Carnegie Capital Asset Management LLC Cuts Stake in Cleveland-Cliffs Inc. (NYSE:CLF)

Carnegie Capital Asset Management LLC cut its holdings in Cleveland-Cliffs Inc. (NYSE:CLF) by 1.1% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 89,205 shares of the mining company’s stock after selling 960 shares during the period. Carnegie Capital Asset Management LLC’s holdings in Cleveland-Cliffs were worth $1,822,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. BlackRock Inc. lifted its holdings in shares of Cleveland-Cliffs by 3.8% in the first quarter. BlackRock Inc. now owns 56,453,183 shares of the mining company’s stock worth $1,034,787,000 after buying an additional 2,041,111 shares in the last quarter. Vanguard Group Inc. boosted its holdings in shares of Cleveland-Cliffs by 0.9% during the 3rd quarter. Vanguard Group Inc. now owns 45,757,539 shares of the mining company’s stock valued at $616,355,000 after purchasing an additional 387,794 shares during the last quarter. State Street Corp boosted its holdings in shares of Cleveland-Cliffs by 18.6% during the 2nd quarter. State Street Corp now owns 21,000,065 shares of the mining company’s stock valued at $322,771,000 after purchasing an additional 3,295,448 shares during the last quarter. Geode Capital Management LLC grew its position in shares of Cleveland-Cliffs by 2.1% during the first quarter. Geode Capital Management LLC now owns 7,476,201 shares of the mining company’s stock valued at $136,853,000 after purchasing an additional 150,571 shares in the last quarter. Finally, Morgan Stanley increased its holdings in shares of Cleveland-Cliffs by 1.5% in the fourth quarter. Morgan Stanley now owns 6,855,860 shares of the mining company’s stock worth $110,448,000 after purchasing an additional 98,117 shares during the last quarter. 67.68% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Cleveland-Cliffs news, Director Arlene M. Yocum bought 2,000 shares of the business’s stock in a transaction dated Wednesday, March 6th. The shares were purchased at an average price of $20.02 per share, with a total value of $40,040.00. Following the completion of the purchase, the director now owns 94,887 shares in the company, valued at approximately $1,899,637.74. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, Director Ron A. Bloom purchased 25,000 shares of the company’s stock in a transaction dated Thursday, February 1st. The shares were acquired at an average price of $20.24 per share, with a total value of $506,000.00. Following the transaction, the director now owns 27,221 shares of the company’s stock, valued at $550,953.04. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Arlene M. Yocum acquired 2,000 shares of the stock in a transaction that occurred on Wednesday, March 6th. The stock was acquired at an average cost of $20.02 per share, with a total value of $40,040.00. Following the completion of the purchase, the director now owns 94,887 shares of the company’s stock, valued at $1,899,637.74. The disclosure for this purchase can be found here. Insiders sold a total of 221,066 shares of company stock valued at $4,464,688 over the last 90 days. Insiders own 1.76% of the company’s stock.

Cleveland-Cliffs Stock Down 1.9 %

NYSE CLF opened at $21.23 on Tuesday. The company has a quick ratio of 0.62, a current ratio of 1.89 and a debt-to-equity ratio of 0.39. Cleveland-Cliffs Inc. has a 52 week low of $13.61 and a 52 week high of $22.97. The firm has a market capitalization of $10.09 billion, a price-to-earnings ratio of 27.57, a PEG ratio of 0.77 and a beta of 2.03. The company has a fifty day moving average of $20.85 and a two-hundred day moving average of $18.78.

Cleveland-Cliffs (NYSE:CLF) last released its earnings results on Tuesday, January 30th. The mining company reported ($0.05) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.05). The firm had revenue of $5.11 billion during the quarter, compared to analyst estimates of $5.16 billion. Cleveland-Cliffs had a net margin of 1.81% and a return on equity of 6.79%. The business’s revenue was up 1.3% on a year-over-year basis. During the same quarter last year, the business earned ($0.30) EPS. On average, analysts predict that Cleveland-Cliffs Inc. will post 1.63 earnings per share for the current year.

Wall Street Analysts Forecast Growth

CLF has been the subject of a number of research reports. Morgan Stanley reissued an “equal weight” rating and set a $20.00 price target on shares of Cleveland-Cliffs in a research note on Tuesday, March 26th. StockNews.com lowered shares of Cleveland-Cliffs from a “buy” rating to a “hold” rating in a report on Wednesday, February 21st. TheStreet downgraded shares of Cleveland-Cliffs from a “b-” rating to a “c” rating in a research note on Tuesday, January 30th. Citigroup lowered shares of Cleveland-Cliffs from a “buy” rating to a “neutral” rating and set a $22.00 price objective for the company. in a research report on Wednesday, March 13th. Finally, Argus downgraded shares of Cleveland-Cliffs from a “buy” rating to a “hold” rating in a report on Thursday, February 8th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat, Cleveland-Cliffs presently has an average rating of “Hold” and a consensus price target of $19.92.

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.