Phocas Financial Corp. Raises Holdings in Cleveland-Cliffs Inc. $CLF

Phocas Financial Corp. increased its stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 47.0% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 474,862 shares of the mining company’s stock after acquiring an additional 151,868 shares during the period. Phocas Financial Corp.’s holdings in Cleveland-Cliffs were worth $6,306,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of CLF. Oregon Public Employees Retirement Fund lifted its holdings in Cleveland-Cliffs by 0.9% in the third quarter. Oregon Public Employees Retirement Fund now owns 99,649 shares of the mining company’s stock valued at $1,216,000 after acquiring an additional 900 shares during the period. Public Employees Retirement System of Ohio boosted its position in Cleveland-Cliffs by 0.6% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 152,009 shares of the mining company’s stock worth $1,855,000 after purchasing an additional 943 shares in the last quarter. Moors & Cabot Inc. grew its stake in shares of Cleveland-Cliffs by 3.0% during the 3rd quarter. Moors & Cabot Inc. now owns 33,118 shares of the mining company’s stock worth $404,000 after purchasing an additional 960 shares during the period. Whitcomb & Hess Inc. grew its stake in shares of Cleveland-Cliffs by 3.8% during the 4th quarter. Whitcomb & Hess Inc. now owns 26,752 shares of the mining company’s stock worth $357,000 after purchasing an additional 973 shares during the period. Finally, 4WEALTH Advisors Inc. increased its holdings in shares of Cleveland-Cliffs by 1.5% during the 3rd quarter. 4WEALTH Advisors Inc. now owns 76,834 shares of the mining company’s stock valued at $937,000 after purchasing an additional 1,118 shares in the last quarter. 67.68% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Cleveland-Cliffs

In other news, Director Edilson Camara bought 19,700 shares of the firm’s stock in a transaction dated Friday, February 13th. The shares were acquired at an average price of $10.13 per share, for a total transaction of $199,561.00. Following the completion of the transaction, the director directly owned 41,983 shares in the company, valued at $425,287.79. The trade was a 88.41% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Lourenco Goncalves sold 3,000,000 shares of Cleveland-Cliffs stock in a transaction that occurred on Wednesday, February 11th. The stock was sold at an average price of $12.42, for a total value of $37,260,000.00. The disclosure for this sale is available in the SEC filing. 1.71% of the stock is currently owned by corporate insiders.

Cleveland-Cliffs Price Performance

Cleveland-Cliffs stock opened at $8.41 on Monday. The stock has a market capitalization of $4.79 billion, a P/E ratio of -2.88 and a beta of 1.91. The company’s fifty day moving average price is $10.59 and its 200 day moving average price is $11.99. The company has a debt-to-equity ratio of 1.15, a quick ratio of 0.50 and a current ratio of 1.95. Cleveland-Cliffs Inc. has a 1 year low of $5.63 and a 1 year high of $16.70.

Cleveland-Cliffs (NYSE:CLF) last posted its quarterly earnings data on Monday, February 9th. The mining company reported ($0.43) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.62) by $0.19. The company had revenue of $4.31 billion during the quarter, compared to analysts’ expectations of $4.60 billion. Cleveland-Cliffs had a negative net margin of 7.91% and a negative return on equity of 18.94%. The firm’s revenue for the quarter was down .3% on a year-over-year basis. During the same period in the prior year, the business posted ($0.68) earnings per share. As a group, equities research analysts anticipate that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the stock. KeyCorp initiated coverage on shares of Cleveland-Cliffs in a research note on Wednesday, March 25th. They issued a “sector weight” rating for the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cleveland-Cliffs in a report on Tuesday, January 27th. Citigroup upped their price objective on shares of Cleveland-Cliffs from $11.00 to $13.00 and gave the stock a “neutral” rating in a research report on Monday, February 9th. Morgan Stanley raised shares of Cleveland-Cliffs from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $12.80 to $17.00 in a research note on Friday, January 9th. Finally, Wells Fargo & Company dropped their target price on Cleveland-Cliffs from $12.00 to $9.00 and set an “equal weight” rating on the stock in a research report on Thursday, March 19th. Two equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $12.99.

Cleveland-Cliffs Profile

Cleveland-Cliffs Inc is a leading North American producer of iron ore pellets and flat-rolled steel products. Tracing its roots to 1847, the company has evolved from an iron-ore mining concern in the Great Lakes region into a fully integrated steelmaker. Today, Cleveland-Cliffs operates iron ore mining complexes in Michigan and Minnesota as well as steelmaking and finishing facilities across the United States.

The company’s integrated platform begins with direct control of key raw materials, including iron ore and scrap, and extends through every stage of steel production.