Parallel Advisors LLC Acquires 4,820 Shares of Cleveland-Cliffs Inc. (NYSE:CLF)

Parallel Advisors LLC grew its holdings in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 75.3% during the 1st quarter, HoldingsChannel reports. The institutional investor owned 11,217 shares of the mining company’s stock after purchasing an additional 4,820 shares during the period. Parallel Advisors LLC’s holdings in Cleveland-Cliffs were worth $92,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in CLF. Pinpoint Asset Management Ltd acquired a new position in shares of Cleveland-Cliffs during the 4th quarter worth about $25,000. Estabrook Capital Management increased its stake in shares of Cleveland-Cliffs by 207.7% during the 4th quarter. Estabrook Capital Management now owns 4,000 shares of the mining company’s stock worth $38,000 after purchasing an additional 2,700 shares during the last quarter. Byrne Asset Management LLC increased its stake in shares of Cleveland-Cliffs by 130.0% during the 4th quarter. Byrne Asset Management LLC now owns 4,600 shares of the mining company’s stock worth $43,000 after purchasing an additional 2,600 shares during the last quarter. Stonebridge Financial Group LLC acquired a new position in shares of Cleveland-Cliffs during the 4th quarter worth about $44,000. Finally, AllSquare Wealth Management LLC increased its stake in shares of Cleveland-Cliffs by 24.4% during the 4th quarter. AllSquare Wealth Management LLC now owns 5,100 shares of the mining company’s stock worth $48,000 after purchasing an additional 1,000 shares during the last quarter. 67.68% of the stock is owned by institutional investors.

Cleveland-Cliffs Stock Up 7.0%

Shares of CLF opened at $7.60 on Friday. Cleveland-Cliffs Inc. has a 52 week low of $5.63 and a 52 week high of $16.47. The firm has a market cap of $3.76 billion, a P/E ratio of -7.84 and a beta of 1.85. The firm’s 50-day simple moving average is $7.42 and its 200 day simple moving average is $9.36. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.55 and a current ratio of 1.85.

Cleveland-Cliffs (NYSE:CLF) last announced its earnings results on Wednesday, May 7th. The mining company reported ($0.92) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.78) by ($0.14). Cleveland-Cliffs had a negative return on equity of 0.59% and a negative net margin of 2.31%. The business had revenue of $4.63 billion for the quarter, compared to analyst estimates of $4.71 billion. During the same quarter in the previous year, the company earned $0.18 EPS. The business’s revenue for the quarter was down 11.0% on a year-over-year basis. On average, analysts forecast that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current year.

Analyst Upgrades and Downgrades

CLF has been the topic of several recent analyst reports. B. Riley restated a “buy” rating and set a $17.00 price objective (down from $20.00) on shares of Cleveland-Cliffs in a research note on Wednesday, April 23rd. The Goldman Sachs Group lowered their price objective on shares of Cleveland-Cliffs from $13.00 to $11.25 and set a “buy” rating on the stock in a research note on Monday, May 12th. Finally, Glj Research lowered shares of Cleveland-Cliffs from a “strong-buy” rating to a “strong sell” rating and set a $3.91 price objective on the stock. in a research note on Wednesday, May 28th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating, two have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $12.74.

Insiders Place Their Bets

In other Cleveland-Cliffs news, EVP James D. Graham sold 120,000 shares of the stock in a transaction that occurred on Friday, May 23rd. The shares were sold at an average price of $6.85, for a total transaction of $822,000.00. Following the transaction, the executive vice president now owns 492,249 shares in the company, valued at $3,371,905.65. This represents a 19.60% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director John T. Baldwin purchased 4,000 shares of Cleveland-Cliffs stock in a transaction that occurred on Monday, March 10th. The shares were purchased at an average price of $8.70 per share, for a total transaction of $34,800.00. Following the transaction, the director now directly owns 133,227 shares in the company, valued at $1,159,074.90. This represents a 3.10% increase in their position. The disclosure for this purchase can be found here. Company insiders own 1.71% of the company’s stock.

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.