13,000 Shares in Cleveland-Cliffs Inc. (NYSE:CLF) Purchased by Golden State Equity Partners

Golden State Equity Partners purchased a new position in Cleveland-Cliffs Inc. (NYSE:CLF) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 13,000 shares of the mining company’s stock, valued at approximately $107,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in CLF. Pinpoint Asset Management Ltd purchased a new position in Cleveland-Cliffs in the fourth quarter worth about $25,000. Estabrook Capital Management grew its position in Cleveland-Cliffs by 207.7% in the fourth quarter. Estabrook Capital Management now owns 4,000 shares of the mining company’s stock worth $38,000 after acquiring an additional 2,700 shares in the last quarter. AllSquare Wealth Management LLC grew its position in Cleveland-Cliffs by 24.4% in the fourth quarter. AllSquare Wealth Management LLC now owns 5,100 shares of the mining company’s stock worth $48,000 after acquiring an additional 1,000 shares in the last quarter. Fifth Third Bancorp grew its position in Cleveland-Cliffs by 36.6% in the first quarter. Fifth Third Bancorp now owns 6,216 shares of the mining company’s stock worth $51,000 after acquiring an additional 1,664 shares in the last quarter. Finally, Byrne Asset Management LLC grew its position in Cleveland-Cliffs by 38.1% in the first quarter. Byrne Asset Management LLC now owns 6,353 shares of the mining company’s stock worth $52,000 after acquiring an additional 1,753 shares in the last quarter. Hedge funds and other institutional investors own 67.68% of the company’s stock.

Cleveland-Cliffs Stock Down 0.5%

Shares of NYSE CLF opened at $7.42 on Friday. The company has a debt-to-equity ratio of 1.17, a current ratio of 2.13 and a quick ratio of 0.64. The company has a market cap of $3.67 billion, a P/E ratio of -3.04 and a beta of 1.85. Cleveland-Cliffs Inc. has a 1 year low of $5.63 and a 1 year high of $16.47. The firm has a 50-day simple moving average of $7.41 and a two-hundred day simple moving average of $8.87.

Cleveland-Cliffs (NYSE:CLF) last posted its quarterly earnings results on Wednesday, May 7th. The mining company reported ($0.92) earnings per share for the quarter, missing the consensus estimate of ($0.78) by ($0.14). Cleveland-Cliffs had a negative net margin of 6.35% and a negative return on equity of 12.84%. The company had revenue of $4.63 billion for the quarter, compared to the consensus estimate of $4.71 billion. During the same period in the prior year, the firm posted $0.18 EPS. The business’s revenue was down 11.0% on a year-over-year basis. Research analysts anticipate that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current year.

Insider Activity

In other news, EVP James D. Graham sold 120,000 shares of Cleveland-Cliffs stock in a transaction that occurred on Friday, May 23rd. The shares were sold at an average price of $6.85, for a total transaction of $822,000.00. Following the completion of the sale, the executive vice president now 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 1.71% of the company’s stock.

Wall Street Analysts Forecast Growth

CLF has been the subject of several recent research reports. The Goldman Sachs Group dropped their price target on Cleveland-Cliffs from $13.00 to $11.25 and set a “buy” rating for the company in a research report on Monday, May 12th. Glj Research downgraded shares of Cleveland-Cliffs from a “strong-buy” rating to a “strong sell” rating and set a $3.91 price objective for the company. in a research note on Wednesday, May 28th. B. Riley reissued a “buy” rating and issued a $17.00 price objective (down previously from $20.00) on shares of Cleveland-Cliffs in a research note on Wednesday, April 23rd. Finally, Morgan Stanley raised their price objective on shares of Cleveland-Cliffs from $7.50 to $8.00 and gave the stock an “equal weight” rating in a research note on Friday, June 20th. Two analysts have rated the stock with a sell rating, two have issued a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $10.23.

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.