Centaurus Financial Inc. Reduces Position in Cleveland-Cliffs Inc. (NYSE:CLF)

Centaurus Financial Inc. trimmed its holdings in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 26.5% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 14,000 shares of the mining company’s stock after selling 5,050 shares during the quarter. Centaurus Financial Inc.’s holdings in Cleveland-Cliffs were worth $286,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also modified their holdings of the company. Anchor Investment Management LLC bought a new stake in Cleveland-Cliffs in the fourth quarter valued at about $31,000. Lindbrook Capital LLC boosted its stake in Cleveland-Cliffs by 83.7% in the fourth quarter. Lindbrook Capital LLC now owns 1,571 shares of the mining company’s stock valued at $32,000 after acquiring an additional 716 shares during the period. HighMark Wealth Management LLC acquired a new position in Cleveland-Cliffs in the fourth quarter valued at approximately $35,000. Allworth Financial LP boosted its stake in Cleveland-Cliffs by 50.3% in the fourth 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 during the period. Finally, Covestor Ltd boosted its stake in Cleveland-Cliffs by 467.8% in the third quarter. Covestor Ltd now owns 2,765 shares of the mining company’s stock valued at $43,000 after acquiring an additional 2,278 shares during the period. 67.68% of the stock is owned by hedge funds and other institutional investors.

Cleveland-Cliffs Price Performance

Shares of NYSE:CLF opened at $14.85 on Tuesday. Cleveland-Cliffs Inc. has a 12 month low of $13.84 and a 12 month high of $22.97. The stock has a market cap of $7.06 billion, a price-to-earnings ratio of 20.07, a PEG ratio of 0.66 and a beta of 2.08. The stock’s 50 day moving average price is $17.83 and its 200 day moving average price is $19.17. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.90 and a quick ratio of 0.59.

Cleveland-Cliffs (NYSE:CLF) last announced its earnings results 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 firm had revenue of $5.20 billion for the quarter, compared to the consensus estimate of $5.34 billion. During the same period in the previous year, the firm earned ($0.11) EPS. Cleveland-Cliffs’s revenue for the quarter was down 1.8% on a year-over-year basis. 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 initiated a stock repurchase plan on Monday, April 22nd that permits the company to buyback $1.50 billion in outstanding shares. This buyback authorization permits the mining company to repurchase up to 17.2% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling at Cleveland-Cliffs

In related news, CFO Celso L. Goncalves, Jr. purchased 7,250 shares of the company’s stock in a transaction on Wednesday, June 12th. The shares were bought at an average price of $14.98 per share, with a total value of $108,605.00. Following the completion of the acquisition, the chief financial officer now owns 314,362 shares of the company’s stock, valued at $4,709,142.76. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CFO Celso L. Goncalves, Jr. bought 7,250 shares of the business’s stock in a transaction on Wednesday, June 12th. The shares were bought at an average cost 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 $4,709,142.76. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Ben Oren bought 6,700 shares of the business’s stock in a transaction on Wednesday, June 12th. The shares were purchased at an average cost of $14.99 per share, for a total transaction of $100,433.00. Following the completion of 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. Over the last 90 days, insiders have purchased 98,950 shares of company stock valued at $1,639,638. Corporate insiders own 1.76% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the company. Citigroup downgraded Cleveland-Cliffs from a “buy” rating to a “neutral” rating and set a $22.00 target price for the company. in a research note on Wednesday, March 13th. Morgan Stanley reduced their price objective on Cleveland-Cliffs from $20.00 to $19.00 and set an “equal weight” rating for the company in a research report on Tuesday, April 30th. StockNews.com downgraded Cleveland-Cliffs from a “buy” rating to a “hold” rating in a research report on Friday, April 26th. B. Riley reduced their price objective on Cleveland-Cliffs from $25.00 to $24.00 and set a “buy” rating for the company in a research report on Tuesday, April 30th. Finally, Wolfe Research reiterated an “underperform” rating and set a $18.00 price objective on shares of Cleveland-Cliffs in a research report on Tuesday, April 9th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and two have given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $19.79.

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.