Spire Wealth Management Sells 3,896 Shares of Cleveland-Cliffs Inc. (NYSE:CLF)

Spire Wealth Management decreased its position in shares of Cleveland-Cliffs Inc. (NYSE:CLFFree Report) by 67.8% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,854 shares of the mining company’s stock after selling 3,896 shares during the period. Spire Wealth Management’s holdings in Cleveland-Cliffs were worth $29,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Barclays PLC boosted its position in shares of Cleveland-Cliffs by 240.4% in the 3rd quarter. Barclays PLC now owns 1,988,689 shares of the mining company’s stock worth $31,083,000 after purchasing an additional 1,404,491 shares in the last quarter. Douglas Lane & Associates LLC increased its holdings in shares of Cleveland-Cliffs by 55.5% during the third quarter. Douglas Lane & Associates LLC now owns 1,743,513 shares of the mining company’s stock valued at $27,251,000 after acquiring an additional 621,937 shares in the last quarter. Handelsinvest Investeringsforvaltning purchased a new position in shares of Cleveland-Cliffs in the 3rd quarter valued at approximately $3,908,000. Kessler Investment Group LLC acquired a new stake in Cleveland-Cliffs in the 3rd quarter worth approximately $4,799,000. Finally, Raymond James & Associates grew its position in Cleveland-Cliffs by 29.4% during the 3rd quarter. Raymond James & Associates now owns 554,022 shares of the mining company’s stock worth $8,659,000 after purchasing an additional 125,884 shares during the last quarter. 60.97% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director Ron A. Bloom purchased 25,000 shares of the stock in a transaction that occurred on Thursday, February 1st. The shares were purchased at an average cost of $20.24 per share, with a total value of $506,000.00. Following the completion of the acquisition, the director now owns 27,221 shares of the company’s stock, valued at approximately $550,953.04. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 1.57% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the stock. Morgan Stanley lifted their price objective on shares of Cleveland-Cliffs from $19.00 to $21.50 and gave the stock an “overweight” rating in a research note on Tuesday, October 31st. Argus cut Cleveland-Cliffs from a “buy” rating to a “hold” rating in a research report on Thursday, February 8th. TheStreet lowered Cleveland-Cliffs from a “b-” rating to a “c” rating in a report on Tuesday, January 30th. Finally, StockNews.com cut Cleveland-Cliffs from a “buy” rating to a “hold” rating in a research note on Wednesday, February 7th. Four research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $21.63.

Get Our Latest Report on Cleveland-Cliffs

Cleveland-Cliffs Trading Down 1.5 %

NYSE CLF opened at $19.57 on Tuesday. Cleveland-Cliffs Inc. has a 1 year low of $13.61 and a 1 year high of $22.83. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.89 and a quick ratio of 0.62. The company has a market capitalization of $9.75 billion, a PE ratio of 25.42, a P/E/G ratio of 0.57 and a beta of 2.04. The company has a fifty day moving average of $19.17 and a 200 day moving average of $16.94.

Cleveland-Cliffs (NYSE:CLFGet Free Report) last issued its earnings results on Tuesday, January 30th. The mining company reported ($0.05) EPS for the quarter, hitting analysts’ consensus estimates of ($0.05). Cleveland-Cliffs had a return on equity of 6.79% and a net margin of 1.81%. The firm had revenue of $5.11 billion for the quarter, compared to the consensus estimate of $5.16 billion. During the same quarter in the prior year, the business earned ($0.30) earnings per share. The company’s revenue was up 1.3% compared to the same quarter last year. Research analysts forecast that Cleveland-Cliffs Inc. will post 2.22 earnings per share for the current year.

Cleveland-Cliffs Company Profile

(Free Report)

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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