SeaCrest Wealth Management LLC Lowers Holdings in Cleveland-Cliffs Inc. (NYSE:CLF)

SeaCrest Wealth Management LLC decreased its stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 1.9% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 42,415 shares of the mining company’s stock after selling 800 shares during the quarter. SeaCrest Wealth Management LLC’s holdings in Cleveland-Cliffs were worth $653,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the company. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Cleveland-Cliffs by 81.7% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 158,096 shares of the mining company’s stock worth $3,228,000 after acquiring an additional 71,105 shares in the last quarter. Daiwa Securities Group Inc. increased its stake in Cleveland-Cliffs by 5.3% in the 4th quarter. Daiwa Securities Group Inc. now owns 40,150 shares of the mining company’s stock valued at $820,000 after buying an additional 2,012 shares during the period. Federated Hermes Inc. increased its stake in shares of Cleveland-Cliffs by 13.3% during the fourth quarter. Federated Hermes Inc. now owns 94,724 shares of the mining company’s stock worth $1,934,000 after acquiring an additional 11,119 shares during the period. Xponance Inc. raised its stake in shares of Cleveland-Cliffs by 2.4% during the 4th quarter. Xponance Inc. now owns 67,373 shares of the mining company’s stock worth $1,376,000 after buying an additional 1,596 shares in the last quarter. Finally, Lindbrook Capital LLC lifted its holdings in Cleveland-Cliffs by 83.7% in the fourth 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. Institutional investors and hedge funds own 67.68% of the company’s stock.

Cleveland-Cliffs Stock Performance

CLF traded up $0.33 during trading hours on Wednesday, hitting $12.73. The company’s stock had a trading volume of 2,310,628 shares, compared to its average volume of 8,899,251. Cleveland-Cliffs Inc. has a fifty-two week low of $12.39 and a fifty-two week high of $22.97. The company has a 50-day simple moving average of $14.68 and a 200 day simple moving average of $17.74. The company has a current ratio of 1.87, a quick ratio of 0.60 and a debt-to-equity ratio of 0.48. The firm has a market capitalization of $6.05 billion, a PE ratio of 16.76, a PEG ratio of 1.94 and a beta of 2.03.

Cleveland-Cliffs (NYSE:CLF) last issued its earnings results on Monday, July 22nd. The mining company reported $0.11 earnings per share (EPS) for the quarter. Cleveland-Cliffs had a return on equity of 4.94% and a net margin of 0.21%. The business had revenue of $5.09 billion for the quarter, compared to analysts’ expectations of $5.18 billion. During the same period in the previous year, the firm posted $0.69 EPS. The company’s quarterly revenue was down 14.9% on a year-over-year basis. As a group, sell-side analysts expect that Cleveland-Cliffs Inc. will post 0.17 EPS for the current year.

Analyst Ratings Changes

CLF has been the topic of several research analyst reports. Morgan Stanley decreased their price target on Cleveland-Cliffs from $17.50 to $15.00 and set an “equal weight” rating on the stock in a research note on Thursday, August 15th. StockNews.com lowered shares of Cleveland-Cliffs from a “buy” rating to a “hold” rating in a report on Friday, April 26th. B. Riley restated a “buy” rating and issued a $23.00 price objective on shares of Cleveland-Cliffs in a report on Tuesday, June 25th. Seaport Res Ptn raised Cleveland-Cliffs to a “hold” rating in a research report on Tuesday, June 11th. Finally, JPMorgan Chase & Co. downgraded shares of Cleveland-Cliffs from an “overweight” rating to a “neutral” rating and decreased their price target for the stock from $23.00 to $17.00 in a research report on Tuesday, June 11th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $18.94.

Insider Transactions at Cleveland-Cliffs

In other Cleveland-Cliffs news, CFO Celso L. Goncalves, Jr. acquired 7,250 shares of the business’s stock in a transaction that occurred on Wednesday, June 12th. The shares were purchased at an average price of $14.98 per share, with a total value of $108,605.00. Following the completion of the transaction, the chief financial officer now owns 314,362 shares in the company, valued at $4,709,142.76. The acquisition was disclosed in a document filed with the SEC, which is available at this link. In related news, Director Ben Oren acquired 6,700 shares of the business’s stock in a transaction on Wednesday, June 12th. The stock was bought at an average cost of $14.99 per share, with a total value of $100,433.00. Following the completion of the acquisition, the director now owns 14,167 shares in the company, valued at $212,363.33. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO Celso L. Goncalves, Jr. purchased 7,250 shares of the business’s stock in a transaction that occurred on Wednesday, June 12th. The stock was acquired at an average cost of $14.98 per share, with a total value of $108,605.00. Following the completion of the acquisition, the chief financial officer now directly owns 314,362 shares of the company’s stock, valued at $4,709,142.76. The disclosure for this purchase can be found here. 1.76% of the stock is owned by insiders.

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.