Farther Finance Advisors LLC Buys 4,971 Shares of Cleveland-Cliffs Inc. (NYSE:CLF)

Farther Finance Advisors LLC raised its stake in Cleveland-Cliffs Inc. (NYSE:CLF) by 487.8% during the fourth quarter, HoldingsChannel.com reports. The fund owned 5,990 shares of the mining company’s stock after purchasing an additional 4,971 shares during the quarter. Farther Finance Advisors LLC’s holdings in Cleveland-Cliffs were worth $56,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Bank of New York Mellon Corp increased its position in Cleveland-Cliffs by 20.1% in the fourth quarter. Bank of New York Mellon Corp now owns 7,382,769 shares of the mining company’s stock worth $69,398,000 after purchasing an additional 1,236,247 shares during the last quarter. Franklin Resources Inc. grew its stake in shares of Cleveland-Cliffs by 105.6% in the 3rd quarter. Franklin Resources Inc. now owns 262,771 shares of the mining company’s stock worth $3,429,000 after buying an additional 134,939 shares in the last quarter. Stonegate Investment Group LLC purchased a new position in shares of Cleveland-Cliffs in the 4th quarter worth $18,999,000. Janus Henderson Group PLC increased its holdings in shares of Cleveland-Cliffs by 987.0% in the 3rd quarter. Janus Henderson Group PLC now owns 207,000 shares of the mining company’s stock worth $2,644,000 after buying an additional 187,957 shares during the last quarter. Finally, Rockefeller Capital Management L.P. bought a new position in shares of Cleveland-Cliffs in the 3rd quarter valued at about $22,122,000. 67.68% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of brokerages recently issued reports on CLF. Glj Research lowered their price target on Cleveland-Cliffs from $14.54 to $12.90 and set a “buy” rating for the company in a research report on Thursday, February 27th. The Goldman Sachs Group lowered their target price on shares of Cleveland-Cliffs from $17.00 to $15.00 and set a “buy” rating for the company in a report on Tuesday, March 4th. Morgan Stanley dropped their price target on shares of Cleveland-Cliffs from $13.00 to $11.00 and set an “equal weight” rating for the company in a research note on Monday, February 3rd. B. Riley reissued a “buy” rating on shares of Cleveland-Cliffs in a research report on Tuesday, February 4th. Finally, Citigroup decreased their price objective on shares of Cleveland-Cliffs from $12.50 to $11.00 and set a “neutral” rating for the company in a research note on Thursday, December 19th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating, four have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $16.43.

Insider Buying and Selling

In other Cleveland-Cliffs news, Director John T. Baldwin purchased 4,000 shares of Cleveland-Cliffs stock in a transaction that occurred on Monday, March 10th. The stock was purchased at an average price of $8.70 per share, for a total transaction of $34,800.00. Following the transaction, the director now directly owns 133,227 shares in the company, valued at $1,159,074.90. This trade represents a 3.10 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Jane M. Cronin bought 10,000 shares of the firm’s stock in a transaction dated Friday, February 28th. The shares were acquired at an average price of $10.56 per share, with a total value of $105,600.00. Following the purchase, the director now directly owns 24,522 shares of the company’s stock, valued at approximately $258,952.32. This trade represents a 68.86 % increase in their position. The disclosure for this purchase can be found here. Insiders bought 23,500 shares of company stock worth $243,095 over the last 90 days. 1.76% of the stock is owned by insiders.

Cleveland-Cliffs Trading Down 0.9 %

CLF opened at $9.45 on Friday. The business’s 50 day moving average price is $10.38 and its 200 day moving average price is $11.29. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.55 and a current ratio of 1.85. The stock has a market capitalization of $4.67 billion, a PE ratio of -9.74 and a beta of 1.94. Cleveland-Cliffs Inc. has a one year low of $8.50 and a one year high of $22.97.

Cleveland-Cliffs (NYSE:CLF) last posted its quarterly earnings data on Monday, February 24th. The mining company reported ($0.68) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.65) by ($0.03). Cleveland-Cliffs had a negative return on equity of 0.59% and a negative net margin of 2.31%. The company had revenue of $4.33 billion for the quarter, compared to analysts’ expectations of $4.46 billion. As a group, equities research analysts expect that Cleveland-Cliffs Inc. will post -0.79 EPS for the current year.

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.