Cleveland-Cliffs Inc. (NYSE:CLF) Stake Increased by Register Financial Advisors LLC

Register Financial Advisors LLC increased its holdings in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 7.0% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 74,825 shares of the mining company’s stock after buying an additional 4,900 shares during the quarter. Cleveland-Cliffs accounts for approximately 0.9% of Register Financial Advisors LLC’s holdings, making the stock its 27th biggest position. Register Financial Advisors LLC’s holdings in Cleveland-Cliffs were worth $1,702,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of the business. Norges Bank acquired a new stake in shares of Cleveland-Cliffs during the 4th quarter valued at $117,585,000. Sound Shore Management Inc. CT boosted 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 purchasing an additional 334,739 shares during the last quarter. Charles Schwab Investment Management Inc. grew its stake 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 purchasing an additional 194,948 shares in the last quarter. AQR Capital Management LLC increased its position in Cleveland-Cliffs by 154.2% in the 3rd quarter. AQR Capital Management LLC now owns 2,586,472 shares of the mining company’s stock worth $40,181,000 after purchasing an additional 1,568,961 shares during the last quarter. Finally, Douglas Lane & Associates LLC raised its stake in shares of Cleveland-Cliffs by 5.3% during the 1st quarter. Douglas Lane & Associates LLC now owns 2,214,119 shares of the mining company’s stock worth $50,349,000 after purchasing an additional 110,805 shares in the last quarter. 67.68% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on CLF. Citigroup lowered Cleveland-Cliffs from a “buy” rating to a “neutral” rating and set a $22.00 target price on the stock. in a report on Wednesday, March 13th. JPMorgan Chase & Co. lowered Cleveland-Cliffs from an “overweight” rating to a “neutral” rating and reduced their target price for the stock from $23.00 to $17.00 in a report on Tuesday, June 11th. Morgan Stanley lowered their price target on Cleveland-Cliffs from $20.00 to $19.00 and set an “equal weight” rating on the stock in a report on Tuesday, April 30th. Bank of America reduced their price objective on shares of Cleveland-Cliffs from $20.00 to $18.00 and set a “neutral” rating for the company in a research note on Wednesday. Finally, Wolfe Research reiterated an “underperform” rating and issued a $18.00 target price on shares of Cleveland-Cliffs in a research note on Tuesday, April 9th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat, Cleveland-Cliffs presently has a consensus rating of “Hold” and an average target price of $19.44.

Cleveland-Cliffs Stock Performance

Shares of CLF traded up $0.41 during trading hours on Friday, reaching $15.41. 17,594,498 shares of the company traded hands, compared to its average volume of 8,934,538. Cleveland-Cliffs Inc. has a 1-year low of $13.84 and a 1-year high of $22.97. The stock has a market cap of $7.33 billion, a P/E ratio of 20.80, a price-to-earnings-growth ratio of 0.66 and a beta of 2.08. The stock’s fifty day moving average is $16.74 and its 200 day moving average is $18.98. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.59 and a current ratio of 1.90.

Cleveland-Cliffs (NYSE:CLF) last announced its quarterly earnings data on Monday, April 22nd. The mining company reported $0.18 EPS for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.01). The firm had revenue of $5.20 billion during the quarter, compared to the consensus estimate of $5.34 billion. Cleveland-Cliffs had a return on equity of 8.69% and a net margin of 1.78%. Cleveland-Cliffs’s revenue was down 1.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.11) EPS. Equities research analysts anticipate that Cleveland-Cliffs Inc. will post 0.48 earnings per share for the current fiscal year.

Cleveland-Cliffs announced that its Board of Directors has authorized a stock buyback program on Monday, April 22nd that permits the company to buyback $1.50 billion in outstanding shares. This buyback authorization permits the mining company to purchase up to 17.2% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s management believes its shares are undervalued.

Insider Buying and Selling at Cleveland-Cliffs

In other Cleveland-Cliffs news, Director Ben Oren bought 6,700 shares of the firm’s stock in a transaction dated Wednesday, June 12th. The shares were acquired at an average cost of $14.99 per share, for a total transaction of $100,433.00. Following the transaction, the director now owns 14,167 shares in the company, valued at $212,363.33. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CEO Lourenco Goncalves acquired 60,000 shares of the company’s stock in a transaction on Wednesday, May 1st. The stock was purchased at an average cost of $16.76 per share, for a total transaction of $1,005,600.00. Following the completion of the purchase, the chief executive officer now directly owns 2,759,089 shares of the company’s stock, valued at approximately $46,242,331.64. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Ben Oren bought 6,700 shares of Cleveland-Cliffs stock in a transaction dated Wednesday, June 12th. The stock was purchased at an average price of $14.99 per share, for a total transaction of $100,433.00. Following the purchase, the director now directly owns 14,167 shares in the company, valued at approximately $212,363.33. The disclosure for this purchase can be found here. Insiders have acquired 98,950 shares of company stock valued at $1,639,638 in the last 90 days. 1.76% of the stock is currently owned by company insiders.

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.