Lindbrook Capital LLC Acquires 716 Shares of Cleveland-Cliffs Inc. (NYSE:CLF)

Lindbrook Capital LLC increased its position in Cleveland-Cliffs Inc. (NYSE:CLF) by 83.7% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,571 shares of the mining company’s stock after purchasing an additional 716 shares during the period. Lindbrook Capital LLC’s holdings in Cleveland-Cliffs were worth $32,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of CLF. CWM LLC lifted its holdings in shares of Cleveland-Cliffs by 30.4% in the 3rd quarter. CWM LLC now owns 15,926 shares of the mining company’s stock worth $249,000 after purchasing an additional 3,711 shares in the last quarter. AE Wealth Management LLC lifted its holdings in shares of Cleveland-Cliffs by 4.5% in the 3rd quarter. AE Wealth Management LLC now owns 19,824 shares of the mining company’s stock worth $310,000 after purchasing an additional 845 shares in the last quarter. SG Americas Securities LLC lifted its holdings in shares of Cleveland-Cliffs by 31.2% in the 3rd quarter. SG Americas Securities LLC now owns 21,507 shares of the mining company’s stock worth $336,000 after purchasing an additional 5,120 shares in the last quarter. Avior Wealth Management LLC lifted its holdings in shares of Cleveland-Cliffs by 64.6% in the 3rd quarter. Avior Wealth Management LLC now owns 2,469 shares of the mining company’s stock worth $39,000 after purchasing an additional 969 shares in the last quarter. Finally, Exchange Traded Concepts LLC bought a new position in shares of Cleveland-Cliffs in the 3rd quarter worth $29,000. 67.68% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, Director Arlene M. Yocum acquired 2,000 shares of the firm’s stock in a transaction that occurred on Wednesday, March 6th. The stock was bought at an average price of $20.02 per share, with a total value of $40,040.00. Following the acquisition, the director now owns 94,887 shares in the company, valued at approximately $1,899,637.74. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CEO Lourenco Goncalves sold 187,136 shares of Cleveland-Cliffs stock in a transaction dated Wednesday, March 6th. The stock was sold at an average price of $20.19, for a total value of $3,778,275.84. Following the completion of the sale, the chief executive officer now owns 2,699,089 shares of the company’s stock, valued at approximately $54,494,606.91. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Arlene M. Yocum acquired 2,000 shares of the firm’s stock in a transaction that occurred on Wednesday, March 6th. The stock was purchased at an average cost of $20.02 per share, with a total value of $40,040.00. Following the acquisition, the director now owns 94,887 shares in the company, valued at approximately $1,899,637.74. The disclosure for this purchase can be found here. In the last 90 days, insiders sold 221,066 shares of company stock valued at $4,464,688. 1.76% of the stock is owned by insiders.

Cleveland-Cliffs Trading Down 1.9 %

Shares of Cleveland-Cliffs stock opened at $17.88 on Friday. Cleveland-Cliffs Inc. has a 1 year low of $13.61 and a 1 year high of $22.97. The firm has a market cap of $8.50 billion, a PE ratio of 24.16, a P/E/G ratio of 0.64 and a beta of 2.03. The stock has a fifty day moving average price of $20.91 and a 200-day moving average price of $18.99. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.90 and a quick ratio of 0.62.

Cleveland-Cliffs (NYSE:CLF) last announced 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 8.69%. The business had revenue of $5.20 billion for the quarter, compared to analysts’ expectations of $5.34 billion. During the same period in the prior year, the business earned ($0.11) earnings per share. The company’s revenue for the quarter was down 1.8% compared to the same quarter last year. Equities research analysts anticipate that Cleveland-Cliffs Inc. will post 1.66 EPS for the current year.

Cleveland-Cliffs declared that its Board of Directors has approved a stock repurchase program on Monday, April 22nd that authorizes the company to repurchase $1.50 billion in shares. This repurchase authorization authorizes the mining company to buy up to 17.2% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the company. Morgan Stanley restated an “equal weight” rating and set a $20.00 price objective on shares of Cleveland-Cliffs in a research note on Tuesday, March 26th. Argus cut Cleveland-Cliffs from a “buy” rating to a “hold” rating in a research note on Thursday, February 8th. 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 research note on Wednesday, February 28th. JPMorgan Chase & Co. dropped their price objective on Cleveland-Cliffs from $24.00 to $23.00 and set an “overweight” rating on the stock in a research note on Wednesday. Finally, StockNews.com cut Cleveland-Cliffs from a “buy” rating to a “hold” rating in a research note on Friday. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $20.75.

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.