Atlas Capital Advisors LLC Acquires Shares of 3,051 Cleveland-Cliffs Inc. (NYSE:CLF)

Atlas Capital Advisors LLC bought a new position in shares of Cleveland-Cliffs Inc. (NYSE:CLF) in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 3,051 shares of the mining company’s stock, valued at approximately $69,000.

Other institutional investors also recently modified their holdings of the company. Rise Advisors LLC increased its position in Cleveland-Cliffs by 2,858.0% during the first quarter. Rise Advisors LLC now owns 1,479 shares of the mining company’s stock worth $34,000 after acquiring an additional 1,429 shares during the period. Anchor Investment Management LLC bought a new position in shares of Cleveland-Cliffs during the fourth quarter worth approximately $31,000. Lindbrook Capital LLC raised its position in shares of 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 buying an additional 716 shares in the last quarter. HighMark Wealth Management LLC bought a new stake in shares of Cleveland-Cliffs in the fourth quarter valued at approximately $35,000. Finally, Allworth Financial LP grew its position in Cleveland-Cliffs by 50.3% during the fourth quarter. Allworth Financial LP now owns 1,850 shares of the mining company’s stock worth $38,000 after buying an additional 619 shares in the last quarter. Institutional investors own 67.68% of the company’s stock.

Cleveland-Cliffs Trading Up 3.3 %

Shares of Cleveland-Cliffs stock opened at $14.93 on Thursday. The firm’s 50 day moving average is $16.86 and its 200 day moving average is $19.01. The firm has a market capitalization of $7.10 billion, a PE ratio of 20.18, a price-to-earnings-growth ratio of 0.64 and a beta of 2.08. Cleveland-Cliffs Inc. has a 1 year low of $13.84 and a 1 year high of $22.97. The company has a current ratio of 1.90, a quick ratio of 0.59 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 analysts’ consensus estimates of $0.19 by ($0.01). Cleveland-Cliffs had a net margin of 1.78% and a return on equity of 8.69%. The company had revenue of $5.20 billion during the quarter, compared to analyst estimates of $5.34 billion. During the same quarter in the prior year, the business earned ($0.11) EPS. The business’s quarterly revenue was down 1.8% on a year-over-year basis. Equities research analysts forecast 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 initiated a share buyback program on Monday, April 22nd that authorizes the company to buyback $1.50 billion in shares. This buyback authorization authorizes the mining company to purchase up to 17.2% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Analysts Set New Price Targets

CLF has been the subject of several analyst reports. JPMorgan Chase & Co. cut Cleveland-Cliffs from an “overweight” rating to a “neutral” rating and dropped their price objective for the company from $23.00 to $17.00 in a report on Tuesday, June 11th. Citigroup downgraded Cleveland-Cliffs from a “buy” rating to a “neutral” rating and set a $22.00 price target for the company. in a research note on Wednesday, March 13th. Bank of America cut 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 report on Wednesday. Seaport Res Ptn raised shares of Cleveland-Cliffs to a “hold” rating in a report on Tuesday, June 11th. Finally, B. Riley reaffirmed a “buy” rating and set a $23.00 price target on shares of Cleveland-Cliffs in a report on Tuesday. Two investment 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 MarketBeat, Cleveland-Cliffs currently has an average rating of “Hold” and an average price target of $19.44.

Insider Buying and Selling

In other news, Director Ben Oren bought 6,700 shares of the company’s stock in a transaction on Wednesday, June 12th. The stock was purchased at an average cost of $14.99 per share, for a total transaction of $100,433.00. Following the completion of the transaction, the director now owns 14,167 shares of the company’s stock, valued at $212,363.33. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. In other Cleveland-Cliffs news, Director Ben Oren purchased 6,700 shares of the firm’s stock in a transaction on Wednesday, June 12th. The stock was purchased 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 approximately $212,363.33. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Ron A. Bloom purchased 25,000 shares of the business’s stock in a transaction dated Wednesday, May 1st. The shares were acquired at an average price 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. Insiders have bought 98,950 shares of company stock worth $1,639,638 in the last 90 days. Insiders own 1.76% of the company’s stock.

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.