Cleveland-Cliffs Inc. (NYSE:CLF) Shares Acquired by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC lifted its stake in Cleveland-Cliffs Inc. (NYSE:CLF) by 886.6% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 357,342 shares of the mining company’s stock after acquiring an additional 321,124 shares during the quarter. Allspring Global Investments Holdings LLC owned 0.07% of Cleveland-Cliffs worth $7,297,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the stock. Lazard Asset Management LLC raised its position in Cleveland-Cliffs by 218.1% in the first quarter. Lazard Asset Management LLC now owns 1,088 shares of the mining company’s stock valued at $35,000 after purchasing an additional 746 shares during the period. Anchor Investment Management LLC acquired a new position in Cleveland-Cliffs during the 4th quarter worth about $31,000. HighMark Wealth Management LLC purchased a new position in Cleveland-Cliffs during the 4th quarter valued at about $35,000. Exchange Traded Concepts LLC purchased a new position in Cleveland-Cliffs during the 3rd quarter valued at about $29,000. Finally, Allworth Financial LP grew its position in Cleveland-Cliffs by 50.3% in the 4th quarter. Allworth Financial LP now owns 1,850 shares of the mining company’s stock valued at $38,000 after acquiring an additional 619 shares in the last quarter. 67.68% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts have recently commented on the stock. StockNews.com lowered shares of Cleveland-Cliffs from a “buy” rating to a “hold” rating in a research note on Wednesday, February 21st. Wolfe Research reaffirmed an “underperform” rating and set a $18.00 price objective on shares of Cleveland-Cliffs in a research report on Tuesday, April 9th. Citigroup cut Cleveland-Cliffs from a “buy” rating to a “neutral” rating and set a $22.00 price objective on the stock. in a research note on Wednesday, March 13th. Argus cut Cleveland-Cliffs from a “buy” rating to a “hold” rating in a research note on Thursday, February 8th. Finally, TheStreet lowered Cleveland-Cliffs from a “b-” rating to a “c” rating in a research report on Tuesday, January 30th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $19.92.

Insider Buying and Selling at Cleveland-Cliffs

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

Cleveland-Cliffs Stock Performance

Shares of CLF stock opened at $21.21 on Thursday. The company has a market cap of $10.08 billion, a P/E ratio of 27.54, a PEG ratio of 0.75 and a beta of 2.03. The firm has a fifty day moving average price of $20.90 and a 200 day moving average price of $18.83. The company has a current ratio of 1.89, a quick ratio of 0.62 and a debt-to-equity ratio of 0.39. Cleveland-Cliffs Inc. has a 12 month low of $13.61 and a 12 month high of $22.97.

Cleveland-Cliffs (NYSE:CLF) last released its quarterly earnings data on Tuesday, January 30th. The mining company reported ($0.05) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.05). Cleveland-Cliffs had a return on equity of 6.79% and a net margin of 1.81%. The business had revenue of $5.11 billion during the quarter, compared to analysts’ expectations of $5.16 billion. During the same period in the prior year, the firm posted ($0.30) EPS. The business’s quarterly revenue was up 1.3% compared to the same quarter last year. Sell-side analysts predict that Cleveland-Cliffs Inc. will post 1.63 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.