Cleveland-Cliffs Inc. (NYSE:CLF) Holdings Cut by Cetera Advisor Networks LLC

Cetera Advisor Networks LLC cut its stake in shares of Cleveland-Cliffs Inc. (NYSE:CLFFree Report) by 4.2% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 225,246 shares of the mining company’s stock after selling 9,892 shares during the quarter. Cetera Advisor Networks LLC’s holdings in Cleveland-Cliffs were worth $4,600,000 as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. Anchor Investment Management LLC acquired a new position in Cleveland-Cliffs during the 4th quarter valued at approximately $31,000. Lindbrook Capital LLC boosted its holdings in shares of Cleveland-Cliffs by 83.7% during the fourth quarter. Lindbrook Capital LLC now owns 1,571 shares of the mining company’s stock valued at $32,000 after acquiring an additional 716 shares during the period. HighMark Wealth Management LLC bought a new position in shares of Cleveland-Cliffs during the fourth quarter worth about $35,000. Allworth Financial LP increased its holdings in shares of Cleveland-Cliffs by 50.3% in the 4th quarter. Allworth Financial LP now owns 1,850 shares of the mining company’s stock worth $38,000 after acquiring an additional 619 shares during the period. Finally, Covestor Ltd lifted its position in Cleveland-Cliffs by 467.8% in the 3rd quarter. Covestor Ltd now owns 2,765 shares of the mining company’s stock valued at $43,000 after purchasing an additional 2,278 shares during the last quarter. 67.68% of the stock is owned by institutional investors.

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 Wednesday, May 1st. The stock was acquired at an average cost of $17.00 per share, with a total value of $425,000.00. Following the purchase, the director now directly owns 59,900 shares in the company, valued at approximately $1,018,300. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, Director Ron A. Bloom acquired 25,000 shares of Cleveland-Cliffs stock in a transaction on Wednesday, May 1st. The stock was bought at an average cost of $17.00 per share, with a total value of $425,000.00. Following the completion of the purchase, the director now owns 59,900 shares of the company’s stock, valued at $1,018,300. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Lourenco Goncalves bought 60,000 shares of the firm’s stock in a transaction on Wednesday, May 1st. The stock was purchased at an average price of $16.76 per share, with a total value of $1,005,600.00. Following the completion of the acquisition, the chief executive officer now owns 2,759,089 shares of the company’s stock, valued at $46,242,331.64. The disclosure for this purchase can be found here. 1.76% of the stock is owned by corporate insiders.

Cleveland-Cliffs Trading Down 0.9 %

Shares of Cleveland-Cliffs stock opened at $15.66 on Tuesday. The business has a fifty day simple moving average of $18.72 and a 200-day simple moving average of $19.24. Cleveland-Cliffs Inc. has a fifty-two week low of $13.84 and a fifty-two week high of $22.97. The firm has a market cap of $7.44 billion, a price-to-earnings ratio of 21.16, a price-to-earnings-growth ratio of 0.36 and a beta of 2.08. The company has a quick ratio of 0.59, a current ratio of 1.90 and a debt-to-equity ratio of 0.49.

Cleveland-Cliffs (NYSE:CLFGet Free Report) last issued its quarterly earnings results on Monday, April 22nd. The mining company reported $0.18 earnings per share for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.01). The business had revenue of $5.20 billion during the quarter, compared to analyst estimates of $5.34 billion. Cleveland-Cliffs had a net margin of 1.78% and a return on equity of 8.69%. Cleveland-Cliffs’s revenue was down 1.8% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.11) earnings per share. On average, equities analysts forecast that Cleveland-Cliffs Inc. will post 0.95 EPS for the current fiscal year.

Cleveland-Cliffs announced that its Board of Directors has approved a stock buyback program on Monday, April 22nd that allows the company to repurchase $1.50 billion in shares. This repurchase authorization allows the mining company to buy up to 17.2% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.

Wall Street Analysts Forecast Growth

CLF has been the topic of several analyst reports. JPMorgan Chase & Co. dropped their price target on shares of Cleveland-Cliffs from $24.00 to $23.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 24th. Morgan Stanley cut their target price on Cleveland-Cliffs from $20.00 to $19.00 and set an “equal weight” rating on the stock in a research note on Tuesday, April 30th. Citigroup lowered Cleveland-Cliffs from a “buy” rating to a “neutral” rating and set a $22.00 price target for the company. in a research report on Wednesday, March 13th. B. Riley lowered their price target on Cleveland-Cliffs from $25.00 to $24.00 and set a “buy” rating on the stock in a report on Tuesday, April 30th. Finally, BNP Paribas downgraded shares of Cleveland-Cliffs from a “neutral” rating to an “underperform” rating and set a $16.50 price objective for the company. in a report on Wednesday, February 28th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $20.64.

Read Our Latest Stock Report on CLF

About Cleveland-Cliffs

(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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