Raymond James & Associates Raises Stock Position in Cleveland-Cliffs Inc. (NYSE:CLF)
Raymond James & Associates increased its position in shares of Cleveland-Cliffs Inc. (NYSE:CLF – Free Report) by 13.0% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 626,207 shares of the mining company’s stock after acquiring an additional 72,185 shares during the period. Raymond James […] Raymond James & Associates increased its position in Cleveland-Cliffs Inc. (NYSE:CLF) by 13.0% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm now owns 626,207 shares of the mining company’s stock, after purchasing an additional 72,185 shares during the period. Raymond James and Associates’ holdings in the company were worth $12,787,000. Other institutional investors and hedge funds have also bought and sold shares. Cibc World Market Inc. increased its stake in the firm by 1.1% in the 1st quarter. Fifth Third Bancorp boosted its position by 14.9% during their 3rd quarter. The company had a net return of 1.81% and a net profit of 679%.
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Raymond James & Associates increased its position in shares of Cleveland-Cliffs Inc. (NYSE:CLF – Free Report) by 13.0% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 626,207 shares of the mining company’s stock after acquiring an additional 72,185 shares during the period. Raymond James & Associates’ holdings in Cleveland-Cliffs were worth $12,787,000 as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors and hedge funds have also bought and sold shares of the company. Stonebridge Capital Advisors LLC increased its holdings in shares of Cleveland-Cliffs by 20.0% in the fourth quarter. Stonebridge Capital Advisors LLC now owns 3,600 shares of the mining company’s stock worth $58,000 after purchasing an additional 600 shares during the period. Dorsey & Whitney Trust CO LLC grew its position in Cleveland-Cliffs by 2.3% during the third quarter. Dorsey & Whitney Trust CO LLC now owns 27,337 shares of the mining company’s stock worth $427,000 after buying an additional 609 shares in the last quarter. Cibc World Market Inc. increased its stake in Cleveland-Cliffs by 1.1% in the 1st quarter. Cibc World Market Inc. now owns 58,149 shares of the mining company’s stock worth $1,873,000 after acquiring an additional 623 shares during the last quarter. Stratos Wealth Partners LTD. raised its holdings in shares of Cleveland-Cliffs by 0.7% in the 3rd quarter. Stratos Wealth Partners LTD. now owns 103,397 shares of the mining company’s stock valued at $1,616,000 after acquiring an additional 674 shares in the last quarter. Finally, Fifth Third Bancorp boosted its position in shares of Cleveland-Cliffs by 14.9% during the 3rd quarter. Fifth Third Bancorp now owns 5,513 shares of the mining company’s stock valued at $86,000 after acquiring an additional 716 shares during the last quarter. 67.68% of the stock is currently owned by hedge funds and other institutional investors.
Several research analysts recently weighed in on the stock. StockNews.com cut shares of Cleveland-Cliffs from a “buy” rating to a “hold” rating in a research report on Wednesday, February 21st. Citigroup downgraded shares of Cleveland-Cliffs from a “buy” rating to a “neutral” rating and set a $22.00 price objective for the company. in a report on Wednesday, March 13th. Morgan Stanley reissued an “equal weight” rating and issued a $20.00 target price on shares of Cleveland-Cliffs in a research note on Tuesday, March 26th. TheStreet lowered Cleveland-Cliffs from a “b-” rating to a “c” rating in a research note on Tuesday, January 30th. Finally, BNP Paribas cut Cleveland-Cliffs from a “neutral” rating to an “underperform” rating and set a $16.50 price objective for the company. in a report on Wednesday, February 28th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $20.30.
Shares of Cleveland-Cliffs stock opened at $22.83 on Thursday. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.62 and a current ratio of 1.89. Cleveland-Cliffs Inc. has a 52-week low of $13.61 and a 52-week high of $22.95. The company has a fifty day moving average of $20.45 and a 200-day moving average of $18.33. The stock has a market capitalization of $11.38 billion, a price-to-earnings ratio of 29.65, a price-to-earnings-growth ratio of 0.78 and a beta of 2.03.
Cleveland-Cliffs (NYSE:CLF – Get Free Report) last posted its quarterly earnings results on Tuesday, January 30th. The mining company reported ($0.05) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.05). Cleveland-Cliffs had a net margin of 1.81% and a return on equity of 6.79%. The business had revenue of $5.11 billion during the quarter, compared to analyst estimates of $5.16 billion. During the same period in the prior year, the business posted ($0.30) earnings per share. The company’s revenue was up 1.3% on a year-over-year basis. Equities research analysts expect that Cleveland-Cliffs Inc. will post 1.84 EPS for the current year.
In related news, Director Ron A. Bloom purchased 25,000 shares of the firm’s stock in a transaction on Thursday, February 1st. The shares were acquired at an average cost of $20.24 per share, with a total value of $506,000.00. Following the purchase, the director now directly owns 27,221 shares of the company’s stock, valued at $550,953.04. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, CEO Lourenco Goncalves sold 187,136 shares of the company’s stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $20.19, for a total transaction of $3,778,275.84. Following the completion of the transaction, the chief executive officer now directly owns 2,699,089 shares of the company’s stock, valued at $54,494,606.91. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Ron A. Bloom bought 25,000 shares of the business’s stock in a transaction that occurred on Thursday, February 1st. The stock was acquired at an average cost of $20.24 per share, for a total transaction of $506,000.00. Following the completion of the purchase, the director now directly owns 27,221 shares of the company’s stock, valued at $550,953.04. The disclosure for this purchase can be found here. Insiders sold 221,066 shares of company stock worth $4,464,688 in the last ninety days. 1.57% of the stock is owned by company insiders.
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.
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