Avantax Advisory Services Inc. Grows Stake in Cleveland-Cliffs Inc. (NYSE:CLF)

Avantax Advisory Services Inc. lifted its stake in Cleveland-Cliffs Inc. (NYSE:CLF) by 9.0% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 17,848 shares of the mining company’s stock after buying an additional 1,479 shares during the period. Avantax Advisory Services Inc.’s holdings in Cleveland-Cliffs were worth $168,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of the stock. Advisors Asset Management Inc. boosted its holdings in Cleveland-Cliffs by 28.0% in the 3rd quarter. Advisors Asset Management Inc. now owns 19,280 shares of the mining company’s stock worth $246,000 after acquiring an additional 4,215 shares during the period. Charles Schwab Investment Management Inc. boosted its position in Cleveland-Cliffs by 3.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,751,153 shares of the mining company’s stock valued at $47,902,000 after buying an additional 121,389 shares during the last quarter. Cerity Partners LLC grew its stake in shares of Cleveland-Cliffs by 10.9% during the third quarter. Cerity Partners LLC now owns 366,619 shares of the mining company’s stock valued at $4,682,000 after acquiring an additional 35,995 shares in the last quarter. Truvestments Capital LLC acquired a new position in shares of Cleveland-Cliffs in the third quarter worth about $34,000. Finally, Private Trust Co. NA boosted its holdings in Cleveland-Cliffs by 3.8% in the third quarter. Private Trust Co. NA now owns 40,531 shares of the mining company’s stock valued at $518,000 after purchasing an additional 1,500 shares during the last quarter. Institutional investors and hedge funds own 67.68% of the company’s stock.

Insider Buying and Selling at Cleveland-Cliffs

In related news, EVP Keith Koci purchased 9,500 shares of Cleveland-Cliffs stock in a transaction dated Friday, February 28th. The stock was bought at an average cost of $10.81 per share, with a total value of $102,695.00. Following the purchase, the executive vice president now owns 543,475 shares in the company, valued at approximately $5,874,964.75. The trade was a 1.78 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Jane M. Cronin acquired 10,000 shares of the stock in a transaction that occurred on Friday, February 28th. The shares were bought at an average price of $10.56 per share, for a total transaction of $105,600.00. Following the purchase, the director now directly owns 24,522 shares of the company’s stock, valued at approximately $258,952.32. This trade represents a 68.86 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last 90 days, insiders have bought 23,500 shares of company stock worth $243,095. 1.76% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

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

Cleveland-Cliffs Trading Up 2.4 %

Shares of NYSE CLF opened at $9.36 on Friday. The company has a market cap of $4.63 billion, a price-to-earnings ratio of -9.64 and a beta of 1.94. The stock’s 50 day simple moving average is $10.30 and its 200 day simple moving average is $11.23. The company has a current ratio of 1.85, a quick ratio of 0.55 and a debt-to-equity ratio of 0.53. Cleveland-Cliffs Inc. has a 12-month low of $8.50 and a 12-month high of $22.97.

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

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.