Cwm LLC raised its stake in Cleveland-Cliffs Inc. (NYSE:CLF – Free Report) by 111.4% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 15,355 shares of the mining company’s stock after purchasing an additional 8,090 shares during the quarter. Cwm LLC’s holdings in Cleveland-Cliffs were worth $281,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Zullo Investment Group Inc. increased its stake in shares of Cleveland-Cliffs by 11.1% during the fourth quarter. Zullo Investment Group Inc. now owns 5,000 shares of the mining company’s stock valued at $81,000 after buying an additional 500 shares during the period. Cedar Brook Financial Partners LLC increased its stake in shares of Cleveland-Cliffs by 4.4% during the fourth quarter. Cedar Brook Financial Partners LLC now owns 12,314 shares of the mining company’s stock valued at $198,000 after buying an additional 514 shares during the period. First Eagle Investment Management LLC increased its stake in shares of Cleveland-Cliffs by 27.7% during the fourth quarter. First Eagle Investment Management LLC now owns 2,444 shares of the mining company’s stock valued at $39,000 after buying an additional 530 shares during the period. Quadrant Capital Group LLC increased its stake in shares of Cleveland-Cliffs by 17.5% during the fourth quarter. Quadrant Capital Group LLC now owns 3,612 shares of the mining company’s stock valued at $58,000 after buying an additional 537 shares during the period. Finally, JB Capital LLC increased its stake in shares of Cleveland-Cliffs by 1.8% during the fourth quarter. JB Capital LLC now owns 30,175 shares of the mining company’s stock valued at $486,000 after buying an additional 544 shares during the period. Institutional investors own 62.92% of the company’s stock.
Insider Activity
In other Cleveland-Cliffs news, CFO Celso L. Goncalves, Jr. purchased 6,500 shares of the stock in a transaction dated Monday, May 1st. The shares were purchased at an average cost of $15.18 per share, with a total value of $98,670.00. Following the completion of the acquisition, the chief financial officer now directly owns 237,727 shares in the company, valued at approximately $3,608,695.86. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other news, Director Ralph S. Michael III bought 10,000 shares of the stock in a transaction on Tuesday, May 2nd. The shares were bought at an average price of $14.96 per share, with a total value of $149,600.00. Following the completion of the acquisition, the director now owns 171,840 shares in the company, valued at $2,570,726.40. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Celso L. Goncalves, Jr. bought 6,500 shares of the stock in a transaction on Monday, May 1st. The stock was purchased at an average cost of $15.18 per share, for a total transaction of $98,670.00. Following the acquisition, the chief financial officer now owns 237,727 shares of the company’s stock, valued at approximately $3,608,695.86. The disclosure for this purchase can be found here. Corporate insiders own 1.57% of the company’s stock.
Cleveland-Cliffs Trading Down 1.1 %
Cleveland-Cliffs (NYSE:CLF – Get Free Report) last released its earnings results on Monday, July 24th. The mining company reported $0.69 EPS for the quarter, missing the consensus estimate of $0.70 by ($0.01). Cleveland-Cliffs had a return on equity of 3.77% and a net margin of 1.04%. The company had revenue of $5.98 billion during the quarter, compared to the consensus estimate of $5.80 billion. During the same period last year, the firm posted $1.31 earnings per share. The company’s revenue was down 5.6% compared to the same quarter last year. As a group, equities analysts predict that Cleveland-Cliffs Inc. will post 1.92 earnings per share for the current fiscal year.
Wall Street Analyst Weigh In
Several equities analysts have recently issued reports on the company. JPMorgan Chase & Co. assumed coverage on Cleveland-Cliffs in a research note on Tuesday, May 23rd. They set a “neutral” rating and a $18.00 target price on the stock. StockNews.com raised Cleveland-Cliffs from a “sell” rating to a “hold” rating in a research note on Thursday, July 20th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $20.53.
Cleveland-Cliffs Profile
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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