Parallel Advisors LLC Has $92,000 Stake in Cleveland-Cliffs Inc. (NYSE:CLF)

Parallel Advisors LLC raised its position in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 75.3% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 11,217 shares of the mining company’s stock after buying an additional 4,820 shares during the period. Parallel Advisors LLC’s holdings in Cleveland-Cliffs were worth $92,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of CLF. Retirement Systems of Alabama increased its holdings in shares of Cleveland-Cliffs by 1.7% during the fourth quarter. Retirement Systems of Alabama now owns 1,201,661 shares of the mining company’s stock worth $11,296,000 after buying an additional 20,024 shares in the last quarter. Yousif Capital Management LLC increased its holdings in shares of Cleveland-Cliffs by 2.0% in the fourth quarter. Yousif Capital Management LLC now owns 184,438 shares of the mining company’s stock valued at $1,734,000 after purchasing an additional 3,610 shares in the last quarter. Strategic Financial Concepts LLC acquired a new stake in shares of Cleveland-Cliffs in the fourth quarter valued at approximately $442,000. Golden State Wealth Management LLC acquired a new stake in shares of Cleveland-Cliffs in the fourth quarter valued at approximately $147,000. Finally, Byrne Asset Management LLC increased its holdings in shares of Cleveland-Cliffs by 130.0% in the fourth quarter. Byrne Asset Management LLC now owns 4,600 shares of the mining company’s stock valued at $43,000 after purchasing an additional 2,600 shares in the last quarter. Institutional investors and hedge funds own 67.68% of the company’s stock.

Cleveland-Cliffs Trading Up 7.0%

Shares of NYSE CLF opened at $7.60 on Friday. The stock has a market cap of $3.76 billion, a price-to-earnings ratio of -7.84 and a beta of 1.85. Cleveland-Cliffs Inc. has a twelve month low of $5.63 and a twelve month high of $16.47. The company’s fifty day moving average is $7.42 and its 200-day moving average is $9.36. The company has a quick ratio of 0.55, a current ratio of 1.85 and a debt-to-equity ratio of 0.53.

Cleveland-Cliffs (NYSE:CLF) last posted its quarterly earnings data on Wednesday, May 7th. The mining company reported ($0.92) EPS for the quarter, missing the consensus estimate of ($0.78) by ($0.14). The company had revenue of $4.63 billion during the quarter, compared to the consensus estimate of $4.71 billion. Cleveland-Cliffs had a negative net margin of 2.31% and a negative return on equity of 0.59%. The company’s revenue was down 11.0% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.18 earnings per share. Equities research analysts predict that Cleveland-Cliffs Inc. will post -0.79 EPS for the current year.

Insider Activity at Cleveland-Cliffs

In related news, EVP James D. Graham sold 120,000 shares of the business’s stock in a transaction on Friday, May 23rd. The shares were sold at an average price of $6.85, for a total value of $822,000.00. Following the sale, the executive vice president now directly owns 492,249 shares of the company’s stock, valued at approximately $3,371,905.65. The trade was a 19.60% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director John T. Baldwin purchased 4,000 shares of the business’s stock in a transaction on Monday, March 10th. The shares were acquired at an average cost of $8.70 per share, for a total transaction of $34,800.00. Following the completion of the transaction, the director now directly owns 133,227 shares in the company, valued at approximately $1,159,074.90. This represents a 3.10% increase in their ownership of the stock. The disclosure for this purchase can be found here. 1.71% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of analysts recently weighed in on CLF shares. Glj Research lowered shares of Cleveland-Cliffs from a “strong-buy” rating to a “strong sell” rating and set a $3.91 price target for the company. in a report on Wednesday, May 28th. The Goldman Sachs Group lowered their price target on shares of Cleveland-Cliffs from $13.00 to $11.25 and set a “buy” rating for the company in a report on Monday, May 12th. Finally, B. Riley reissued a “buy” rating and issued a $17.00 price target (down previously from $20.00) on shares of Cleveland-Cliffs in a report on Wednesday, April 23rd. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Cleveland-Cliffs presently has an average rating of “Hold” and a consensus price target of $12.74.

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.