Harel Insurance Investments & Financial Services Ltd. acquired a new stake in Cleveland-Cliffs Inc. (NYSE:CLF) in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 15,000 shares of the mining company’s stock, valued at approximately $1,008,000.
Several other large investors also recently added to or reduced their stakes in the stock. New Mexico Educational Retirement Board bought a new stake in Cleveland-Cliffs during the first quarter worth about $1,611,000. Hudock Inc. raised its stake in shares of Cleveland-Cliffs by 6.8% during the 1st quarter. Hudock Inc. now owns 16,008 shares of the mining company’s stock worth $321,000 after purchasing an additional 1,015 shares in the last quarter. Strs Ohio boosted its holdings in shares of Cleveland-Cliffs by 22.2% in the 1st quarter. Strs Ohio now owns 63,400 shares of the mining company’s stock valued at $1,274,000 after buying an additional 11,500 shares during the last quarter. Terril Brothers Inc. bought a new position in shares of Cleveland-Cliffs in the first quarter valued at $4,163,000. Finally, James Investment Research Inc. increased its holdings in Cleveland-Cliffs by 46.9% during the first quarter. James Investment Research Inc. now owns 23,500 shares of the mining company’s stock worth $473,000 after buying an additional 7,500 shares during the last quarter. 67.60% of the stock is currently owned by institutional investors and hedge funds.
A number of research analysts have recently commented on the stock. Exane BNP Paribas downgraded shares of Cleveland-Cliffs from an “outperform” rating to a “neutral” rating in a research report on Monday, April 19th. BNP Paribas reissued a “neutral” rating and set a $19.20 price target on shares of Cleveland-Cliffs in a research report on Monday, April 26th. KeyCorp dropped their price objective on Cleveland-Cliffs from $22.00 to $20.00 and set an “overweight” rating on the stock in a research note on Monday, March 15th. B. Riley boosted their target price on Cleveland-Cliffs from $22.00 to $24.00 and gave the stock a “buy” rating in a report on Monday, April 26th. Finally, The Goldman Sachs Group initiated coverage on Cleveland-Cliffs in a report on Thursday, April 15th. They set a “neutral” rating and a $20.00 price target for the company. Five research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $17.41.
Cleveland-Cliffs (NYSE:CLF) last posted its quarterly earnings data on Wednesday, April 21st. The mining company reported $0.19 earnings per share for the quarter, missing the consensus estimate of $0.33 by ($0.14). The firm had revenue of $4 billion for the quarter, compared to the consensus estimate of $3.92 billion. Cleveland-Cliffs had a negative return on equity of 2.69% and a negative net margin of 3.38%. The firm’s quarterly revenue was up 1014.2% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.18) EPS. As a group, equities research analysts predict that Cleveland-Cliffs Inc. will post -0.32 earnings per share for the current fiscal year.
In other Cleveland-Cliffs news, CFO Keith Koci acquired 15,000 shares of the company’s stock in a transaction on Friday, March 5th. The stock was acquired at an average price of $13.45 per share, for a total transaction of $201,750.00. Following the purchase, the chief financial officer now directly owns 210,033 shares of the company’s stock, valued at $2,824,943.85. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 1.83% of the stock is currently owned by company insiders.
Cleveland-Cliffs Company 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.
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