Prudential Financial Inc. lifted its holdings in Cleveland-Cliffs Inc (NYSE:CLF) by 1,602.7% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 530,262 shares of the mining company’s stock after purchasing an additional 499,120 shares during the period. Prudential Financial Inc. owned 0.18% of Cleveland-Cliffs worth $6,713,000 at the end of the most recent reporting period.
Several other hedge funds have also added to or reduced their stakes in the stock. Dakota Wealth Management acquired a new stake in shares of Cleveland-Cliffs in the 3rd quarter valued at $317,000. Montgomery Investment Management Inc. lifted its stake in shares of Cleveland-Cliffs by 19.6% in the 3rd quarter. Montgomery Investment Management Inc. now owns 67,200 shares of the mining company’s stock valued at $851,000 after purchasing an additional 11,000 shares during the last quarter. Strategic Wealth Advisors Group LLC acquired a new stake in shares of Cleveland-Cliffs in the 3rd quarter valued at $242,000. Ruffer LLP lifted its stake in shares of Cleveland-Cliffs by 15.9% in the 3rd quarter. Ruffer LLP now owns 16,040,992 shares of the mining company’s stock valued at $202,996,000 after purchasing an additional 2,198,515 shares during the last quarter. Finally, Lincoln National Corp acquired a new stake in shares of Cleveland-Cliffs in the 3rd quarter valued at $305,000. 69.66% of the stock is owned by institutional investors and hedge funds.
Several equities research analysts recently issued reports on CLF shares. Jefferies Financial Group raised shares of Cleveland-Cliffs to a “buy” rating and set a $13.00 price objective for the company in a research note on Friday, September 7th. Zacks Investment Research raised shares of Cleveland-Cliffs from a “hold” rating to a “buy” rating and set a $14.00 price objective for the company in a research note on Tuesday, October 9th. Citigroup lifted their price objective on shares of Cleveland-Cliffs from $12.00 to $15.00 and gave the company a “buy” rating in a research note on Friday, October 5th. B. Riley set a $15.00 price objective on shares of Cleveland-Cliffs and gave the company a “buy” rating in a research note on Wednesday, September 26th. Finally, ValuEngine raised shares of Cleveland-Cliffs from a “sell” rating to a “hold” rating in a research note on Wednesday, September 12th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and eight have issued a buy rating to the company’s stock. Cleveland-Cliffs presently has a consensus rating of “Hold” and a consensus target price of $11.36.
Cleveland-Cliffs stock opened at $8.93 on Friday. The firm has a market cap of $2.69 billion, a price-to-earnings ratio of 5.72 and a beta of 1.62. Cleveland-Cliffs Inc has a fifty-two week low of $6.08 and a fifty-two week high of $13.10.
Cleveland-Cliffs (NYSE:CLF) last released its earnings results on Friday, October 19th. The mining company reported $0.64 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.66 by ($0.02). The firm had revenue of $742.00 million for the quarter, compared to analyst estimates of $736.06 million. Cleveland-Cliffs had a negative return on equity of 146.72% and a net margin of 36.43%. The firm’s revenue was up 6.3% on a year-over-year basis. During the same period in the prior year, the firm earned $0.36 EPS. Equities analysts expect that Cleveland-Cliffs Inc will post 2.03 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, January 15th. Shareholders of record on Friday, January 4th will be given a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a yield of 2.24%. The ex-dividend date of this dividend is Thursday, January 3rd.
Cleveland-Cliffs declared that its board has authorized a share buyback program on Monday, November 26th that permits the company to buyback $200.00 million in shares. This buyback authorization permits the mining company to buy up to 7.7% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.
Cleveland-Cliffs Company Profile
Cleveland-Cliffs Inc operates as an iron ore mining company in the United States. The company operates four iron ore mines in Michigan and Minnesota; and Koolyanobbing iron ore mining complex located in Western Australia. It sells its products to integrated steel companies and steel producers in the United States and the Asia Pacific.
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