Victory Capital Management Inc. Sells 316,235 Shares of Cleveland-Cliffs Inc. (NYSE:CLF)

Victory Capital Management Inc. lessened its stake in shares of Cleveland-Cliffs Inc. (NYSE:CLFGet Rating) by 24.7% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 963,599 shares of the mining company’s stock after selling 316,235 shares during the quarter. Victory Capital Management Inc. owned about 0.18% of Cleveland-Cliffs worth $29,650,000 as of its most recent filing with the SEC.

Several other large investors also recently made changes to their positions in CLF. Capital Investment Advisory Services LLC lifted its position in shares of Cleveland-Cliffs by 3.5% during the 1st quarter. Capital Investment Advisory Services LLC now owns 11,740 shares of the mining company’s stock worth $378,000 after purchasing an additional 400 shares during the last quarter. Advisor Partners LLC lifted its position in shares of Cleveland-Cliffs by 2.5% during the 1st quarter. Advisor Partners LLC now owns 17,819 shares of the mining company’s stock worth $574,000 after purchasing an additional 431 shares during the last quarter. Commerce Bank lifted its position in shares of Cleveland-Cliffs by 2.7% during the 4th quarter. Commerce Bank now owns 21,728 shares of the mining company’s stock worth $473,000 after purchasing an additional 567 shares during the last quarter. Parallel Advisors LLC lifted its position in shares of Cleveland-Cliffs by 58.4% during the 1st quarter. Parallel Advisors LLC now owns 1,562 shares of the mining company’s stock worth $50,000 after purchasing an additional 576 shares during the last quarter. Finally, M&T Bank Corp raised its holdings in Cleveland-Cliffs by 4.4% in the 4th quarter. M&T Bank Corp now owns 14,075 shares of the mining company’s stock valued at $306,000 after acquiring an additional 599 shares in the last quarter. Institutional investors own 56.68% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on CLF shares. Credit Suisse Group cut their price target on Cleveland-Cliffs from $37.00 to $30.00 and set an “outperform” rating for the company in a report on Thursday, July 21st. Citigroup cut their price target on Cleveland-Cliffs from $20.00 to $17.50 and set a “maintains” rating for the company in a report on Tuesday, July 26th. Clarkson Capital reaffirmed a “buy” rating on shares of Cleveland-Cliffs in a report on Tuesday, June 14th. B. Riley cut their price target on Cleveland-Cliffs from $39.00 to $37.00 and set a “maintains” rating for the company in a report on Tuesday, July 26th. Finally, The Goldman Sachs Group cut their price target on Cleveland-Cliffs from $26.00 to $24.00 in a report on Tuesday, July 12th. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, Cleveland-Cliffs presently has a consensus rating of “Moderate Buy” and a consensus target price of $26.14.

Cleveland-Cliffs Trading Down 2.6 %

Shares of CLF opened at $17.05 on Wednesday. Cleveland-Cliffs Inc. has a 1 year low of $14.31 and a 1 year high of $34.04. The company has a current ratio of 2.20, a quick ratio of 0.75 and a debt-to-equity ratio of 0.67. The stock has a 50 day simple moving average of $18.01 and a 200-day simple moving average of $22.22. The stock has a market cap of $8.82 billion, a PE ratio of 2.56 and a beta of 2.25.

Cleveland-Cliffs (NYSE:CLFGet Rating) last issued its earnings results on Friday, July 22nd. The mining company reported $1.13 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.40 by ($0.27). The company had revenue of $6.34 billion during the quarter, compared to analyst estimates of $6.13 billion. Cleveland-Cliffs had a return on equity of 64.45% and a net margin of 15.07%. The company’s quarterly revenue was up 25.6% on a year-over-year basis. During the same period in the previous year, the company posted $1.46 earnings per share. On average, sell-side analysts predict that Cleveland-Cliffs Inc. will post 5.07 EPS for the current fiscal year.

Insider Buying and Selling

In other Cleveland-Cliffs news, EVP Keith Koci purchased 4,600 shares of the firm’s stock in a transaction that occurred on Wednesday, May 11th. The shares were acquired at an average cost of $22.38 per share, for a total transaction of $102,948.00. Following the transaction, the executive vice president now directly owns 294,735 shares in the company, valued at $6,596,169.30. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Cleveland-Cliffs news, EVP Keith Koci purchased 4,600 shares of the firm’s stock in a transaction that occurred on Wednesday, May 11th. The shares were acquired at an average cost of $22.38 per share, for a total transaction of $102,948.00. Following the transaction, the executive vice president now directly owns 294,735 shares in the company, valued at $6,596,169.30. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Douglas C. Taylor sold 28,150 shares of the stock in a transaction that occurred on Tuesday, June 7th. The stock was sold at an average price of $23.12, for a total value of $650,828.00. Following the sale, the director now owns 156,974 shares in the company, valued at $3,629,238.88. The disclosure for this sale can be found here. 1.43% of the stock is owned by corporate insiders.

Cleveland-Cliffs Profile

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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.

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Institutional Ownership by Quarter for Cleveland-Cliffs (NYSE:CLF)

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