Collaborative Wealth Managment Inc. Acquires Shares of 29,970 Cleveland-Cliffs Inc. (NYSE:CLF)

Collaborative Wealth Managment Inc. purchased a new position in Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 29,970 shares of the mining company's stock, valued at approximately $282,000.

A number of other large investors have also recently made changes to their positions in CLF. Prime Capital Investment Advisors LLC bought a new stake in shares of Cleveland-Cliffs in the third quarter worth approximately $263,000. Archer Investment Corp grew its stake in shares of Cleveland-Cliffs by 25.8% in the third quarter. Archer Investment Corp now owns 7,799 shares of the mining company's stock worth $100,000 after acquiring an additional 1,600 shares during the period. Strengthening Families & Communities LLC grew its stake in shares of Cleveland-Cliffs by 299.8% in the third quarter. Strengthening Families & Communities LLC now owns 1,987 shares of the mining company's stock worth $25,000 after acquiring an additional 1,490 shares during the period. Commerce Bank grew its stake in shares of Cleveland-Cliffs by 342.8% in the third quarter. Commerce Bank now owns 116,870 shares of the mining company's stock worth $1,492,000 after acquiring an additional 90,477 shares during the period. Finally, Advisors Asset Management Inc. grew its position in Cleveland-Cliffs by 28.0% during the third quarter. Advisors Asset Management Inc. now owns 19,280 shares of the mining company's stock valued at $246,000 after buying an additional 4,215 shares during the period. 67.68% of the stock is currently owned by institutional investors.

Insider Transactions at Cleveland-Cliffs

In related news, Director Jane M. Cronin bought 10,000 shares of the stock in a transaction dated Friday, February 28th. The shares were purchased at an average price of $10.56 per share, with a total value of $105,600.00. Following the completion of the acquisition, the director now owns 24,522 shares of the company's stock, valued at $258,952.32. This represents a 68.86 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Keith Koci purchased 9,500 shares of the firm's stock in a transaction that occurred on Friday, February 28th. The shares were acquired at an average cost of $10.81 per share, for a total transaction of $102,695.00. Following the purchase, the executive vice president now owns 543,475 shares of the company's stock, valued at $5,874,964.75. This represents a 1.78 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last quarter, insiders have purchased 23,500 shares of company stock valued at $243,095. 1.76% of the stock is currently owned by corporate insiders.

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Cleveland-Cliffs Price Performance

NYSE:CLF traded down $0.02 during trading hours on Thursday, hitting $9.54. 15,974,313 shares of the stock traded hands, compared to its average volume of 12,623,596. The company has a quick ratio of 0.55, a current ratio of 1.85 and a debt-to-equity ratio of 0.53. Cleveland-Cliffs Inc. has a 1 year low of $8.50 and a 1 year high of $22.97. The company has a market cap of $4.72 billion, a price-to-earnings ratio of -9.84 and a beta of 1.94. The stock has a 50 day moving average price of $10.39 and a 200 day moving average price of $11.34.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last issued its quarterly earnings results on Monday, February 24th. The mining company reported ($0.68) earnings per share 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 firm had revenue of $4.33 billion for the quarter, compared to analysts' expectations of $4.46 billion. Sell-side analysts forecast that Cleveland-Cliffs Inc. will post -0.79 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

CLF has been the subject of several recent research reports. Morgan Stanley cut their target price on shares of Cleveland-Cliffs from $13.00 to $11.00 and set an "equal weight" rating for the company in a research report on Monday, February 3rd. Glj Research cut their target price on shares of Cleveland-Cliffs from $14.54 to $12.90 and set a "buy" rating for the company in a research report on Thursday, February 27th. B. Riley restated a "buy" rating on shares of Cleveland-Cliffs in a research report on Tuesday, February 4th. The Goldman Sachs Group cut their target price on shares of Cleveland-Cliffs from $17.00 to $15.00 and set a "buy" rating for the company in a research report on Tuesday, March 4th. Finally, Citigroup cut their target price on shares of Cleveland-Cliffs from $12.50 to $11.00 and set a "neutral" rating for the company in a research report on Thursday, December 19th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $16.43.

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.