Community Bank of Raymore Sells 16,230 Shares of Cleveland-Cliffs Inc. (NYSE:CLF)

Community Bank of Raymore lessened its holdings in Cleveland-Cliffs Inc. (NYSE:CLFFree Report) by 18.2% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 72,915 shares of the mining company’s stock after selling 16,230 shares during the period. Community Bank of Raymore’s holdings in Cleveland-Cliffs were worth $1,658,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of the business. Douglas Lane & Associates LLC lifted its position in shares of Cleveland-Cliffs by 5.3% in the 1st quarter. Douglas Lane & Associates LLC now owns 2,214,119 shares of the mining company’s stock worth $50,349,000 after purchasing an additional 110,805 shares during the period. Polianta Ltd purchased a new stake in shares of Cleveland-Cliffs in the 1st quarter worth approximately $1,171,000. Perpetual Ltd purchased a new stake in shares of Cleveland-Cliffs in the 1st quarter worth approximately $773,000. Rise Advisors LLC lifted its position in shares of Cleveland-Cliffs by 2,858.0% in the 1st quarter. Rise Advisors LLC now owns 1,479 shares of the mining company’s stock worth $34,000 after purchasing an additional 1,429 shares during the period. Finally, CWM LLC lifted its position in shares of Cleveland-Cliffs by 48.7% in the 1st quarter. CWM LLC now owns 22,252 shares of the mining company’s stock worth $506,000 after purchasing an additional 7,285 shares during the period. Hedge funds and other institutional investors own 67.68% of the company’s stock.

Analysts Set New Price Targets

CLF has been the subject of several research reports. B. Riley reaffirmed a “buy” rating and issued a $23.00 price target on shares of Cleveland-Cliffs in a research report on Tuesday. StockNews.com cut shares of Cleveland-Cliffs from a “buy” rating to a “hold” rating in a research report on Friday, April 26th. Citigroup cut shares of Cleveland-Cliffs from a “buy” rating to a “neutral” rating and set a $22.00 target price for the company. in a research report on Wednesday, March 13th. Wolfe Research reissued an “underperform” rating and set a $18.00 target price on shares of Cleveland-Cliffs in a research report on Tuesday, April 9th. Finally, JPMorgan Chase & Co. cut shares of Cleveland-Cliffs from an “overweight” rating to a “neutral” rating and decreased their target price for the company from $23.00 to $17.00 in a research report on Tuesday, June 11th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $19.64.

Get Our Latest Research Report on CLF

Cleveland-Cliffs Stock Performance

Shares of NYSE CLF traded up $0.24 during midday trading on Wednesday, reaching $14.69. The company had a trading volume of 2,008,547 shares, compared to its average volume of 8,768,424. The business’s 50-day simple moving average is $16.99 and its 200 day simple moving average is $19.04. The stock has a market cap of $6.98 billion, a P/E ratio of 19.85, a P/E/G ratio of 0.66 and a beta of 2.08. Cleveland-Cliffs Inc. has a 1 year low of $13.84 and a 1 year high of $22.97. The company has a current ratio of 1.90, a quick ratio of 0.59 and a debt-to-equity ratio of 0.49.

Cleveland-Cliffs (NYSE:CLFGet Free Report) last posted 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). The company had revenue of $5.20 billion during the quarter, compared to analysts’ expectations of $5.34 billion. Cleveland-Cliffs had a return on equity of 8.69% and a net margin of 1.78%. The company’s quarterly revenue was down 1.8% on a year-over-year basis. During the same period in the prior year, the business posted ($0.11) EPS. On average, analysts forecast that Cleveland-Cliffs Inc. will post 0.48 earnings per share for the current fiscal year.

Cleveland-Cliffs announced that its board has approved a stock buyback plan on Monday, April 22nd that permits the company to buyback $1.50 billion in outstanding shares. This buyback authorization permits the mining company to buy up to 17.2% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board believes its shares are undervalued.

Insider Transactions at Cleveland-Cliffs

In other Cleveland-Cliffs news, CEO Lourenco Goncalves acquired 60,000 shares of the business’s stock in a transaction dated Wednesday, May 1st. The shares were purchased at an average price of $16.76 per share, for a total transaction of $1,005,600.00. Following the completion of the purchase, the chief executive officer now directly owns 2,759,089 shares of the company’s stock, valued at $46,242,331.64. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. In other Cleveland-Cliffs news, CEO Lourenco Goncalves acquired 60,000 shares of the business’s stock in a transaction dated Wednesday, May 1st. The shares were purchased at an average price of $16.76 per share, for a total transaction of $1,005,600.00. Following the completion of the purchase, the chief executive officer now directly owns 2,759,089 shares of the company’s stock, valued at $46,242,331.64. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Ron A. Bloom acquired 25,000 shares of the business’s stock in a transaction dated Wednesday, May 1st. The stock was acquired at an average price of $17.00 per share, for a total transaction of $425,000.00. Following the purchase, the director now directly owns 59,900 shares of the company’s stock, valued at $1,018,300. The disclosure for this purchase can be found here. Insiders have acquired 98,950 shares of company stock worth $1,639,638 over the last 90 days. 1.76% of the stock is currently owned by company insiders.

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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