Commonwealth Equity Services LLC Reduces Stock Position in Cleveland-Cliffs Inc. (NYSE:CLF)

Commonwealth Equity Services LLC cut its stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 14.8% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 418,545 shares of the mining company's stock after selling 72,690 shares during the quarter. Commonwealth Equity Services LLC owned 0.08% of Cleveland-Cliffs worth $3,934,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also bought and sold shares of CLF. Bank of New York Mellon Corp grew its position in Cleveland-Cliffs by 20.1% during the fourth quarter. Bank of New York Mellon Corp now owns 7,382,769 shares of the mining company's stock valued at $69,398,000 after acquiring an additional 1,236,247 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in Cleveland-Cliffs by 11.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 4,176,194 shares of the mining company's stock worth $39,256,000 after purchasing an additional 425,041 shares during the last quarter. Hodges Capital Management Inc. boosted its position in Cleveland-Cliffs by 13.4% during the fourth quarter. Hodges Capital Management Inc. now owns 3,316,786 shares of the mining company's stock valued at $31,178,000 after buying an additional 391,109 shares during the period. Barclays PLC grew its stake in shares of Cleveland-Cliffs by 232.4% during the third quarter. Barclays PLC now owns 3,113,337 shares of the mining company's stock valued at $39,757,000 after buying an additional 2,176,837 shares during the last quarter. Finally, Victory Capital Management Inc. increased its holdings in shares of Cleveland-Cliffs by 19.9% in the fourth quarter. Victory Capital Management Inc. now owns 2,787,870 shares of the mining company's stock worth $26,206,000 after buying an additional 461,874 shares during the period. Hedge funds and other institutional investors own 67.68% of the company's stock.

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Insider Transactions at Cleveland-Cliffs

In other news, Director Jane M. Cronin purchased 10,000 shares of the business's stock in a transaction dated Friday, February 28th. The shares were purchased at an average price of $10.56 per share, for a total transaction of $105,600.00. Following the completion of the acquisition, the director now directly owns 24,522 shares in the company, valued at $258,952.32. This represents a 68.86 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director John T. Baldwin acquired 4,000 shares of the firm's stock in a transaction that occurred on Monday, March 10th. The stock was purchased at an average price of $8.70 per share, with a total value of $34,800.00. Following the completion of the acquisition, the director now owns 133,227 shares in the company, valued at $1,159,074.90. The trade was a 3.10 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders have purchased 23,500 shares of company stock valued at $243,095. Insiders own 1.76% of the company's stock.

Cleveland-Cliffs Stock Down 8.6 %

Shares of Cleveland-Cliffs stock traded down $0.80 during trading on Friday, hitting $8.53. The company's stock had a trading volume of 31,119,879 shares, compared to its average volume of 13,195,009. Cleveland-Cliffs Inc. has a 52 week low of $8.49 and a 52 week high of $22.97. The company has a market capitalization of $4.22 billion, a PE ratio of -8.79 and a beta of 1.94. The company has a fifty day simple moving average of $10.30 and a two-hundred day simple moving average of $11.23. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.55 and a current ratio of 1.85.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last released its earnings results on Monday, February 24th. The mining company reported ($0.68) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.65) by ($0.03). Cleveland-Cliffs had a negative net margin of 2.31% and a negative return on equity of 0.59%. The business had revenue of $4.33 billion for the quarter, compared to analysts' expectations of $4.46 billion. Equities research analysts predict that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have commented on CLF. Glj Research decreased their price target on Cleveland-Cliffs from $14.54 to $12.90 and set a "buy" rating on the stock in a research note on Thursday, February 27th. B. Riley reiterated a "buy" rating on shares of Cleveland-Cliffs in a report on Tuesday, February 4th. The Goldman Sachs Group cut their price target on shares of Cleveland-Cliffs from $17.00 to $15.00 and set a "buy" rating on the stock in a report on Tuesday, March 4th. Citigroup lowered their price objective on shares of Cleveland-Cliffs from $12.50 to $11.00 and set a "neutral" rating for the company in a research note on Thursday, December 19th. Finally, Morgan Stanley cut their target price on Cleveland-Cliffs from $13.00 to $11.00 and set an "equal weight" rating on the stock in a research note on Monday, February 3rd. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Cleveland-Cliffs presently has a consensus rating of "Hold" and an average target price of $16.43.

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.