Gabelli Funds LLC Cuts Position in Cleveland-Cliffs Inc. (NYSE:CLF)

Gabelli Funds LLC reduced its position in shares of Cleveland-Cliffs Inc. (NYSE:CLFFree Report) by 6.7% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 28,000 shares of the mining company’s stock after selling 2,000 shares during the quarter. Gabelli Funds LLC’s holdings in Cleveland-Cliffs were worth $572,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of CLF. Korea Investment CORP grew its stake in shares of Cleveland-Cliffs by 30.6% in the 3rd quarter. Korea Investment CORP now owns 514,890 shares of the mining company’s stock worth $8,048,000 after buying an additional 120,540 shares in the last quarter. Aigen Investment Management LP bought a new stake in Cleveland-Cliffs during the third quarter worth approximately $4,970,000. CenterBook Partners LP purchased a new stake in Cleveland-Cliffs during the third quarter valued at approximately $475,000. Grantham Mayo Van Otterloo & Co. LLC lifted its stake in shares of Cleveland-Cliffs by 10.6% in the 3rd quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 2,052,127 shares of the mining company’s stock valued at $32,075,000 after purchasing an additional 196,373 shares during the last quarter. Finally, Hsbc Holdings PLC boosted its holdings in shares of Cleveland-Cliffs by 28.8% in the 3rd quarter. Hsbc Holdings PLC now owns 759,347 shares of the mining company’s stock worth $11,856,000 after purchasing an additional 169,713 shares during the period. 67.68% of the stock is owned by hedge funds and other institutional investors.

Cleveland-Cliffs Stock Down 0.9 %

Shares of NYSE CLF opened at $15.66 on Tuesday. Cleveland-Cliffs Inc. has a 52-week low of $13.84 and a 52-week high of $22.97. The firm has a market capitalization of $7.44 billion, a price-to-earnings ratio of 21.16, a PEG ratio of 0.36 and a beta of 2.08. The stock has a 50 day moving average price of $18.72 and a 200 day moving average price of $19.24. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.59 and a current ratio of 1.90.

Cleveland-Cliffs (NYSE:CLFGet Free Report) last issued its earnings results on Monday, April 22nd. The mining company reported $0.18 earnings per share for the quarter, missing the consensus estimate of $0.19 by ($0.01). The firm had revenue of $5.20 billion during the quarter, compared to analysts’ expectations of $5.34 billion. Cleveland-Cliffs had a return on equity of 8.69% and a net margin of 1.78%. Cleveland-Cliffs’s quarterly revenue was down 1.8% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.11) earnings per share. Sell-side analysts expect that Cleveland-Cliffs Inc. will post 0.95 earnings per share for the current year.

Cleveland-Cliffs announced that its board has authorized a share repurchase plan on Monday, April 22nd that permits the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization permits the mining company to purchase up to 17.2% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

Insiders Place Their Bets

In other Cleveland-Cliffs news, CEO Lourenco Goncalves purchased 60,000 shares of the stock in a transaction dated Wednesday, May 1st. The stock was purchased at an average price of $16.76 per share, with a total value of $1,005,600.00. Following the transaction, the chief executive officer now owns 2,759,089 shares of the company’s stock, valued at $46,242,331.64. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, CEO Lourenco Goncalves purchased 60,000 shares of the business’s stock in a transaction dated Wednesday, May 1st. The shares were acquired at an average cost of $16.76 per share, for a total transaction of $1,005,600.00. Following the acquisition, the chief executive officer now owns 2,759,089 shares of the company’s stock, valued at approximately $46,242,331.64. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Susan Miranda Green sold 6,500 shares of the business’s stock in a transaction 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 completion of the transaction, the director now directly owns 90,286 shares of the company’s stock, valued at $1,841,834.40. The disclosure for this sale can be found here. 1.76% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on CLF shares. Morgan Stanley lowered their price target on Cleveland-Cliffs from $20.00 to $19.00 and set an “equal weight” rating for the company in a research report on Tuesday, April 30th. B. Riley dropped their price target on shares of Cleveland-Cliffs from $25.00 to $24.00 and set a “buy” rating for the company in a research note on Tuesday, April 30th. Citigroup lowered shares of Cleveland-Cliffs from a “buy” rating to a “neutral” rating and set a $22.00 price objective on the stock. in a research report on Wednesday, March 13th. Wolfe Research restated an “underperform” rating and set a $18.00 target price on shares of Cleveland-Cliffs in a research report on Tuesday, April 9th. Finally, BNP Paribas downgraded Cleveland-Cliffs from a “neutral” rating to an “underperform” rating and set a $16.50 price target on the stock. in a report on Wednesday, February 28th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $20.64.

Read Our Latest Analysis on CLF

About Cleveland-Cliffs

(Free Report)

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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Institutional Ownership by Quarter for Cleveland-Cliffs (NYSE:CLF)

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