Cleveland-Cliffs Inc. (NYSE:CLF) Shares Sold by Handelsinvest Investeringsforvaltning

Handelsinvest Investeringsforvaltning lessened its holdings in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 34.2% in the first quarter, according to its most recent filing with the SEC. The firm owned 12,313 shares of the mining company’s stock after selling 6,392 shares during the quarter. Handelsinvest Investeringsforvaltning’s holdings in Cleveland-Cliffs were worth $280,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Rise Advisors LLC raised its stake in shares of Cleveland-Cliffs by 2,858.0% in the 1st quarter. Rise Advisors LLC now owns 1,479 shares of the mining company’s stock worth $34,000 after buying an additional 1,429 shares in the last quarter. Anchor Investment Management LLC acquired a new stake in shares of Cleveland-Cliffs during the fourth quarter worth $31,000. Lindbrook Capital LLC raised its position in shares of Cleveland-Cliffs by 83.7% during the fourth quarter. Lindbrook Capital LLC now owns 1,571 shares of the mining company’s stock worth $32,000 after purchasing an additional 716 shares during the period. HighMark Wealth Management LLC acquired a new position in Cleveland-Cliffs during the fourth quarter valued at $35,000. Finally, Hexagon Capital Partners LLC raised its position in Cleveland-Cliffs by 41.7% during the first quarter. Hexagon Capital Partners LLC now owns 1,700 shares of the mining company’s stock valued at $39,000 after buying an additional 500 shares during the period. Institutional investors and hedge funds own 67.68% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently weighed in on CLF. Citigroup lowered Cleveland-Cliffs from a “buy” rating to a “neutral” rating and set a $22.00 price target on the stock. in a research report on Wednesday, March 13th. B. Riley reissued a “buy” rating and set a $23.00 price target on shares of Cleveland-Cliffs in a research report on Tuesday, June 25th. StockNews.com lowered Cleveland-Cliffs from a “buy” rating to a “hold” rating in a research report on Friday, April 26th. Morgan Stanley dropped their price target on Cleveland-Cliffs from $20.00 to $19.00 and set an “equal weight” rating on the stock in a research report on Tuesday, April 30th. Finally, JPMorgan Chase & Co. lowered Cleveland-Cliffs from an “overweight” rating to a “neutral” rating and dropped their price target for the company from $23.00 to $17.00 in a research report on Tuesday, June 11th. Two equities 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. According to MarketBeat.com, Cleveland-Cliffs currently has an average rating of “Hold” and a consensus price target of $19.44.

Cleveland-Cliffs Stock Up 1.3 %

Shares of CLF traded up $0.21 during trading hours on Wednesday, hitting $15.84. 690,007 shares of the company were exchanged, compared to its average volume of 8,839,630. The company has a market cap of $7.53 billion, a PE ratio of 21.13, a PEG ratio of 0.78 and a beta of 2.03. The firm’s 50 day moving average is $16.47 and its 200-day moving average is $18.94. Cleveland-Cliffs Inc. has a 52 week low of $13.84 and a 52 week high of $22.97. 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 released its quarterly earnings results on Monday, April 22nd. The mining company reported $0.18 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.19 by ($0.01). The company had revenue of $5.20 billion for 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%. The business’s revenue was down 1.8% compared to the same quarter last year. During the same quarter last year, the company posted ($0.11) EPS. On average, equities research analysts forecast that Cleveland-Cliffs Inc. will post 0.44 EPS for the current fiscal year.

Cleveland-Cliffs declared that its Board of Directors has approved a share buyback plan on Monday, April 22nd that permits the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization permits the mining company to purchase up to 17.2% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

Insider Transactions at Cleveland-Cliffs

In other Cleveland-Cliffs news, Director Ron A. Bloom bought 25,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 1st. The stock was purchased at an average price of $17.00 per share, for a total transaction of $425,000.00. Following the purchase, the director now directly owns 59,900 shares in the company, valued at $1,018,300. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Cleveland-Cliffs news, Director Ron A. Bloom bought 25,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 1st. The stock was purchased at an average price of $17.00 per share, for a total transaction of $425,000.00. Following the purchase, the director now directly owns 59,900 shares in the company, valued at $1,018,300. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Ben Oren bought 6,700 shares of the firm’s stock in a transaction that occurred on Wednesday, June 12th. The shares were acquired at an average price of $14.99 per share, with a total value of $100,433.00. Following the purchase, the director now owns 14,167 shares in the company, valued at $212,363.33. The disclosure for this purchase can be found here. In the last quarter, insiders purchased 98,950 shares of company stock worth $1,639,638. 1.76% of the stock is owned by corporate insiders.

About Cleveland-Cliffs

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.