Private Advisor Group LLC Sells 54,127 Shares of Cleveland-Cliffs Inc. (NYSE:CLF)

Private Advisor Group LLC trimmed its position in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 11.9% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 402,030 shares of the mining company’s stock after selling 54,127 shares during the quarter. Private Advisor Group LLC owned approximately 0.08% of Cleveland-Cliffs worth $9,142,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. Wealth Enhancement Advisory Services LLC boosted its position in shares of Cleveland-Cliffs by 1.9% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 25,053 shares of the mining company’s stock worth $570,000 after purchasing an additional 476 shares in the last quarter. Hexagon Capital Partners LLC boosted its position in shares of Cleveland-Cliffs by 41.7% in the 1st quarter. Hexagon Capital Partners LLC now owns 1,700 shares of the mining company’s stock worth $39,000 after purchasing an additional 500 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in Cleveland-Cliffs by 0.3% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 216,359 shares of the mining company’s stock valued at $4,249,000 after acquiring an additional 612 shares in the last quarter. Allworth Financial LP lifted its position in Cleveland-Cliffs by 50.3% in the 4th quarter. Allworth Financial LP now owns 1,850 shares of the mining company’s stock valued at $38,000 after acquiring an additional 619 shares in the last quarter. Finally, Fifth Third Bancorp lifted its position in Cleveland-Cliffs by 11.4% in the 1st quarter. Fifth Third Bancorp now owns 6,151 shares of the mining company’s stock valued at $140,000 after acquiring an additional 631 shares in the last quarter. 67.68% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Cleveland-Cliffs news, Director Ben Oren purchased 6,700 shares of the business’s stock in a transaction on Wednesday, June 12th. The stock was acquired at an average price of $14.99 per share, for a total transaction of $100,433.00. Following the purchase, the director now owns 14,167 shares of the company’s stock, valued at approximately $212,363.33. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Cleveland-Cliffs news, Director Ben Oren purchased 6,700 shares of the business’s stock in a transaction on Wednesday, June 12th. The stock was acquired at an average price of $14.99 per share, for a total transaction of $100,433.00. Following the purchase, the director now owns 14,167 shares of the company’s stock, valued at approximately $212,363.33. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Celso L. Goncalves, Jr. purchased 7,250 shares of the business’s stock in a transaction on Wednesday, June 12th. The stock was acquired at an average price of $14.98 per share, with a total value of $108,605.00. Following the purchase, the chief financial officer now directly owns 314,362 shares in the company, valued at approximately $4,709,142.76. The disclosure for this purchase can be found here. In the last quarter, insiders acquired 98,950 shares of company stock worth $1,639,638. Corporate insiders own 1.76% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently issued reports on the company. Jefferies Financial Group assumed coverage on Cleveland-Cliffs in a research report on Monday, May 20th. They issued a “buy” rating and a $22.00 price objective on the stock. Citigroup cut Cleveland-Cliffs from a “buy” rating to a “neutral” rating and set a $22.00 price objective on the stock. in a research report on Wednesday, March 13th. StockNews.com lowered shares of Cleveland-Cliffs from a “buy” rating to a “hold” rating in a research note on Friday, April 26th. Morgan Stanley decreased their target price on shares of Cleveland-Cliffs from $20.00 to $19.00 and set an “equal weight” rating for the company in a research note on Tuesday, April 30th. Finally, Bank of America decreased their target price 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, June 26th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat, Cleveland-Cliffs presently has a consensus rating of “Hold” and a consensus target price of $19.44.

Cleveland-Cliffs Stock Performance

Shares of NYSE:CLF traded down $0.30 during midday trading on Friday, hitting $15.65. The company had a trading volume of 9,582,819 shares, compared to its average volume of 8,895,079. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.90 and a quick ratio of 0.59. The company has a market cap of $7.44 billion, a price-to-earnings ratio of 21.15, a PEG ratio of 1.07 and a beta of 2.03. Cleveland-Cliffs Inc. has a 12-month low of $13.84 and a 12-month high of $22.97. The company has a fifty day moving average of $16.33 and a two-hundred day moving average of $18.87.

Cleveland-Cliffs (NYSE:CLF) last posted its quarterly earnings data on Monday, April 22nd. The mining company reported $0.18 EPS for the quarter, missing the consensus estimate of $0.19 by ($0.01). Cleveland-Cliffs had a return on equity of 8.69% and a net margin of 1.78%. The company had revenue of $5.20 billion during the quarter, compared to analysts’ expectations of $5.34 billion. During the same quarter last year, the company earned ($0.11) earnings per share. The company’s revenue for the quarter was down 1.8% on a year-over-year basis. On average, equities research analysts expect that Cleveland-Cliffs Inc. will post 0.34 EPS for the current fiscal year.

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

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.