Sigma Planning Corp Reduces Stock Position in Cleveland-Cliffs Inc. (NYSE:CLF)

Sigma Planning Corp reduced its holdings in Cleveland-Cliffs Inc. (NYSE:CLF) by 43.3% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 29,389 shares of the mining company’s stock after selling 22,446 shares during the period. Sigma Planning Corp’s holdings in Cleveland-Cliffs were worth $600,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Exchange Traded Concepts LLC bought a new stake in shares of Cleveland-Cliffs in the 3rd quarter worth about $29,000. Anchor Investment Management LLC bought a new stake in shares of Cleveland-Cliffs in the 4th quarter worth about $31,000. Lindbrook Capital LLC lifted its holdings in shares of Cleveland-Cliffs by 83.7% in the 4th quarter. Lindbrook Capital LLC now owns 1,571 shares of the mining company’s stock worth $32,000 after acquiring an additional 716 shares during the last quarter. HighMark Wealth Management LLC bought a new stake in shares of Cleveland-Cliffs in the 4th quarter worth about $35,000. Finally, Allworth Financial LP lifted its holdings 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 worth $38,000 after acquiring an additional 619 shares during the last quarter. 67.68% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Cleveland-Cliffs news, EVP Terry G. Fedor sold 27,430 shares of the company’s stock in a transaction on Wednesday, March 6th. The shares were sold at an average price of $20.19, for a total transaction of $553,811.70. Following the completion of 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 document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Cleveland-Cliffs news, EVP Terry G. Fedor sold 27,430 shares of the company’s stock in a transaction on Wednesday, March 6th. The shares were sold at an average price of $20.19, for a total transaction of $553,811.70. Following the completion of 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 document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Arlene M. Yocum acquired 2,000 shares of Cleveland-Cliffs stock in a transaction on Wednesday, March 6th. The shares were bought at an average price of $20.02 per share, with a total value of $40,040.00. Following the completion of the transaction, the director now directly owns 94,887 shares of the company’s stock, valued at approximately $1,899,637.74. The disclosure for this purchase can be found here. Over the last ninety days, insiders sold 221,066 shares of company stock worth $4,464,688. Company insiders own 1.76% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on CLF shares. BNP Paribas lowered shares of Cleveland-Cliffs from a “neutral” rating to an “underperform” rating and set a $16.50 target price for the company. in a report on Wednesday, February 28th. StockNews.com upgraded shares of Cleveland-Cliffs from a “hold” rating to a “buy” rating in a report on Thursday, April 18th. JPMorgan Chase & Co. decreased their price objective on shares of Cleveland-Cliffs from $24.00 to $23.00 and set an “overweight” rating for the company in a report on Wednesday. TheStreet lowered shares of Cleveland-Cliffs from a “b-” rating to a “c” rating in a report on Tuesday, January 30th. Finally, Wolfe Research reiterated an “underperform” rating and set a $18.00 price objective on shares of Cleveland-Cliffs in a report on Tuesday, April 9th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, Cleveland-Cliffs presently has an average rating of “Hold” and an average price target of $20.75.

Cleveland-Cliffs Stock Down 1.3 %

Shares of Cleveland-Cliffs stock opened at $18.31 on Thursday. The company has a quick ratio of 0.62, a current ratio of 1.89 and a debt-to-equity ratio of 0.39. The firm’s 50 day moving average price is $20.97 and its 200-day moving average price is $19.00. Cleveland-Cliffs Inc. has a 52-week low of $13.61 and a 52-week high of $22.97. The company has a market cap of $8.71 billion, a P/E ratio of 24.74, a PEG ratio of 0.72 and a beta of 2.03.

Cleveland-Cliffs (NYSE:CLF) last posted its earnings results on Monday, April 22nd. The mining company reported $0.18 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.19 by ($0.01). Cleveland-Cliffs had a net margin of 1.78% and a return on equity of 8.50%. The firm had revenue of $5.20 billion during the quarter, compared to analyst estimates of $5.34 billion. During the same quarter in the prior year, the firm earned ($0.11) earnings per share. The business’s revenue for the quarter was down 1.8% on a year-over-year basis. On average, sell-side analysts predict that Cleveland-Cliffs Inc. will post 1.66 EPS for the current fiscal year.

Cleveland-Cliffs announced that its board has initiated a share buyback program on Monday, April 22nd that allows the company to buyback $1.50 billion in shares. This buyback authorization allows the mining company to reacquire up to 17.2% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s leadership believes its shares are undervalued.

About Cleveland-Cliffs

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.