Kingsview Wealth Management LLC Acquires 1,124 Shares of Cleveland-Cliffs Inc. (NYSE:CLF)

Kingsview Wealth Management LLC lifted its holdings in Cleveland-Cliffs Inc. (NYSE:CLF) by 10.8% in the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 11,561 shares of the mining company’s stock after acquiring an additional 1,124 shares during the quarter. Kingsview Wealth Management LLC’s holdings in Cleveland-Cliffs were worth $236,000 at the end of the most recent quarter.

Other institutional investors also recently made changes to their positions in the company. Anchor Investment Management LLC bought a new stake in Cleveland-Cliffs in the fourth quarter worth $31,000. Lindbrook Capital LLC boosted its holdings in Cleveland-Cliffs by 83.7% during the 4th quarter. Lindbrook Capital LLC now owns 1,571 shares of the mining company’s stock valued at $32,000 after acquiring an additional 716 shares during the period. HighMark Wealth Management LLC bought a new position in Cleveland-Cliffs during the 4th quarter worth approximately $35,000. Allworth Financial LP increased its stake in 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 purchasing an additional 619 shares during the period. Finally, Covestor Ltd lifted its position in Cleveland-Cliffs by 467.8% in the third quarter. Covestor Ltd now owns 2,765 shares of the mining company’s stock valued at $43,000 after purchasing an additional 2,278 shares during the last quarter. Hedge funds and other institutional investors own 67.68% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on CLF shares. Wolfe Research reaffirmed an “underperform” rating and issued a $18.00 target price on shares of Cleveland-Cliffs in a research note on Tuesday, April 9th. Citigroup lowered shares of Cleveland-Cliffs from a “buy” rating to a “neutral” rating and set a $22.00 target price for the company. in a report on Wednesday, March 13th. Jefferies Financial Group initiated coverage on Cleveland-Cliffs in a research note on Monday. They issued a “buy” rating and a $22.00 target price on the stock. B. Riley lowered their price target on Cleveland-Cliffs from $25.00 to $24.00 and set a “buy” rating for the company in a research report on Tuesday, April 30th. Finally, Morgan Stanley cut their price objective on Cleveland-Cliffs from $20.00 to $19.00 and set an “equal weight” rating on the stock in a research report on Tuesday, April 30th. Two research analysts have rated the stock with a sell rating, four have given a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, Cleveland-Cliffs has an average rating of “Hold” and an average target price of $20.64.

Cleveland-Cliffs Price Performance

CLF opened at $17.16 on Thursday. The company has a current ratio of 1.90, a quick ratio of 0.59 and a debt-to-equity ratio of 0.49. The company has a market cap of $8.16 billion, a price-to-earnings ratio of 23.18, a price-to-earnings-growth ratio of 0.96 and a beta of 2.10. The stock has a fifty day simple moving average of $19.82 and a two-hundred day simple moving average of $19.24. Cleveland-Cliffs Inc. has a 12-month low of $13.61 and a 12-month high of $22.97.

Cleveland-Cliffs (NYSE:CLF) last issued its quarterly 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). The business had revenue of $5.20 billion during the quarter, compared to the consensus estimate of $5.34 billion. Cleveland-Cliffs had a return on equity of 8.69% and a net margin of 1.78%. The firm’s revenue was down 1.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.11) earnings per share. Research analysts predict that Cleveland-Cliffs Inc. will post 1.07 earnings per share for the current fiscal year.

Cleveland-Cliffs declared that its board has authorized a stock buyback program on Monday, April 22nd that allows the company to repurchase $1.50 billion in shares. This repurchase authorization allows the mining company to buy up to 17.2% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Insider Activity

In related news, Director Susan Miranda Green sold 6,500 shares of the company’s stock in a transaction that occurred on Wednesday, March 13th. The stock was sold at an average price of $20.40, for a total value of $132,600.00. Following the sale, the director now owns 90,286 shares in the company, valued at approximately $1,841,834.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, Director Susan Miranda Green sold 6,500 shares of the stock in a transaction dated Wednesday, March 13th. The shares were sold at an average price of $20.40, for a total transaction of $132,600.00. Following the sale, the director now directly owns 90,286 shares of the company’s stock, valued at approximately $1,841,834.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Arlene M. Yocum acquired 2,000 shares of Cleveland-Cliffs stock in a transaction on Wednesday, March 6th. The shares were purchased at an average price of $20.02 per share, with a total value of $40,040.00. Following the completion of the purchase, 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. Over the last ninety days, insiders acquired 87,000 shares of company stock worth $1,470,640 and sold 221,066 shares worth $4,464,688. Company 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.