiring an additional 194,948 shares during the period. Finally, Castle Hook Partners LP boosted its position in Cleveland-Cliffs by 13.8% in the first quarter. Castle Hook Partners LP now owns 3,374,716 shares of the mining company’s stock worth $76,741,000 after purchasing an additional 410,182 shares during the last quarter. Hedge funds and other institutional investors own 67.68% of the company’s stock.

Insiders Place Their Bets

In other news, Director Ben Oren bought 6,700 shares of Cleveland-Cliffs stock in a transaction dated Wednesday, June 12th. The shares were 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 owns 14,167 shares of the company’s stock, valued at approximately $212,363.33. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 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 shares were purchased at an average cost of $14.98 per share, for a total transaction of $108,605.00. Following the acquisition, the chief financial officer now directly owns 314,362 shares in the company, valued at approximately $4,709,142.76. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Ben Oren purchased 6,700 shares of the stock in a transaction that occurred on Wednesday, June 12th. The stock was acquired at an average cost of $14.99 per share, with a total value of $100,433.00. Following the acquisition, the director now owns 14,167 shares in the company, valued at approximately $212,363.33. 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 CLF traded down $0.27 during trading hours on Monday, reaching $13.06. 39,344,900 shares of the stock traded hands, compared to its average volume of 9,216,430. The company’s 50-day moving average price is $14.45 and its two-hundred day moving average price is $17.39. Cleveland-Cliffs Inc. has a 52-week low of $12.39 and a 52-week high of $22.97. The company has a market cap of $6.11 billion, a P/E ratio of 17.65, a price-to-earnings-growth ratio of 7.70 and a beta of 2.03. The company has a current ratio of 1.87, a quick ratio of 0.60 and a debt-to-equity ratio of 0.48.

Cleveland-Cliffs (NYSE:CLF) last released its quarterly earnings data on Monday, July 22nd. The mining company reported $0.11 earnings per share (EPS) for the quarter. Cleveland-Cliffs had a net margin of 0.21% and a return on equity of 4.94%. The firm had revenue of $5.09 billion for the quarter, compared to analysts’ expectations of $5.18 billion. During the same quarter last year, the business posted $0.69 earnings per share. The company’s revenue for the quarter was down 14.9% compared to the same quarter last year. On average, analysts anticipate that Cleveland-Cliffs Inc. will post 0.04 earnings per share for the current year.

Analysts Set New Price Targets

Several equities research analysts have recently commented on CLF shares. B. Riley reaffirmed a “buy” rating and set a $23.00 price target on shares of Cleveland-Cliffs in a research report on Tuesday, June 25th. JPMorgan Chase & Co. cut shares of Cleveland-Cliffs from an “overweight” rating to a “neutral” rating and reduced their target price for the company from $23.00 to $17.00 in a report on Tuesday, June 11th. Morgan Stanley dropped their price target on shares of Cleveland-Cliffs from $17.50 to $15.00 and set an “equal weight” rating on the stock in a research note on Thursday, August 15th. Seaport Res Ptn raised shares of Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, August 27th. Finally, Jefferies Financial Group began coverage on Cleveland-Cliffs in a report on Monday, May 20th. They issued a “buy” rating and a $22.00 target price on the stock. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Cleveland-Cliffs has an average rating of “Hold” and a consensus price target of $18.94.

Cleveland-Cliffs 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.