Janney Capital Management LLC Acquires New Stake in Cleveland-Cliffs Inc. (NYSE:CLF)

Janney Capital Management LLC purchased a new stake in Cleveland-Cliffs Inc. (NYSE:CLFFree Report) in the 4th quarter, according to its most recent filing with the SEC. The fund purchased 19,804 shares of the mining company’s stock, valued at approximately $404,000.

A number of other institutional investors and hedge funds also recently modified their holdings of CLF. Korea Investment CORP boosted its stake in Cleveland-Cliffs by 30.6% during the 3rd quarter. Korea Investment CORP now owns 514,890 shares of the mining company’s stock valued at $8,048,000 after acquiring an additional 120,540 shares during the last quarter. Barclays PLC lifted its position in shares of Cleveland-Cliffs by 240.4% in the 3rd quarter. Barclays PLC now owns 1,988,689 shares of the mining company’s stock worth $31,083,000 after buying an additional 1,404,491 shares during the last quarter. Aigen Investment Management LP acquired a new position in shares of Cleveland-Cliffs in the 3rd quarter valued at about $4,970,000. CenterBook Partners LP bought a new stake in shares of Cleveland-Cliffs during the 3rd quarter valued at about $475,000. Finally, Grantham Mayo Van Otterloo & Co. LLC raised its stake in Cleveland-Cliffs by 10.6% during the third quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 2,052,127 shares of the mining company’s stock worth $32,075,000 after acquiring an additional 196,373 shares during the period. Institutional investors and hedge funds own 67.68% of the company’s stock.

Cleveland-Cliffs Price Performance

Shares of NYSE CLF traded up $0.09 during midday trading on Wednesday, reaching $17.89. 6,014,929 shares of the company traded hands, compared to its average volume of 8,751,535. Cleveland-Cliffs Inc. has a 12 month low of $13.61 and a 12 month high of $22.97. The firm has a market cap of $8.51 billion, a PE ratio of 24.18, a PEG ratio of 0.96 and a beta of 2.10. The stock’s 50-day simple moving average is $20.13 and its 200-day simple moving average is $19.22. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.59 and a current ratio of 1.90.

Cleveland-Cliffs (NYSE:CLFGet Free Report) last announced its earnings results on Monday, April 22nd. The mining company reported $0.18 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.01). The company had revenue of $5.20 billion for the quarter, compared to analyst estimates of $5.34 billion. Cleveland-Cliffs had a return on equity of 8.69% and a net margin of 1.78%. Cleveland-Cliffs’s revenue for the quarter was down 1.8% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.11) earnings per share. As a group, equities analysts anticipate that Cleveland-Cliffs Inc. will post 1.07 earnings per share for the current fiscal year.

Cleveland-Cliffs announced that its Board of Directors has initiated a stock buyback program on Monday, April 22nd that authorizes the company to buyback $1.50 billion in shares. This buyback authorization authorizes the mining company to repurchase up to 17.2% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s leadership believes its stock is undervalued.

Insider Transactions at Cleveland-Cliffs

In other news, Director Arlene M. Yocum bought 2,000 shares of the business’s stock in a transaction on Wednesday, March 6th. The shares were bought at an average cost of $20.02 per share, for a total transaction of $40,040.00. Following the completion of the acquisition, the director now owns 94,887 shares in the company, valued at approximately $1,899,637.74. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Cleveland-Cliffs news, EVP Terry G. Fedor sold 27,430 shares of Cleveland-Cliffs stock in a transaction on Wednesday, March 6th. The shares were sold at an average price of $20.19, for a total value of $553,811.70. Following the sale, the executive vice president now directly owns 534,617 shares in the company, valued at approximately $10,793,917.23. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Arlene M. Yocum bought 2,000 shares of the stock in a transaction that occurred on Wednesday, March 6th. The stock was bought at an average cost of $20.02 per share, for a total transaction of $40,040.00. Following the transaction, the director now owns 94,887 shares of the company’s stock, valued at approximately $1,899,637.74. The disclosure for this purchase can be found here. In the last quarter, insiders acquired 87,000 shares of company stock worth $1,470,640 and sold 221,066 shares worth $4,464,688. 1.76% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several research analysts have commented on CLF shares. StockNews.com cut shares of Cleveland-Cliffs from a “buy” rating to a “hold” rating in a research report on Friday, April 26th. Wolfe Research restated an “underperform” rating and issued a $18.00 price target on shares of Cleveland-Cliffs in a research report on Tuesday, April 9th. Morgan Stanley cut their price target on shares of Cleveland-Cliffs from $20.00 to $19.00 and set an “equal weight” rating on the stock in a report on Tuesday, April 30th. BNP Paribas downgraded Cleveland-Cliffs from a “neutral” rating to an “underperform” rating and set a $16.50 price objective for the company. in a research note on Wednesday, February 28th. Finally, TheStreet lowered Cleveland-Cliffs from a “b-” rating to a “c” rating in a report on Tuesday, January 30th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $20.42.

Get Our Latest Research Report on CLF

Cleveland-Cliffs Company Profile

(Free Report)

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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Institutional Ownership by Quarter for Cleveland-Cliffs (NYSE:CLF)

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