Pallas Capital Advisors LLC Has $233,000 Stock Position in Cleveland-Cliffs Inc. (NYSE:CLF)

Pallas Capital Advisors LLC grew its stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 94.4% during the 1st quarter, Holdings Channel.com reports. The firm owned 28,293 shares of the mining company’s stock after buying an additional 13,736 shares during the quarter. Pallas Capital Advisors LLC’s holdings in Cleveland-Cliffs were worth $233,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Pinpoint Asset Management Ltd acquired a new position in shares of Cleveland-Cliffs during the fourth quarter valued at about $25,000. Estabrook Capital Management raised its holdings in shares of Cleveland-Cliffs by 207.7% during the fourth quarter. Estabrook Capital Management now owns 4,000 shares of the mining company’s stock valued at $38,000 after purchasing an additional 2,700 shares during the period. Stonebridge Financial Group LLC acquired a new position in shares of Cleveland-Cliffs during the fourth quarter valued at about $44,000. AllSquare Wealth Management LLC raised its holdings in shares of Cleveland-Cliffs by 24.4% during the fourth quarter. AllSquare Wealth Management LLC now owns 5,100 shares of the mining company’s stock valued at $48,000 after purchasing an additional 1,000 shares during the period. Finally, Farther Finance Advisors LLC raised its holdings in shares of Cleveland-Cliffs by 487.8% during the fourth quarter. Farther Finance Advisors LLC now owns 5,990 shares of the mining company’s stock valued at $56,000 after purchasing an additional 4,971 shares during the period. Institutional investors and hedge funds own 67.68% of the company’s stock.

Insiders Place Their Bets

In other 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 completion of the transaction, the executive vice president now directly owns 492,249 shares of the company’s stock, valued at $3,371,905.65. This represents a 19.60% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 1.71% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on CLF. The Goldman Sachs Group dropped their price objective on shares of Cleveland-Cliffs from $13.00 to $11.25 and set a “buy” rating on the stock in a report on Monday, May 12th. B. Riley reissued a “buy” rating and set a $17.00 target price (down from $20.00) on shares of Cleveland-Cliffs in a research report on Wednesday, April 23rd. Finally, Glj Research downgraded shares of Cleveland-Cliffs from a “strong-buy” rating to a “strong sell” rating and set a $3.91 target price for the company. in a research report on Wednesday, May 28th. Two analysts have rated the stock with a sell rating, three have given a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $12.03.

Cleveland-Cliffs Trading Down 0.3%

Shares of CLF stock opened at $7.16 on Friday. Cleveland-Cliffs Inc. has a 52-week low of $5.63 and a 52-week high of $16.47. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.55 and a current ratio of 1.85. The company has a 50-day simple moving average of $7.42 and a two-hundred day simple moving average of $9.22. The company has a market capitalization of $3.54 billion, a price-to-earnings ratio of -7.38 and a beta of 1.85.

Cleveland-Cliffs (NYSE:CLF) last issued its quarterly earnings data 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 firm had revenue of $4.63 billion during the quarter, compared to the consensus estimate of $4.71 billion. During the same period in the previous year, the company posted $0.18 earnings per share. The company’s revenue for the quarter was down 11.0% on a year-over-year basis. Research analysts anticipate that Cleveland-Cliffs Inc. will post -0.79 EPS for the current fiscal year.

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.