833,530 Shares in Cleveland-Cliffs Inc. (NYSE:CLF) Bought by Raymond James Financial Inc.

Raymond James Financial Inc. purchased a new stake in Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) in the fourth quarter, according to its most recent filing with the SEC. The fund purchased 833,530 shares of the mining company's stock, valued at approximately $7,835,000. Raymond James Financial Inc. owned about 0.17% of Cleveland-Cliffs at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Jones Financial Companies Lllp increased its stake in Cleveland-Cliffs by 21.3% during the fourth quarter. Jones Financial Companies Lllp now owns 6,723 shares of the mining company's stock valued at $63,000 after purchasing an additional 1,182 shares during the last quarter. Patriot Financial Group Insurance Agency LLC raised its stake in Cleveland-Cliffs by 11.0% during the fourth quarter. Patriot Financial Group Insurance Agency LLC now owns 13,270 shares of the mining company's stock worth $125,000 after acquiring an additional 1,313 shares during the period. Private Trust Co. NA lifted its holdings in Cleveland-Cliffs by 3.8% in the third quarter. Private Trust Co. NA now owns 40,531 shares of the mining company's stock worth $518,000 after acquiring an additional 1,500 shares during the last quarter. Moors & Cabot Inc. lifted its holdings in Cleveland-Cliffs by 6.3% in the third quarter. Moors & Cabot Inc. now owns 33,818 shares of the mining company's stock worth $432,000 after acquiring an additional 2,012 shares during the last quarter. Finally, M&T Bank Corp boosted its stake in Cleveland-Cliffs by 11.4% in the third quarter. M&T Bank Corp now owns 21,574 shares of the mining company's stock valued at $275,000 after acquiring an additional 2,205 shares during the period. 67.68% of the stock is owned by institutional investors and hedge funds.

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Insider Activity

In other news, Director John T. Baldwin bought 4,000 shares of the firm's stock in a transaction on Monday, March 10th. The stock was bought at an average cost of $8.70 per share, for a total transaction of $34,800.00. Following the completion of the acquisition, the director now directly owns 133,227 shares in the company, valued at $1,159,074.90. This represents a 3.10 % increase in their position. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. Also, 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 acquisition, the director now directly owns 24,522 shares of the company's stock, valued at $258,952.32. This trade represents a 68.86 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last 90 days, insiders purchased 23,500 shares of company stock worth $243,095. Insiders own 1.76% of the company's stock.

Cleveland-Cliffs Price Performance

Shares of CLF traded down $0.26 during midday trading on Wednesday, reaching $9.15. The stock had a trading volume of 16,768,573 shares, compared to its average volume of 12,825,150. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.85 and a quick ratio of 0.55. The company has a market capitalization of $4.52 billion, a P/E ratio of -9.43 and a beta of 1.94. The firm's 50 day moving average price is $10.34 and its 200-day moving average price is $11.26. Cleveland-Cliffs Inc. has a 52 week low of $8.50 and a 52 week high of $22.97.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last posted its quarterly earnings data 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 business had revenue of $4.33 billion for the quarter, compared to the consensus estimate of $4.46 billion. On average, analysts forecast that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the company. Morgan Stanley cut their price target on Cleveland-Cliffs from $13.00 to $11.00 and set an "equal weight" rating on the stock in a report on Monday, February 3rd. B. Riley reissued a "buy" rating on shares of Cleveland-Cliffs in a report on Tuesday, February 4th. Citigroup lowered their price target 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. Glj Research cut their price objective on shares of Cleveland-Cliffs from $14.54 to $12.90 and set a "buy" rating on the stock in a research report on Thursday, February 27th. Finally, The Goldman Sachs Group decreased 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. 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 given a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target 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.