Metropolitan Life Insurance Co NY lessened its holdings in Cleveland-Cliffs Inc (NYSE:CLF) by 1.7% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 93,525 shares of the mining company’s stock after selling 1,610 shares during the quarter. Metropolitan Life Insurance Co NY’s holdings in Cleveland-Cliffs were worth $934,000 at the end of the most recent quarter.
A number of other large investors have also bought and sold shares of the stock. Meeder Asset Management Inc. acquired a new stake in shares of Cleveland-Cliffs during the first quarter worth about $47,000. State of Alaska Department of Revenue acquired a new stake in Cleveland-Cliffs in the first quarter valued at about $56,000. Bessemer Group Inc. acquired a new stake in Cleveland-Cliffs in the fourth quarter valued at about $65,000. Harvest Group Wealth Management LLC acquired a new stake in Cleveland-Cliffs in the first quarter valued at about $78,000. Finally, CWM Advisors LLC acquired a new stake in Cleveland-Cliffs in the fourth quarter valued at about $91,000. 80.54% of the stock is currently owned by hedge funds and other institutional investors.
Shares of CLF traded down $0.12 during mid-day trading on Thursday, hitting $10.87. 7,418,091 shares of the company’s stock were exchanged, compared to its average volume of 9,918,743. The company has a current ratio of 2.86, a quick ratio of 1.82 and a debt-to-equity ratio of 7.97. The firm’s fifty day simple moving average is $10.04. The firm has a market capitalization of $3.07 billion, a PE ratio of 5.10 and a beta of 1.92. Cleveland-Cliffs Inc has a twelve month low of $7.40 and a twelve month high of $13.10.
The company also recently announced a quarterly dividend, which was paid on Monday, July 15th. Investors of record on Friday, July 5th were given a dividend of $0.06 per share. The ex-dividend date of this dividend was Wednesday, July 3rd. This represents a $0.24 dividend on an annualized basis and a dividend yield of 2.21%. This is a boost from Cleveland-Cliffs’s previous quarterly dividend of $0.05. Cleveland-Cliffs’s dividend payout ratio (DPR) is 11.27%.
A number of equities research analysts have recently issued reports on the stock. Credit Suisse Group set a $123.00 price target on shares of Hershey and gave the company a “hold” rating in a research report on Friday, April 26th. B. Riley lifted their price target on shares of Cleveland-Cliffs from $14.00 to $15.00 and gave the company a “buy” rating in a research report on Thursday, April 25th. Zacks Investment Research cut shares of GasLog Partners LP Unit from a “hold” rating to a “strong sell” rating in a research note on Tuesday, April 2nd. Finally, Jefferies Financial Group set a $250.00 price objective on shares of FleetCor Technologies and gave the stock a “hold” rating in a research note on Tuesday, April 23rd. One investment analyst has rated the stock with a sell rating, four have given a hold rating and six have issued a buy rating to the stock. Cleveland-Cliffs currently has a consensus rating of “Hold” and an average target price of $12.50.
In related news, Director Robert P. Fisher, Jr. acquired 3,000 shares of the stock in a transaction on Monday, June 3rd. The stock was purchased at an average price of $8.92 per share, for a total transaction of $26,760.00. Following the transaction, the director now owns 113,398 shares of the company’s stock, valued at approximately $1,011,510.16. The acquisition was disclosed in a filing with the SEC, which is available through this link. Also, Director Michael D. Siegal acquired 7,500 shares of the stock in a transaction on Wednesday, May 1st. The stock was bought at an average price of $9.76 per share, with a total value of $73,200.00. Following the transaction, the director now directly owns 75,271 shares in the company, valued at approximately $734,644.96. The disclosure for this purchase can be found here. Insiders have purchased a total of 30,500 shares of company stock valued at $290,310 in the last quarter. 1.32% of the stock is currently owned by corporate insiders.
Cleveland-Cliffs Inc operates as an iron ore mining company in the United States. The company operates four iron ore mines in Michigan and Minnesota. It sells its products to integrated steel companies and steel producers in the United States and the Asia Pacific. The company was formerly known as Cliffs Natural Resources Inc and changed its name to Cleveland-Cliffs Inc in August 2017.
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