Cerity Partners LLC Acquires Shares of 163,904 Cleveland-Cliffs Inc. (NYSE:CLF)

Cerity Partners LLC acquired a new stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF) in the fourth quarter, according to the company in its most recent filing with the SEC. The firm acquired 163,904 shares of the mining company’s stock, valued at approximately $3,347,000.

A number of other institutional investors have also modified their holdings of the stock. Stonebridge Capital Advisors LLC increased its stake in shares of Cleveland-Cliffs by 20.0% in the 4th quarter. Stonebridge Capital Advisors LLC now owns 3,600 shares of the mining company’s stock valued at $58,000 after purchasing an additional 600 shares in the last quarter. Dorsey & Whitney Trust CO LLC increased its stake in shares of Cleveland-Cliffs by 2.3% in the 3rd quarter. Dorsey & Whitney Trust CO LLC now owns 27,337 shares of the mining company’s stock valued at $427,000 after purchasing an additional 609 shares in the last quarter. Allworth Financial LP increased its stake 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 valued at $38,000 after purchasing an additional 619 shares in the last quarter. Cibc World Market Inc. increased its stake in shares of Cleveland-Cliffs by 1.1% in the 1st quarter. Cibc World Market Inc. now owns 58,149 shares of the mining company’s stock valued at $1,873,000 after purchasing an additional 623 shares in the last quarter. Finally, Stratos Wealth Partners LTD. increased its stake in shares of Cleveland-Cliffs by 0.7% in the 3rd quarter. Stratos Wealth Partners LTD. now owns 103,397 shares of the mining company’s stock valued at $1,616,000 after purchasing an additional 674 shares in the last quarter. Hedge funds and other institutional investors own 67.68% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on CLF. 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 note on Wednesday, March 13th. BNP Paribas cut Cleveland-Cliffs from a “neutral” rating to an “underperform” rating and set a $16.50 price objective on the stock. in a report on Wednesday, February 28th. Morgan Stanley reiterated an “equal weight” rating and issued a $20.00 price objective on shares of Cleveland-Cliffs in a report on Tuesday, March 26th. Wolfe Research reiterated an “underperform” rating and issued a $18.00 price objective on shares of Cleveland-Cliffs in a report on Tuesday, April 9th. Finally, TheStreet cut Cleveland-Cliffs from a “b-” rating to a “c” rating in a report on Tuesday, January 30th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $19.92.

Cleveland-Cliffs Trading Up 0.8 %

Shares of Cleveland-Cliffs stock opened at $21.21 on Thursday. The stock has a market cap of $10.08 billion, a P/E ratio of 27.54, a P/E/G ratio of 0.75 and a beta of 2.03. The stock’s 50 day simple moving average is $20.90 and its 200-day simple moving average is $18.83. Cleveland-Cliffs Inc. has a 1-year low of $13.61 and a 1-year high of $22.97. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.89 and a quick ratio of 0.62.

Cleveland-Cliffs (NYSE:CLF) last issued its earnings results on Tuesday, January 30th. The mining company reported ($0.05) earnings per share for the quarter, hitting the consensus estimate of ($0.05). The business had revenue of $5.11 billion for the quarter, compared to analysts’ expectations of $5.16 billion. Cleveland-Cliffs had a return on equity of 6.79% and a net margin of 1.81%. The business’s revenue for the quarter was up 1.3% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.30) EPS. Analysts predict that Cleveland-Cliffs Inc. will post 1.63 EPS for the current fiscal year.

Insider Activity at Cleveland-Cliffs

In related news, EVP Terry G. Fedor sold 27,430 shares of the company’s stock in a transaction that occurred on Wednesday, March 6th. The stock was sold at an average price of $20.19, for a total value of $553,811.70. Following the transaction, the executive vice president now directly owns 534,617 shares in the company, valued at $10,793,917.23. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, EVP Terry G. Fedor sold 27,430 shares of the company’s stock in a transaction that occurred on Wednesday, March 6th. The stock was sold at an average price of $20.19, for a total value of $553,811.70. Following the transaction, the executive vice president now directly owns 534,617 shares in the company, valued at $10,793,917.23. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Susan Miranda Green sold 6,500 shares of the company’s stock in a transaction that occurred on Wednesday, March 13th. The shares were sold at an average price of $20.40, for a total value of $132,600.00. Following the completion of the transaction, the director now owns 90,286 shares in the company, valued at $1,841,834.40. The disclosure for this sale can be found here. Over the last three months, insiders have sold 221,066 shares of company stock worth $4,464,688. Insiders own 1.76% of the company’s stock.

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.