142,849 Shares in Cleveland-Cliffs Inc. (NYSE:CLF) Bought by Connor Clark & Lunn Investment Management Ltd.

Posted by on May 29th, 2023

Connor Clark & Lunn Investment Management Ltd. acquired a new position in Cleveland-Cliffs Inc. (NYSE:CLF – Get Rating) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 142,849 shares of the mining company’s stock, valued at approximately $2,301,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Creative Planning raised its position in Cleveland-Cliffs by 15.1% during the third quarter. Creative Planning now owns 97,624 shares of the mining company’s stock valued at $1,315,000 after purchasing an additional 12,832 shares in the last quarter. IFP Advisors Inc raised its position in Cleveland-Cliffs by 91.2% during the fourth quarter. IFP Advisors Inc now owns 92,669 shares of the mining company’s stock valued at $812,000 after purchasing an additional 44,192 shares in the last quarter. Arete Wealth Advisors LLC purchased a new stake in Cleveland-Cliffs during the third quarter valued at about $243,000. Mutual of America Capital Management LLC raised its position in Cleveland-Cliffs by 4.0% during the third quarter. Mutual of America Capital Management LLC now owns 415,044 shares of the mining company’s stock valued at $5,591,000 after purchasing an additional 15,796 shares in the last quarter. Finally, United Services Automobile Association raised its position in Cleveland-Cliffs by 8.0% during the third quarter. United Services Automobile Association now owns 55,258 shares of the mining company’s stock valued at $744,000 after purchasing an additional 4,112 shares in the last quarter. Hedge funds and other institutional investors own 65.25% of the company’s stock.

Insider Buying and Selling at Cleveland-Cliffs

In other news, CEO Lourenco Goncalves acquired 100,000 shares of the business’s stock in a transaction on Thursday, April 27th. The shares were acquired at an average cost of $14.96 per share, with a total value of $1,496,000.00. Following the transaction, the chief executive officer now owns 2,464,885 shares in the company, valued at approximately $36,874,679.60. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. In other news, CFO Celso L. Goncalves, Jr. acquired 6,500 shares of the business’s stock in a transaction on Monday, May 1st. The shares were acquired at an average cost of $15.18 per share, with a total value of $98,670.00. Following the transaction, the chief financial officer now owns 237,727 shares in the company, valued at approximately $3,608,695.86. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Lourenco Goncalves bought 100,000 shares of the stock in a transaction dated Thursday, April 27th. The shares were acquired at an average price of $14.96 per share, with a total value of $1,496,000.00. Following the completion of the acquisition, the chief executive officer now directly owns 2,464,885 shares of the company’s stock, valued at approximately $36,874,679.60. The disclosure for this purchase can be found here. In the last three months, insiders have bought 125,300 shares of company stock valued at $1,875,531. 1.57% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research firms have weighed in on CLF. StockNews.com upgraded Cleveland-Cliffs from a “sell” rating to a “hold” rating in a research report on Tuesday, May 23rd. B. Riley reduced their price objective on Cleveland-Cliffs from $27.00 to $26.00 and set a “buy” rating on the stock in a research note on Wednesday, February 15th. Citigroup raised their price objective on Cleveland-Cliffs from $16.00 to $22.00 and gave the company a “neutral” rating in a research note on Monday, February 13th. Wolfe Research raised Cleveland-Cliffs from an “underperform” rating to a “peer perform” rating in a research note on Monday, March 20th. Finally, JPMorgan Chase & Co. began coverage on Cleveland-Cliffs in a research note on Tuesday, May 23rd. They set a “neutral” rating and a $18.00 price objective on the stock. One research analyst has rated the stock with a sell rating, seven have given a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $20.53.

Cleveland-Cliffs Stock Up 0.5 %

NYSE CLF opened at $14.36 on Monday. The company has a debt-to-equity ratio of 0.59, a current ratio of 2.15 and a quick ratio of 0.73. The stock has a market capitalization of $7.40 billion, a PE ratio of 15.96 and a beta of 2.22. Cleveland-Cliffs Inc. has a 1 year low of $11.82 and a 1 year high of $24.66. The business’s 50-day moving average is $16.26 and its 200 day moving average is $17.59.

Cleveland-Cliffs (NYSE:CLF – Get Rating) last posted its quarterly earnings data on Tuesday, April 25th. The mining company reported ($0.11) earnings per share for the quarter, beating the consensus estimate of ($0.20) by $0.09. The business had revenue of $5.30 billion for the quarter, compared to analysts’ expectations of $5.21 billion. Cleveland-Cliffs had a return on equity of 8.32% and a net margin of 2.14%. The business’s revenue was down 11.1% on a year-over-year basis. During the same period in the previous year, the firm posted $1.71 EPS. Sell-side analysts forecast that Cleveland-Cliffs Inc. will post 2.05 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.

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

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