Raymond James Financial Inc. Acquires New Holdings in Cleveland-Cliffs Inc. (NYSE:CLF)

Raymond James Financial Inc. bought a new position in Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 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 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently added to or reduced their stakes in the stock. Bank of Nova Scotia bought a new stake in Cleveland-Cliffs during the 4th quarter valued at approximately $190,000. Invesco Ltd. raised its stake in Cleveland-Cliffs by 0.7% during the 4th quarter. Invesco Ltd. now owns 2,323,181 shares of the mining company's stock valued at $21,838,000 after purchasing an additional 16,699 shares during the last quarter. Aster Capital Management DIFC Ltd bought a new stake in Cleveland-Cliffs in the 4th quarter valued at $350,000. Russell Investments Group Ltd. increased its holdings in shares of Cleveland-Cliffs by 12.9% during the 4th quarter. Russell Investments Group Ltd. now owns 315,969 shares of the mining company's stock worth $2,970,000 after purchasing an additional 36,174 shares during the period. Finally, JB Capital Partners LP bought a new stake in shares of Cleveland-Cliffs in the fourth quarter valued at about $107,000. Institutional investors own 67.68% of the company's stock.

Analysts Set New Price Targets

A number of analysts have commented on the company. Morgan Stanley reduced their price objective on 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 dropped their price objective on shares of Cleveland-Cliffs from $14.54 to $12.90 and set a "buy" rating for the company in a research note on Thursday, February 27th. B. Riley reiterated a "buy" rating and set a $17.00 target price (down from $20.00) on shares of Cleveland-Cliffs in a research report on Wednesday. Finally, The Goldman Sachs Group cut their price target on shares of Cleveland-Cliffs from $17.00 to $15.00 and set a "buy" rating for the company in a research note on Tuesday, March 4th. One investment analyst has rated the stock with a sell rating, four have given a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $15.49.

Insider Buying and Selling

In related news, Director Jane M. Cronin purchased 10,000 shares of the stock in a transaction dated Friday, February 28th. The stock was bought at an average cost of $10.56 per share, with a total value of $105,600.00. Following the purchase, the director now directly owns 24,522 shares in the company, valued at $258,952.32. The trade was a 68.86 % increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Keith Koci acquired 9,500 shares of Cleveland-Cliffs stock in a transaction that occurred on Friday, February 28th. The shares were purchased 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 directly owns 543,475 shares in the company, valued at $5,874,964.75. The trade was a 1.78 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders acquired a total of 23,500 shares of company stock valued at $243,095 over the last ninety days. Insiders own 1.76% of the company's stock.

Cleveland-Cliffs Price Performance

CLF traded down $0.02 during midday trading on Friday, hitting $7.89. The company had a trading volume of 8,968,762 shares, compared to its average volume of 14,275,815. Cleveland-Cliffs Inc. has a twelve month low of $6.17 and a twelve month high of $18.41. The firm's 50-day simple moving average is $8.98 and its 200-day simple moving average is $10.53. The company has a market capitalization of $3.90 billion, a PE ratio of -8.10 and a beta of 1.93. 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 announced its quarterly earnings data on Monday, February 24th. The mining company reported ($0.68) EPS for the quarter, missing analysts' consensus estimates of ($0.65) by ($0.03). The firm had revenue of $4.33 billion during the quarter, compared to the consensus estimate of $4.46 billion. Cleveland-Cliffs had a negative net margin of 2.31% and a negative return on equity of 0.59%. Equities research analysts predict that Cleveland-Cliffs Inc. will post -0.79 EPS for the current fiscal year.

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.