Raymond James & Associates Acquires 72,185 Shares of Cleveland-Cliffs Inc. (NYSE:CLF)
Raymond James & Associates boosted its stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 13.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 626,207 shares of the mining company Raymond James & Associates increased its stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 13.0% in the fourth quarter, according to the company's most recent Form 13F filing. The firm owned 626,207 shares of the mining company's stock after purchasing an additional 72,185 shares during the quarter. This makes up for about 0.12% of the total value for Cleveland. Other institutional investors and hedge funds have also recently modified their holdings in the company. BlackRock Inc. boosted its holdings in shares by 3.8% during the 1st quarter and now owns 56,453,183 shares of CLF. The company's revenue was up 1.3% on a year-over-year basis.
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Raymond James & Associates boosted its stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 13.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 626,207 shares of the mining company's stock after purchasing an additional 72,185 shares during the quarter. Raymond James & Associates owned about 0.12% of Cleveland-Cliffs worth $12,787,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently modified their holdings of CLF. BlackRock Inc. boosted its holdings in shares of Cleveland-Cliffs by 3.8% during the 1st quarter. BlackRock Inc. now owns 56,453,183 shares of the mining company's stock worth $1,034,787,000 after buying an additional 2,041,111 shares during the period. Vanguard Group Inc. boosted its holdings in shares of Cleveland-Cliffs by 0.9% during the third quarter. Vanguard Group Inc. now owns 45,757,539 shares of the mining company's stock worth $616,355,000 after acquiring an additional 387,794 shares during the period. State Street Corp grew its position in shares of Cleveland-Cliffs by 18.6% in the second quarter. State Street Corp now owns 21,000,065 shares of the mining company's stock valued at $322,771,000 after purchasing an additional 3,295,448 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of Cleveland-Cliffs by 2.1% during the first quarter. Geode Capital Management LLC now owns 7,476,201 shares of the mining company's stock worth $136,853,000 after purchasing an additional 150,571 shares during the period. Finally, Morgan Stanley lifted its holdings in Cleveland-Cliffs by 1.5% during the 4th quarter. Morgan Stanley now owns 6,855,860 shares of the mining company's stock worth $110,448,000 after purchasing an additional 98,117 shares during the last quarter. 67.68% of the stock is currently owned by institutional investors and hedge funds.
Shares of NYSE:CLF opened at $22.83 on Thursday. The firm has a 50 day moving average of $20.45 and a 200-day moving average of $18.33. Cleveland-Cliffs Inc. has a 12 month low of $13.61 and a 12 month high of $22.95. The company has a current ratio of 1.89, a quick ratio of 0.62 and a debt-to-equity ratio of 0.39. The stock has a market capitalization of $11.38 billion, a PE ratio of 29.65, a PEG ratio of 0.78 and a beta of 2.03.
• Could Cleveland-Cliffs be the next steel company to be acquired?
Cleveland-Cliffs (NYSE:CLF - Get Free Report) last announced its quarterly earnings data on Tuesday, January 30th. The mining company reported ($0.05) EPS for the quarter, meeting the consensus estimate of ($0.05). The business had revenue of $5.11 billion during the quarter, compared to the consensus estimate of $5.16 billion. Cleveland-Cliffs had a net margin of 1.81% and a return on equity of 6.79%. The company's revenue was up 1.3% on a year-over-year basis. During the same period in the previous year, the business earned ($0.30) earnings per share. On average, equities research analysts predict that Cleveland-Cliffs Inc. will post 1.84 EPS for the current fiscal year.
Several research firms have weighed in on CLF. Argus cut Cleveland-Cliffs from a "buy" rating to a "hold" rating in a research report on Thursday, February 8th. StockNews.com lowered shares of Cleveland-Cliffs from a "buy" rating to a "hold" rating in a research report on Wednesday, February 21st. TheStreet downgraded shares of Cleveland-Cliffs from a "b-" rating to a "c" rating in a report on Tuesday, January 30th. Citigroup cut shares of Cleveland-Cliffs from a "buy" rating to a "neutral" rating and set a $22.00 target price on the stock. in a report on Wednesday, March 13th. Finally, BNP Paribas cut Cleveland-Cliffs from a "neutral" rating to an "underperform" rating and set a $16.50 price target for the company. in a research note on Wednesday, February 28th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and one has given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $20.30.
• US Steel forges ahead on news of $14.1 billion acquisition
Check Out Our Latest Stock Analysis on Cleveland-Cliffs
In other Cleveland-Cliffs news, Director Arlene M. Yocum bought 2,000 shares of the firm's stock in a transaction on Wednesday, March 6th. The shares were purchased at an average price of $20.02 per share, for a total transaction of $40,040.00. Following the completion of the transaction, the director now directly owns 94,887 shares in the company, valued at approximately $1,899,637.74. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, Director Arlene M. Yocum acquired 2,000 shares of the company's stock in a transaction that occurred on Wednesday, March 6th. The stock was acquired at an average price of $20.02 per share, with a total value of $40,040.00. Following the purchase, the director now directly owns 94,887 shares in the company, valued at $1,899,637.74. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Susan Miranda Green sold 6,500 shares of the business's stock in a transaction on Wednesday, March 13th. The stock was sold at an average price of $20.40, for a total transaction of $132,600.00. Following the sale, the director now directly owns 90,286 shares in the company, valued at approximately $1,841,834.40. The disclosure for this sale can be found here. Insiders sold a total of 221,066 shares of company stock worth $4,464,688 in the last ninety days. 1.57% of the stock is owned by 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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