Cleveland-Cliffs Inc. (NYSE:CLF) Shares Sold by NBC Securities Inc.

NBC Securities Inc. trimmed its holdings in Cleveland-Cliffs Inc. (NYSE:CLF) by 2.6% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 32,183 shares of the mining company’s stock after selling 875 shares during the period. NBC Securities Inc.’s holdings in Cleveland-Cliffs were worth $731,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also modified their holdings of the business. Norges Bank acquired a new stake in shares of Cleveland-Cliffs in the fourth quarter valued at about $117,585,000. Sound Shore Management Inc. CT increased 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 worth $82,446,000 after purchasing an additional 334,739 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in Cleveland-Cliffs by 5.8% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,542,004 shares of the mining company’s stock worth $72,328,000 after purchasing an additional 194,948 shares during the last quarter. AQR Capital Management LLC increased its position in Cleveland-Cliffs by 154.2% during the third 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 increased its position in Cleveland-Cliffs by 20.6% during the fourth quarter. Douglas Lane & Associates LLC now owns 2,103,314 shares of the mining company’s stock worth $42,950,000 after purchasing an additional 359,801 shares during the last quarter. 67.68% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on CLF shares. Morgan Stanley cut their price objective on shares of 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. JPMorgan Chase & Co. cut shares of Cleveland-Cliffs from an “overweight” rating to a “neutral” rating and cut their price objective for the stock from $23.00 to $17.00 in a research report on Tuesday, June 11th. BNP Paribas cut shares of Cleveland-Cliffs from a “neutral” rating to an “underperform” rating and set a $16.50 price objective for the company. in a research report on Wednesday, February 28th. B. Riley cut their price objective on shares of 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 reaffirmed an “underperform” rating and set a $18.00 target price on shares of Cleveland-Cliffs in a research note on Tuesday, April 9th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and two have issued a buy rating to the stock. According to MarketBeat, Cleveland-Cliffs presently has an average rating of “Hold” and an average target price of $19.79.

Insiders Place Their Bets

In related news, CEO Lourenco Goncalves acquired 60,000 shares of the business’s stock in a transaction on Wednesday, May 1st. The shares were bought at an average price of $16.76 per share, with a total value of $1,005,600.00. Following the completion of the acquisition, the chief executive officer now owns 2,759,089 shares in the company, valued at $46,242,331.64. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CEO Lourenco Goncalves acquired 60,000 shares of the business’s stock in a transaction on Wednesday, May 1st. The shares were bought at an average price of $16.76 per share, with a total value of $1,005,600.00. Following the completion of the acquisition, the chief executive officer now owns 2,759,089 shares in the company, valued at $46,242,331.64. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Ron A. Bloom acquired 25,000 shares of the business’s stock in a transaction on Wednesday, May 1st. The shares were bought at an average cost of $17.00 per share, for a total transaction of $425,000.00. Following the acquisition, the director now owns 59,900 shares of the company’s stock, valued at approximately $1,018,300. The disclosure for this purchase can be found here. Over the last quarter, insiders have purchased 98,950 shares of company stock valued at $1,639,638. 1.76% of the stock is owned by corporate insiders.

Cleveland-Cliffs Stock Down 0.9 %

Shares of NYSE:CLF opened at $14.71 on Thursday. The firm’s 50 day moving average price is $17.54 and its 200 day moving average price is $19.11. The stock has a market cap of $6.99 billion, a price-to-earnings ratio of 19.88, a price-to-earnings-growth ratio of 0.65 and a beta of 2.08. Cleveland-Cliffs Inc. has a fifty-two week low of $13.84 and a fifty-two week high of $22.97. The company has a quick ratio of 0.59, a current ratio of 1.90 and a debt-to-equity ratio of 0.49.

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

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