Korea Investment CORP Increases Holdings in Cleveland-Cliffs Inc. (NYSE:CLF)

Posted by Defense World Staff on Jun 5th, 2023

Cleveland-Cliffs logo Korea Investment CORP increased its stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF – Get Rating) by 107.5% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 164,615 shares of the mining company’s stock after buying an additional 85,299 shares during the quarter. Korea Investment CORP’s holdings in Cleveland-Cliffs were worth $2,652,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Natixis Advisors L.P. raised its position in Cleveland-Cliffs by 39.8% in the first quarter. Natixis Advisors L.P. now owns 43,986 shares of the mining company’s stock valued at $1,417,000 after purchasing an additional 12,531 shares during the period. Acadian Asset Management LLC purchased a new stake in Cleveland-Cliffs in the first quarter valued at $486,000. Great West Life Assurance Co. Can raised its holdings in shares of Cleveland-Cliffs by 12.7% in the 1st quarter. Great West Life Assurance Co. Can now owns 259,092 shares of the mining company’s stock valued at $8,577,000 after buying an additional 29,178 shares during the period. Cibc World Market Inc. raised its holdings in shares of Cleveland-Cliffs by 1.1% in the 1st quarter. Cibc World Market Inc. now owns 58,149 shares of the mining company’s stock valued at $1,873,000 after buying an additional 623 shares during the period. Finally, Blair William & Co. IL raised its holdings in shares of Cleveland-Cliffs by 14.5% in the 1st quarter. Blair William & Co. IL now owns 167,800 shares of the mining company’s stock valued at $5,405,000 after buying an additional 21,233 shares during the period. Hedge funds and other institutional investors own 65.25% of the company’s stock.

Insider Buying and Selling

In other news, CEO Lourenco Goncalves acquired 100,000 shares of the business’s stock in a transaction dated Thursday, April 27th. The stock was acquired at an average price of $14.96 per share, with a total value of $1,496,000.00. Following the completion of the transaction, the chief executive officer now directly 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 the SEC website. In other news, Director Douglas C. Taylor sold 42,000 shares of the business’s stock in a transaction that occurred on 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 transaction, the director now owns 118,469 shares of the company’s stock, valued at $2,517,466.25. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Lourenco Goncalves acquired 100,000 shares of the business’s stock in a transaction dated Thursday, April 27th. The stock was purchased 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 of the company’s stock, valued at $36,874,679.60. The disclosure for this purchase can be found here. Over the last 90 days, insiders have purchased 125,300 shares of company stock valued at $1,875,531. Corporate insiders own 1.57% of the company’s stock.

Cleveland-Cliffs Trading Up 7.0 %

NYSE:CLF opened at $15.05 on Monday. The stock has a 50-day simple moving average of $15.91 and a 200-day simple moving average of $17.56. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.73 and a current ratio of 2.15. The stock has a market cap of $7.75 billion, a P/E ratio of 16.72 and a beta of 2.21. Cleveland-Cliffs Inc. has a 1 year low of $11.82 and a 1 year high of $23.91.

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

Wall Street Analyst Weigh In

CLF has been the topic of several research analyst reports. Citigroup boosted their price objective on Cleveland-Cliffs from $16.00 to $22.00 and gave the company a “neutral” rating in a report on Monday, February 13th. Wolfe Research upgraded Cleveland-Cliffs from an “underperform” rating to a “peer perform” rating in a report on Monday, March 20th. B. Riley cut their price objective on Cleveland-Cliffs from $27.00 to $26.00 and set a “buy” rating on the stock in a report on Wednesday, February 15th. StockNews.com downgraded Cleveland-Cliffs from a “hold” rating to a “sell” rating in a report on Wednesday, May 31st. 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 target price for the company. Two analysts have rated the stock with a sell rating, six have given a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, Cleveland-Cliffs has an average rating of “Hold” and a consensus price target of $20.53.

Cleveland-Cliffs Company Profile

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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.