Steward Partners Investment Advisory LLC Lowers Stock Position in Cleveland-Cliffs Inc. (NYSE:CLF)

Steward Partners Investment Advisory LLC lessened its stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 18.3% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 82,700 shares of the mining company’s stock after selling 18,582 shares during the quarter. Steward Partners Investment Advisory LLC’s holdings in Cleveland-Cliffs were worth $777,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of CLF. Strengthening Families & Communities LLC boosted its stake in Cleveland-Cliffs by 299.8% during the third quarter. Strengthening Families & Communities LLC now owns 1,987 shares of the mining company’s stock worth $25,000 after buying an additional 1,490 shares during the period. Truvestments Capital LLC purchased a new position in Cleveland-Cliffs during the third quarter worth about $34,000. Darwin Wealth Management LLC purchased a new position in Cleveland-Cliffs during the third quarter worth about $34,000. Byrne Asset Management LLC boosted its stake in shares of Cleveland-Cliffs by 130.0% in the fourth quarter. Byrne Asset Management LLC now owns 4,600 shares of the mining company’s stock valued at $43,000 after purchasing an additional 2,600 shares during the period. Finally, Stonebridge Financial Group LLC purchased a new position in shares of Cleveland-Cliffs in the fourth quarter valued at approximately $44,000. Hedge funds and other institutional investors own 67.68% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the stock. Citigroup lowered their price objective on shares of Cleveland-Cliffs from $12.50 to $11.00 and set a “neutral” rating for the company in a research note on Thursday, December 19th. Glj Research lowered their price objective on shares of Cleveland-Cliffs from $14.54 to $12.90 and set a “buy” rating for the company in a research note on Thursday, February 27th. Morgan Stanley lowered their price objective on shares of Cleveland-Cliffs from $13.00 to $11.00 and set an “equal weight” rating for the company in a research note on Monday, February 3rd. B. Riley reissued a “buy” rating on shares of Cleveland-Cliffs in a research note on Tuesday, February 4th. Finally, The Goldman Sachs Group lowered their price objective on shares of Cleveland-Cliffs from $17.00 to $15.00 and set a “buy” rating for the company in a research note on Tuesday, March 4th. Two research analysts have rated the stock with a sell rating, four have given a hold rating, four have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $16.43.

Insiders Place Their Bets

In related news, Director Jane M. Cronin acquired 10,000 shares of the business’s stock in a transaction on Friday, February 28th. The shares were bought at an average price of $10.56 per share, with a total value of $105,600.00. Following the completion of the acquisition, the director now owns 24,522 shares in the company, valued at $258,952.32. This trade represents a 68.86 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Keith Koci acquired 9,500 shares of the business’s stock in a transaction on Friday, February 28th. The shares were bought at an average cost of $10.81 per share, for a total transaction of $102,695.00. Following the acquisition, the executive vice president now owns 543,475 shares of the company’s stock, valued at $5,874,964.75. This represents a 1.78 % increase in their position. The disclosure for this purchase can be found here. Over the last quarter, insiders have purchased 23,500 shares of company stock valued at $243,095. 1.76% of the stock is owned by corporate insiders.

Cleveland-Cliffs Stock Down 11.3 %

Shares of Cleveland-Cliffs stock opened at $8.71 on Tuesday. Cleveland-Cliffs Inc. has a 52-week low of $8.51 and a 52-week high of $22.97. The company has a 50 day moving average of $10.39 and a 200 day moving average of $11.53. The company has a quick ratio of 0.55, a current ratio of 1.85 and a debt-to-equity ratio of 0.53. The company has a market capitalization of $4.30 billion, a P/E ratio of -8.97 and a beta of 1.94.

Cleveland-Cliffs (NYSE:CLF) last issued its quarterly earnings results on Monday, February 24th. The mining company reported ($0.68) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.65) by ($0.03). Cleveland-Cliffs had a negative return on equity of 0.59% and a negative net margin of 2.31%. The firm had revenue of $4.33 billion during the quarter, compared to analysts’ expectations of $4.46 billion. As a group, research analysts forecast that Cleveland-Cliffs Inc. will post -0.79 EPS for the current fiscal year.

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.