Cornerstone Wealth Management LLC Invests $99,000 in Cleveland-Cliffs Inc. (NYSE:CLF)

Cornerstone Wealth Management LLC bought a new stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF) in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 12,014 shares of the mining company’s stock, valued at approximately $99,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in CLF. Pinpoint Asset Management Ltd acquired a new position in Cleveland-Cliffs during the fourth quarter valued at $25,000. Estabrook Capital Management lifted its position in 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. AllSquare Wealth Management LLC increased its holdings in Cleveland-Cliffs by 24.4% in the fourth quarter. AllSquare Wealth Management LLC now owns 5,100 shares of the mining company’s stock valued at $48,000 after buying an additional 1,000 shares in the last quarter. Fifth Third Bancorp increased its holdings in Cleveland-Cliffs by 36.6% in the first quarter. Fifth Third Bancorp now owns 6,216 shares of the mining company’s stock valued at $51,000 after buying an additional 1,664 shares in the last quarter. Finally, Byrne Asset Management LLC increased its holdings in Cleveland-Cliffs by 38.1% in the first quarter. Byrne Asset Management LLC now owns 6,353 shares of the mining company’s stock valued at $52,000 after buying an additional 1,753 shares in the last quarter. 67.68% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts have weighed in on CLF shares. B. Riley reaffirmed a “buy” rating and issued a $17.00 price objective (down previously from $20.00) on shares of Cleveland-Cliffs in a report on Wednesday, April 23rd. Glj Research cut shares of Cleveland-Cliffs from a “strong-buy” rating to a “strong sell” rating and set a $3.91 price objective for the company. in a report on Wednesday, May 28th. Morgan Stanley lifted their price objective on shares of Cleveland-Cliffs from $7.50 to $8.00 and gave the company an “equal weight” rating in a report on Friday. Finally, The Goldman Sachs Group cut their price objective on shares of Cleveland-Cliffs from $13.00 to $11.25 and set a “buy” rating for the company in a report on Monday, May 12th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Cleveland-Cliffs has an average rating of “Hold” and a consensus target price of $11.53.

Cleveland-Cliffs Price Performance

Cleveland-Cliffs stock opened at $6.99 on Friday. Cleveland-Cliffs Inc. has a 52-week low of $5.63 and a 52-week high of $16.47. The company’s 50 day moving average is $7.41 and its two-hundred day moving average is $9.02. The firm has a market cap of $3.45 billion, a PE ratio of -2.86 and a beta of 1.85. The company has a quick ratio of 0.64, a current ratio of 2.13 and a debt-to-equity ratio of 1.17.

Cleveland-Cliffs (NYSE:CLF) last announced its quarterly earnings data on Wednesday, May 7th. The mining company reported ($0.92) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.78) by ($0.14). Cleveland-Cliffs had a negative net margin of 6.35% and a negative return on equity of 12.84%. The firm had revenue of $4.63 billion during the quarter, compared to analyst estimates of $4.71 billion. During the same quarter in the previous year, the business posted $0.18 earnings per share. Cleveland-Cliffs’s revenue for the quarter was down 11.0% compared to the same quarter last year. On average, research analysts expect that Cleveland-Cliffs Inc. will post -0.79 EPS for the current fiscal year.

Insider Buying and Selling

In other Cleveland-Cliffs news, EVP James D. Graham sold 120,000 shares of the firm’s stock in a transaction 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 directly owns 492,249 shares of the company’s stock, valued at approximately $3,371,905.65. This trade represents a 19.60% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 1.71% of the stock is owned by company insiders.

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.