Cleveland-Cliffs Inc. (NYSE:CLF) Shares Acquired by Sage Rhino Capital LLC

Sage Rhino Capital LLC boosted its stake in Cleveland-Cliffs Inc. (NYSE:CLF) by 9.2% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 14,266 shares of the mining company’s stock after acquiring an additional 1,202 shares during the period. Sage Rhino Capital LLC’s holdings in Cleveland-Cliffs were worth $291,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in CLF. Kestra Private Wealth Services LLC raised its position in Cleveland-Cliffs by 1.8% during the 4th quarter. Kestra Private Wealth Services LLC now owns 140,181 shares of the mining company’s stock worth $2,862,000 after buying an additional 2,472 shares during the last quarter. Russell Investments Group Ltd. boosted its holdings in Cleveland-Cliffs by 45.8% in the 4th quarter. Russell Investments Group Ltd. now owns 215,644 shares of the mining company’s stock valued at $4,407,000 after purchasing an additional 67,697 shares in the last quarter. RWA Wealth Partners LLC increased its position in Cleveland-Cliffs by 1.4% during the 4th quarter. RWA Wealth Partners LLC now owns 105,150 shares of the mining company’s stock worth $2,147,000 after purchasing an additional 1,450 shares during the period. Lindbrook Capital LLC raised its stake in shares of Cleveland-Cliffs by 83.7% during the 4th quarter. Lindbrook Capital LLC now owns 1,571 shares of the mining company’s stock worth $32,000 after buying an additional 716 shares in the last quarter. Finally, Xponance Inc. lifted its holdings in shares of Cleveland-Cliffs by 2.4% in the 4th quarter. Xponance Inc. now owns 67,373 shares of the mining company’s stock valued at $1,376,000 after buying an additional 1,596 shares during the period. 67.68% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on CLF shares. StockNews.com lowered Cleveland-Cliffs from a “buy” rating to a “hold” rating in a report on Friday. JPMorgan Chase & Co. cut their price target on shares of Cleveland-Cliffs from $24.00 to $23.00 and set an “overweight” rating for the company in a report on Wednesday, April 24th. Argus downgraded shares of Cleveland-Cliffs from a “buy” rating to a “hold” rating in a report on Thursday, February 8th. Morgan Stanley dropped their target price on shares of Cleveland-Cliffs from $20.00 to $19.00 and set an “equal weight” rating for the company in a report on Tuesday. Finally, Citigroup cut Cleveland-Cliffs from a “buy” rating to a “neutral” rating and set a $22.00 price target on the stock. in a report on Wednesday, March 13th. Two analysts have rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $20.42.

Cleveland-Cliffs Price Performance

Shares of CLF traded down $1.17 during mid-day trading on Tuesday, reaching $16.89. 14,294,441 shares of the company’s stock were exchanged, compared to its average volume of 8,896,916. Cleveland-Cliffs Inc. has a 52-week low of $13.61 and a 52-week high of $22.97. The company has a quick ratio of 0.59, a current ratio of 1.90 and a debt-to-equity ratio of 0.49. The company has a 50-day simple moving average of $20.83 and a two-hundred day simple moving average of $19.07. The company has a market cap of $8.03 billion, a price-to-earnings ratio of 23.24, a PEG ratio of 0.66 and a beta of 2.03.

Cleveland-Cliffs (NYSE:CLF) last issued its quarterly earnings data on Monday, April 22nd. The mining company reported $0.18 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.19 by ($0.01). Cleveland-Cliffs had a net margin of 1.78% and a return on equity of 8.69%. The company had revenue of $5.20 billion during the quarter, compared to analysts’ expectations of $5.34 billion. During the same quarter in the prior year, the company earned ($0.11) earnings per share. The firm’s revenue was down 1.8% compared to the same quarter last year. On average, sell-side analysts predict that Cleveland-Cliffs Inc. will post 1.56 EPS for the current fiscal year.

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

Insider Transactions at Cleveland-Cliffs

In other Cleveland-Cliffs news, Director Arlene M. Yocum purchased 2,000 shares of Cleveland-Cliffs stock in a transaction on Wednesday, March 6th. The shares were bought at an average price of $20.02 per share, with a total value of $40,040.00. Following the purchase, the director now directly owns 94,887 shares in the company, valued at approximately $1,899,637.74. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Cleveland-Cliffs news, Director Susan Miranda Green sold 6,500 shares of the stock in a transaction that occurred on Wednesday, March 13th. The shares were sold at an average price of $20.40, for a total transaction of $132,600.00. Following the transaction, the director now owns 90,286 shares of the company’s stock, valued at $1,841,834.40. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Arlene M. Yocum purchased 2,000 shares of the business’s stock in a transaction that occurred on Wednesday, March 6th. The stock was bought at an average cost of $20.02 per share, for a total transaction of $40,040.00. Following the completion of the acquisition, the director now directly owns 94,887 shares of the company’s stock, valued at $1,899,637.74. The disclosure for this purchase can be found here. Insiders sold a total of 221,066 shares of company stock worth $4,464,688 over the last ninety days. 1.76% of the stock is currently owned by corporate insiders.

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.