Cleveland-Cliffs Inc. (NYSE:CLF) Holdings Lifted by Xponance Inc.

Xponance Inc. boosted its holdings in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 2.4% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 67,373 shares of the mining company’s stock after buying an additional 1,596 shares during the period. Xponance Inc.’s holdings in Cleveland-Cliffs were worth $1,376,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently bought and sold shares of the company. Charles Schwab Investment Management Inc. boosted its stake in shares of Cleveland-Cliffs by 1.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,347,056 shares of the mining company’s stock valued at $52,314,000 after buying an additional 40,838 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its position in Cleveland-Cliffs by 9.5% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,735,603 shares of the mining company’s stock valued at $42,757,000 after purchasing an additional 236,274 shares during the last quarter. AQR Capital Management LLC grew its stake in Cleveland-Cliffs by 154.2% in the third quarter. AQR Capital Management LLC now owns 2,586,472 shares of the mining company’s stock valued at $40,181,000 after purchasing an additional 1,568,961 shares in the last quarter. Douglas Lane & Associates LLC increased its position in Cleveland-Cliffs by 20.6% in the 4th quarter. Douglas Lane & Associates LLC now owns 2,103,314 shares of the mining company’s stock worth $42,950,000 after purchasing an additional 359,801 shares during the last quarter. Finally, Grantham Mayo Van Otterloo & Co. LLC raised its stake in shares of Cleveland-Cliffs by 10.6% during the 3rd quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 2,052,127 shares of the mining company’s stock worth $32,075,000 after purchasing an additional 196,373 shares in the last quarter. 67.68% of the stock is owned by hedge funds and other institutional investors.

Cleveland-Cliffs Stock Down 1.3 %

Cleveland-Cliffs stock opened at $18.31 on Thursday. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.89 and a quick ratio of 0.62. Cleveland-Cliffs Inc. has a fifty-two week low of $13.61 and a fifty-two week high of $22.97. The firm has a fifty day moving average price of $20.97 and a two-hundred day moving average price of $19.00. The firm has a market cap of $8.71 billion, a price-to-earnings ratio of 24.74, a P/E/G ratio of 0.72 and a beta of 2.03.

Cleveland-Cliffs (NYSE:CLF) last posted its quarterly earnings data on Monday, April 22nd. The mining company reported $0.18 earnings per share for the quarter, missing the consensus estimate of $0.19 by ($0.01). The business had revenue of $5.20 billion for the quarter, compared to analyst estimates of $5.34 billion. Cleveland-Cliffs had a return on equity of 8.50% and a net margin of 1.78%. Cleveland-Cliffs’s revenue for the quarter was down 1.8% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.11) EPS. As a group, analysts forecast that Cleveland-Cliffs Inc. will post 1.66 earnings per share for the current year.

Cleveland-Cliffs declared that its board has approved a share repurchase program on Monday, April 22nd that allows the company to buyback $1.50 billion in shares. This buyback authorization allows the mining company to repurchase up to 17.2% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its shares are undervalued.

Insider Transactions at Cleveland-Cliffs

In related news, Director Ron A. Bloom bought 25,000 shares of the company’s stock in a transaction that occurred on 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 completion of the transaction, the director now owns 27,221 shares of the company’s stock, valued at approximately $550,953.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director Ron A. Bloom bought 25,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 1st. The shares were acquired at an average cost of $20.24 per share, with a total value of $506,000.00. Following the completion of the transaction, the director now directly owns 27,221 shares in the company, valued at $550,953.04. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Susan Miranda Green sold 6,500 shares of the business’s stock in a transaction dated Wednesday, March 13th. The shares were sold at an average price of $20.40, for a total value of $132,600.00. Following the transaction, the director now owns 90,286 shares in the company, valued at $1,841,834.40. The disclosure for this sale can be found here. Insiders sold a total of 221,066 shares of company stock worth $4,464,688 over the last three months. 1.76% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several brokerages recently commented on CLF. Morgan Stanley reissued an “equal weight” rating and issued a $20.00 price target on shares of Cleveland-Cliffs in a research note on Tuesday, March 26th. JPMorgan Chase & Co. cut their price target on shares of Cleveland-Cliffs from $24.00 to $23.00 and set an “overweight” rating on the stock in a report on Wednesday. TheStreet cut shares of Cleveland-Cliffs from a “b-” rating to a “c” rating in a report on Tuesday, January 30th. StockNews.com upgraded Cleveland-Cliffs from a “hold” rating to a “buy” rating in a report on Thursday, April 18th. Finally, Wolfe Research reiterated an “underperform” rating and set a $18.00 price target on shares of Cleveland-Cliffs in a research note on Tuesday, April 9th. Two research analysts have rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $20.75.

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.