DnB Asset Management AS purchased a new stake in Cleveland-Cliffs Inc. (NYSE:CLF – Get Rating) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 111,136 shares of the mining company’s stock, valued at approximately $1,708,000.
A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Joseph P. Lucia & Associates LLC bought a new position in Cleveland-Cliffs during the 1st quarter worth approximately $26,000. Allworth Financial LP lifted its holdings in Cleveland-Cliffs by 199.7% during the 1st quarter. Allworth Financial LP now owns 917 shares of the mining company’s stock worth $30,000 after buying an additional 611 shares during the last quarter. First Eagle Investment Management LLC bought a new position in Cleveland-Cliffs during the 1st quarter worth approximately $30,000. Montag A & Associates Inc. bought a new position in Cleveland-Cliffs during the 1st quarter worth approximately $32,000. Finally, Lazard Asset Management LLC lifted its holdings in Cleveland-Cliffs by 218.1% during the 1st quarter. Lazard Asset Management LLC now owns 1,088 shares of the mining company’s stock worth $35,000 after buying an additional 746 shares during the last quarter. Hedge funds and other institutional investors own 61.21% of the company’s stock.
Analysts Set New Price Targets
Several brokerages recently issued reports on CLF. B. Riley cut their price target on Cleveland-Cliffs from $47.00 to $39.00 and set a “buy” rating on the stock in a report on Wednesday, July 6th. Morgan Stanley cut their price target on Cleveland-Cliffs from $16.00 to $14.50 and set an “equal weight” rating on the stock in a report on Monday, July 25th. JPMorgan Chase & Co. cut their price target on Cleveland-Cliffs from $43.00 to $37.00 in a report on Tuesday, June 14th. Credit Suisse Group lowered their target price on Cleveland-Cliffs from $30.00 to $25.00 and set an “outperform” rating on the stock in a research report on Wednesday. Finally, Clarkson Capital restated a “buy” rating on shares of Cleveland-Cliffs in a research report on Tuesday, June 14th. Three investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $26.07.
Cleveland-Cliffs Stock Down 1.9 %
Cleveland-Cliffs (NYSE:CLF – Get Rating) last issued its quarterly earnings results on Friday, July 22nd. The mining company reported $1.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.40 by ($0.27). Cleveland-Cliffs had a net margin of 15.07% and a return on equity of 64.45%. The firm had revenue of $6.34 billion for the quarter, compared to analyst estimates of $6.13 billion. During the same quarter last year, the business posted $1.46 earnings per share. The firm’s revenue for the quarter was up 25.6% compared to the same quarter last year. Equities analysts expect that Cleveland-Cliffs Inc. will post 4.74 earnings per share for the current fiscal year.
In other news, CFO Celso L. Goncalves, Jr. purchased 5,000 shares of the stock in a transaction dated Tuesday, August 16th. The shares were bought at an average cost of $19.36 per share, for a total transaction of $96,800.00. Following the transaction, the chief financial officer now owns 148,285 shares in the company, valued at $2,870,797.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 1.43% of the stock is owned by insiders.
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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