Gabelli Funds LLC Sells 2,000 Shares of Cleveland-Cliffs Inc. (NYSE:CLF)
Gabelli Funds LLC lessened its holdings in Cleveland-Cliffs Inc. (NYSE:CLF – Free Report) by 6.7% during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 28,000 shares of the mining company’s stock after selling 2,000 shares during the period. Gabelli Funds LLC’s holdings in Cleveland-Cliffs were worth $572,000 […] Gabelli Funds LLC reduced its holdings in Cleveland-Cliffs Inc. (NYSE:CLF) by 6.7% during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor now owns 28,000 shares of the mining company’s stock after selling 2,000. This is part of a larger investment in the company. Other large investors have also recently added to or reduced their stakes in CLF. Norges Bank purchased a new stake in shares of Cleveland-CLiffs in the 4th quarter valued at about $117,585,000 and AQR Capital Management LLC increased its position in shares by 154.2%.
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Gabelli Funds LLC lessened its holdings in Cleveland-Cliffs Inc. (NYSE:CLF – Free Report) by 6.7% during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 28,000 shares of the mining company’s stock after selling 2,000 shares during the period. Gabelli Funds LLC’s holdings in Cleveland-Cliffs were worth $572,000 as of its most recent SEC filing.
Several other large investors also recently added to or reduced their stakes in CLF. Norges Bank purchased a new stake in shares of Cleveland-Cliffs in the 4th quarter valued at about $117,585,000. AQR Capital Management LLC increased its position in shares of Cleveland-Cliffs by 154.2% in the third quarter. AQR Capital Management LLC now owns 2,586,472 shares of the mining company’s stock worth $40,181,000 after purchasing an additional 1,568,961 shares during the last quarter. Ninety One UK Ltd purchased a new stake in Cleveland-Cliffs in the fourth quarter valued at approximately $27,928,000. International Assets Investment Management LLC lifted its position in Cleveland-Cliffs by 1,627.6% during the fourth quarter. International Assets Investment Management LLC now owns 1,431,769 shares of the mining company’s stock valued at $29,237,000 after purchasing an additional 1,348,893 shares during the last quarter. Finally, Bank of Nova Scotia purchased a new position in Cleveland-Cliffs in the 4th quarter worth approximately $22,937,000. Institutional investors own 67.68% of the company’s stock.
A number of research firms have recently issued reports on CLF. 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. Wolfe Research reiterated an “underperform” rating and issued a $18.00 price objective on shares of Cleveland-Cliffs in a report on Tuesday, April 9th. Jefferies Financial Group initiated coverage on Cleveland-Cliffs in a report on Monday, May 20th. They set a “buy” rating and a $22.00 price objective on the stock. JPMorgan Chase & Co. cut their target price on Cleveland-Cliffs from $24.00 to $23.00 and set an “overweight” rating for the company in a research note on Wednesday, April 24th. Finally, B. Riley reduced their price target on shares of Cleveland-Cliffs from $25.00 to $24.00 and set a “buy” rating on the stock in a research report on Tuesday, April 30th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, Cleveland-Cliffs presently has a consensus rating of “Hold” and a consensus target price of $20.64.
Shares of Cleveland-Cliffs stock opened at $15.66 on Tuesday. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.90 and a quick ratio of 0.59. Cleveland-Cliffs Inc. has a one year low of $13.84 and a one year high of $22.97. The business’s 50 day simple moving average is $18.72 and its two-hundred day simple moving average is $19.24. The stock has a market capitalization of $7.44 billion, a P/E ratio of 21.16, a price-to-earnings-growth ratio of 0.36 and a beta of 2.08.
Cleveland-Cliffs (NYSE:CLF – Get Free Report) last issued its earnings results on Monday, April 22nd. The mining company reported $0.18 EPS for the quarter, missing the consensus estimate of $0.19 by ($0.01). The firm had revenue of $5.20 billion during the quarter, compared to analysts’ expectations of $5.34 billion. Cleveland-Cliffs had a return on equity of 8.69% and a net margin of 1.78%. The firm’s quarterly revenue was down 1.8% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.11) earnings per share. Analysts forecast that Cleveland-Cliffs Inc. will post 0.95 EPS for the current year.
Cleveland-Cliffs declared that its Board of Directors has initiated a stock repurchase program on Monday, April 22nd that permits the company to repurchase $1.50 billion in shares. This repurchase authorization permits the mining company to buy up to 17.2% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board believes its shares are undervalued.
In other news, Director Ron A. Bloom bought 25,000 shares of the company’s stock in a transaction dated Wednesday, May 1st. The stock was bought at an average cost of $17.00 per share, for a total transaction of $425,000.00. Following the completion of the acquisition, the director now owns 59,900 shares in the company, valued at approximately $1,018,300. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Cleveland-Cliffs news, Director Ron A. Bloom bought 25,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 1st. The stock was bought at an average price of $17.00 per share, for a total transaction of $425,000.00. Following the completion of the acquisition, the director now directly owns 59,900 shares in the company, valued at $1,018,300. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Susan Miranda Green sold 6,500 shares of Cleveland-Cliffs stock in a transaction on Wednesday, March 13th. The shares were sold at an average price of $20.40, for a total transaction of $132,600.00. Following the completion of the sale, the director now owns 90,286 shares in the company, valued at approximately $1,841,834.40. The disclosure for this sale can be found here. Corporate insiders own 1.76% of the company’s stock.
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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