Cleveland-Cliffs Inc. (NYSE:CLF) Shares Sold by tru Independence LLC

tru Independence LLC cut its stake in Cleveland-Cliffs Inc. (NYSE:CLF) by 2.2% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 271,625 shares of the mining company’s stock after selling 6,035 shares during the quarter. tru Independence LLC owned approximately 0.06% of Cleveland-Cliffs worth $4,180,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Wealth Enhancement Advisory Services LLC boosted its position in shares of Cleveland-Cliffs by 1.9% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 25,053 shares of the mining company’s stock valued at $570,000 after acquiring an additional 476 shares during the last quarter. Hexagon Capital Partners LLC grew its position in shares of Cleveland-Cliffs by 41.7% during the first quarter. Hexagon Capital Partners LLC now owns 1,700 shares of the mining company’s stock worth $39,000 after buying an additional 500 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. increased its position in shares of Cleveland-Cliffs by 0.3% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 216,359 shares of the mining company’s stock valued at $4,249,000 after purchasing an additional 612 shares during the last quarter. InterOcean Capital Group LLC increased its holdings in Cleveland-Cliffs by 4.1% in the first quarter. InterOcean Capital Group LLC now owns 20,334 shares of the mining company’s stock valued at $462,000 after buying an additional 805 shares during the last quarter. Finally, Global Retirement Partners LLC increased its holdings in shares of Cleveland-Cliffs by 38.0% in the 1st quarter. Global Retirement Partners LLC now owns 2,980 shares of the mining company’s stock valued at $68,000 after acquiring an additional 821 shares during the last quarter. Hedge funds and other institutional investors own 67.68% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently commented on CLF. Bank of America cut their target price on Cleveland-Cliffs from $20.00 to $18.00 and set a “neutral” rating on the stock in a research report on Wednesday, June 26th. Seaport Res Ptn upgraded shares of Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, August 27th. JPMorgan Chase & Co. lowered shares of Cleveland-Cliffs from an “overweight” rating to a “neutral” rating and decreased their target price for the stock from $23.00 to $17.00 in a research report on Tuesday, June 11th. B. Riley reissued a “buy” rating and set a $23.00 price target on shares of Cleveland-Cliffs in a research note on Tuesday, June 25th. Finally, Morgan Stanley lowered their price objective on shares of 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. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Cleveland-Cliffs presently has an average rating of “Hold” and an average target price of $18.94.

Cleveland-Cliffs Stock Performance

Shares of CLF stock opened at $11.40 on Friday. The firm has a market capitalization of $5.42 billion, a price-to-earnings ratio of 15.41, a price-to-earnings-growth ratio of 7.70 and a beta of 1.97. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.87 and a quick ratio of 0.60. Cleveland-Cliffs Inc. has a 12-month low of $11.02 and a 12-month high of $22.97. The business has a 50 day simple moving average of $14.16 and a 200 day simple moving average of $17.13.

Cleveland-Cliffs (NYSE:CLF) last announced its earnings results on Monday, July 22nd. The mining company reported $0.11 earnings per share (EPS) for the quarter. Cleveland-Cliffs had a net margin of 0.21% and a return on equity of 4.94%. The firm had revenue of $5.09 billion during the quarter, compared to analyst estimates of $5.18 billion. During the same quarter in the prior year, the firm posted $0.69 EPS. Cleveland-Cliffs’s revenue was down 14.9% compared to the same quarter last year. On average, equities research analysts anticipate that Cleveland-Cliffs Inc. will post 0.04 EPS for the current year.

Insider Activity at Cleveland-Cliffs

In other news, Director Ben Oren purchased 6,700 shares of the firm’s stock in a transaction on Wednesday, June 12th. The stock was purchased at an average cost of $14.99 per share, with a total value of $100,433.00. Following the purchase, the director now owns 14,167 shares in the company, valued at approximately $212,363.33. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Cleveland-Cliffs news, CFO Celso L. Goncalves, Jr. bought 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 purchase, the chief financial officer now directly owns 314,362 shares in the company, valued at $4,709,142.76. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Ben Oren purchased 6,700 shares of the firm’s stock in a transaction on Wednesday, June 12th. The stock was acquired at an average price of $14.99 per share, for a total transaction of $100,433.00. Following the transaction, the director now owns 14,167 shares of the company’s stock, valued at approximately $212,363.33. The disclosure for this purchase can be found here. 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.