United Capital Financial Advisers LLC Has $171,000 Stock Position in Cleveland-Cliffs Inc. (NYSE:CLF)

Posted by Defense World Staff on Mar 9th, 2023

Cleveland-Cliffs logo United Capital Financial Advisers LLC lessened its holdings in shares of Cleveland-Cliffs Inc. (NYSE:CLF – Get Rating) by 9.9% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 12,679 shares of the mining company’s stock after selling 1,392 shares during the quarter. United Capital Financial Advisers LLC’s holdings in Cleveland-Cliffs were worth $171,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in CLF. Ronald Blue Trust Inc. acquired a new stake in shares of Cleveland-Cliffs during the second quarter worth about $32,000. Lazard Asset Management LLC increased its stake in Cleveland-Cliffs by 218.1% during the 1st quarter. Lazard Asset Management LLC now owns 1,088 shares of the mining company’s stock worth $35,000 after purchasing an additional 746 shares in the last quarter. Stonebridge Capital Advisors LLC acquired a new stake in Cleveland-Cliffs during the 1st quarter worth approximately $64,000. Zions Bancorporation N.A. bought a new position in Cleveland-Cliffs in the first quarter valued at approximately $78,000. Finally, Truvestments Capital LLC acquired a new position in shares of Cleveland-Cliffs in the second quarter valued at approximately $42,000. 65.25% of the stock is currently owned by institutional investors.

Insider Activity at Cleveland-Cliffs

In other Cleveland-Cliffs news, Director Susan Miranda Green sold 8,700 shares of the firm’s stock in a transaction that occurred on Friday, March 3rd. The shares were sold at an average price of $22.66, for a total transaction of $197,142.00. Following the completion of the sale, the director now directly owns 87,353 shares in the company, valued at $1,979,418.98. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, Director Douglas C. Taylor sold 42,000 shares of the business’s stock in a transaction dated Tuesday, March 7th. The shares were sold at an average price of $21.25, for a total value of $892,500.00. Following the completion of the sale, the director now owns 118,469 shares of the company’s stock, valued at $2,517,466.25. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Susan Miranda Green sold 8,700 shares of the firm’s stock in a transaction dated Friday, March 3rd. The stock was sold at an average price of $22.66, for a total transaction of $197,142.00. Following the transaction, the director now directly owns 87,353 shares in the company, valued at $1,979,418.98. The disclosure for this sale can be found here. 1.43% of the stock is owned by company insiders.

Analyst Ratings Changes

CLF has been the topic of several research reports. StockNews.com raised shares of Cleveland-Cliffs from a “sell” rating to a “hold” rating in a research report on Wednesday, February 22nd. BNP Paribas upgraded Cleveland-Cliffs from an “underperform” rating to a “neutral” rating and set a $21.00 price objective for the company in a report on Wednesday, January 25th. Bank of America initiated coverage on Cleveland-Cliffs in a research report on Wednesday, January 4th. They issued a “neutral” rating and a $19.00 target price on the stock. Citigroup raised their price target on shares of Cleveland-Cliffs from $16.00 to $22.00 and gave the stock a “neutral” rating in a research note on Monday, February 13th. Finally, The Goldman Sachs Group increased their price objective on shares of Cleveland-Cliffs from $18.00 to $23.00 and gave the stock a “buy” rating in a research note on Wednesday, January 18th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $22.11.

Cleveland-Cliffs Stock Performance

CLF opened at $21.25 on Thursday. The company has a quick ratio of 0.65, a current ratio of 2.09 and a debt-to-equity ratio of 0.53. The stock has a market cap of $10.94 billion, a price-to-earnings ratio of 8.47 and a beta of 2.25. Cleveland-Cliffs Inc. has a 12-month low of $11.82 and a 12-month high of $34.04. The business has a 50 day moving average of $20.05 and a 200-day moving average of $17.05.

Cleveland-Cliffs (NYSE:CLF – Get Rating) last announced its quarterly earnings results on Monday, February 13th. The mining company reported ($0.30) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.33) by $0.03. The business had revenue of $5.04 billion during the quarter, compared to the consensus estimate of $5.19 billion. Cleveland-Cliffs had a return on equity of 22.07% and a net margin of 5.81%. The company’s quarterly revenue was down 5.6% on a year-over-year basis. During the same quarter last year, the firm posted $1.78 EPS. On average, equities research analysts expect that Cleveland-Cliffs Inc. will post 1.69 earnings per share for the current year.

About Cleveland-Cliffs

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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.