Atria Wealth Solutions Inc. Sells 7,880 Shares of Cleveland-Cliffs Inc. (NYSE:CLF)

Atria Wealth Solutions Inc. lessened its position in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 25.7% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 22,725 shares of the mining company’s stock after selling 7,880 shares during the period. Atria Wealth Solutions Inc.’s holdings in Cleveland-Cliffs were worth $464,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also made changes to their positions in CLF. Dorsey & Whitney Trust CO LLC lifted its stake in Cleveland-Cliffs by 2.3% during the third quarter. Dorsey & Whitney Trust CO LLC now owns 27,337 shares of the mining company’s stock worth $427,000 after purchasing an additional 609 shares during the last quarter. Allworth Financial LP boosted its stake in Cleveland-Cliffs by 50.3% in the fourth quarter. Allworth Financial LP now owns 1,850 shares of the mining company’s stock valued at $38,000 after buying an additional 619 shares in the last quarter. Fifth Third Bancorp grew its position in Cleveland-Cliffs by 14.9% in the third quarter. Fifth Third Bancorp now owns 5,513 shares of the mining company’s stock valued at $86,000 after acquiring an additional 716 shares during the last quarter. Lindbrook Capital LLC raised its stake in Cleveland-Cliffs by 83.7% during the fourth quarter. Lindbrook Capital LLC now owns 1,571 shares of the mining company’s stock worth $32,000 after acquiring an additional 716 shares in the last quarter. Finally, Byrne Asset Management LLC lifted its holdings in shares of Cleveland-Cliffs by 1.8% in the third quarter. Byrne Asset Management LLC now owns 42,305 shares of the mining company’s stock worth $661,000 after acquiring an additional 740 shares during the last quarter. Institutional investors and hedge funds own 67.68% of the company’s stock.

Cleveland-Cliffs Price Performance

Cleveland-Cliffs stock opened at $17.20 on Tuesday. The stock’s 50 day moving average is $20.55 and its 200 day moving average is $19.14. Cleveland-Cliffs Inc. has a one year low of $13.61 and a one year high of $22.97. The firm has a market cap of $8.18 billion, a P/E ratio of 23.24, a P/E/G ratio of 0.83 and a beta of 2.10. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.90 and a quick ratio of 0.59.

Cleveland-Cliffs (NYSE:CLF) last issued its quarterly earnings results on Monday, April 22nd. The mining company reported $0.18 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.01). Cleveland-Cliffs had a return on equity of 8.69% and a net margin of 1.78%. The firm had revenue of $5.20 billion during the quarter, compared to analyst estimates of $5.34 billion. During the same quarter last year, the firm posted ($0.11) EPS. The firm’s revenue for the quarter was down 1.8% on a year-over-year basis. As a group, research analysts expect that Cleveland-Cliffs Inc. will post 1.22 EPS for the current year.

Cleveland-Cliffs declared that its Board of Directors has initiated a stock repurchase program on Monday, April 22nd that permits the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization permits the mining company to buy up to 17.2% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board believes its shares are undervalued.

Insiders Place Their Bets

In other Cleveland-Cliffs news, Director Arlene M. Yocum acquired 2,000 shares of the company’s stock in a transaction dated Wednesday, March 6th. The shares were bought at an average cost of $20.02 per share, with a total value of $40,040.00. Following the purchase, the director now directly owns 94,887 shares of the company’s stock, valued at $1,899,637.74. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Cleveland-Cliffs news, EVP Terry G. Fedor sold 27,430 shares of Cleveland-Cliffs stock in a transaction on Wednesday, March 6th. The shares were sold at an average price of $20.19, for a total value of $553,811.70. Following the completion of the sale, the executive vice president now directly owns 534,617 shares of the company’s stock, valued at $10,793,917.23. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Arlene M. Yocum acquired 2,000 shares of the business’s stock in a transaction dated Wednesday, March 6th. The shares were bought at an average cost of $20.02 per share, for a total transaction of $40,040.00. Following the transaction, the director now directly owns 94,887 shares in the company, valued at $1,899,637.74. The disclosure for this purchase can be found here. In the last ninety days, insiders acquired 87,000 shares of company stock worth $1,470,640 and sold 221,066 shares worth $4,464,688. Company insiders own 1.76% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the stock. Argus lowered shares of Cleveland-Cliffs from a “buy” rating to a “hold” rating in a report on Thursday, February 8th. Wolfe Research reissued an “underperform” rating and set a $18.00 price objective on shares of Cleveland-Cliffs in a report on Tuesday, April 9th. BNP Paribas cut Cleveland-Cliffs from a “neutral” rating to an “underperform” rating and set a $16.50 target price for the company. in a report on Wednesday, February 28th. TheStreet lowered Cleveland-Cliffs from a “b-” rating to a “c” rating in a research note on Tuesday, January 30th. Finally, JPMorgan Chase & Co. reduced their price target on Cleveland-Cliffs from $24.00 to $23.00 and set an “overweight” rating on the stock in a report on Wednesday, April 24th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $20.42.

Cleveland-Cliffs 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.