Thrivent Financial for Lutherans Increases Holdings in Cleveland-Cliffs Inc. (NYSE:CLF)

Thrivent Financial for Lutherans lifted its position in Cleveland-Cliffs Inc. (NYSE:CLF) by 3.6% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 113,897 shares of the mining company’s stock after buying an additional 3,940 shares during the period. Thrivent Financial for Lutherans’ holdings in Cleveland-Cliffs were worth $1,071,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently modified their holdings of the company. Byrne Asset Management LLC boosted its position in Cleveland-Cliffs by 130.0% in the fourth quarter. Byrne Asset Management LLC now owns 4,600 shares of the mining company’s stock worth $43,000 after purchasing an additional 2,600 shares during the last quarter. Stonebridge Financial Group LLC purchased a new position in shares of Cleveland-Cliffs in the fourth quarter worth approximately $44,000. Wilmington Savings Fund Society FSB bought a new stake in Cleveland-Cliffs during the third quarter valued at approximately $64,000. GAMMA Investing LLC increased its holdings in Cleveland-Cliffs by 1,190.6% during the fourth quarter. GAMMA Investing LLC now owns 5,330 shares of the mining company’s stock valued at $50,000 after buying an additional 4,917 shares during the last quarter. Finally, Farther Finance Advisors LLC raised its position in Cleveland-Cliffs by 487.8% in the fourth quarter. Farther Finance Advisors LLC now owns 5,990 shares of the mining company’s stock worth $56,000 after acquiring an additional 4,971 shares during the period. Institutional investors own 67.68% of the company’s stock.

Insider Transactions at Cleveland-Cliffs

In related news, Director Jane M. Cronin acquired 10,000 shares of Cleveland-Cliffs stock in a transaction on Friday, February 28th. The shares were bought at an average cost of $10.56 per share, with a total value of $105,600.00. Following the completion of the purchase, the director now directly owns 24,522 shares of the company’s stock, valued at $258,952.32. The trade was a 68.86 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director John T. Baldwin acquired 4,000 shares of the firm’s stock in a transaction on Monday, March 10th. The shares were bought at an average price of $8.70 per share, for a total transaction of $34,800.00. Following the completion of the transaction, the director now owns 133,227 shares of the company’s stock, valued at approximately $1,159,074.90. This trade represents a 3.10 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have bought 23,500 shares of company stock valued at $243,095 in the last ninety days. Corporate insiders own 1.76% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Cleveland-Cliffs Price Performance

Shares of NYSE:CLF opened at $8.26 on Tuesday. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.55 and a current ratio of 1.85. The firm has a market cap of $4.08 billion, a price-to-earnings ratio of -8.51 and a beta of 1.94. The firm has a fifty day moving average price of $10.22 and a 200 day moving average price of $11.19. Cleveland-Cliffs Inc. has a fifty-two week low of $7.91 and a fifty-two week high of $22.97.

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