Franklin Street Advisors Inc. NC Sells 20,000 Shares of Cleveland-Cliffs Inc. (NYSE:CLF)

Franklin Street Advisors Inc. NC lessened its holdings in Cleveland-Cliffs Inc. (NYSE:CLF) by 50.0% in the 4th quarter, HoldingsChannel.com reports. The firm owned 20,000 shares of the mining company’s stock after selling 20,000 shares during the quarter. Franklin Street Advisors Inc. NC’s holdings in Cleveland-Cliffs were worth $408,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. BlackRock Inc. increased its position in Cleveland-Cliffs by 3.8% in the 1st quarter. BlackRock Inc. now owns 56,453,183 shares of the mining company’s stock valued at $1,034,787,000 after acquiring an additional 2,041,111 shares in the last quarter. Vanguard Group Inc. lifted its stake in Cleveland-Cliffs by 0.9% in the third quarter. Vanguard Group Inc. now owns 45,757,539 shares of the mining company’s stock valued at $616,355,000 after buying an additional 387,794 shares in the last quarter. State Street Corp increased its holdings in Cleveland-Cliffs by 18.6% during the 2nd quarter. State Street Corp now owns 21,000,065 shares of the mining company’s stock worth $322,771,000 after purchasing an additional 3,295,448 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Cleveland-Cliffs by 2.5% during the second quarter. Geode Capital Management LLC now owns 7,662,500 shares of the mining company’s stock worth $128,217,000 after buying an additional 186,299 shares in the last quarter. Finally, Morgan Stanley raised its holdings in shares of Cleveland-Cliffs by 1.5% in the fourth quarter. Morgan Stanley now owns 6,855,860 shares of the mining company’s stock valued at $110,448,000 after purchasing an additional 98,117 shares during the last quarter. Institutional investors own 67.68% of the company’s stock.

Cleveland-Cliffs Price Performance

Shares of NYSE CLF opened at $22.74 on Friday. Cleveland-Cliffs Inc. has a 1-year low of $13.61 and a 1-year high of $22.78. The stock has a fifty day simple moving average of $20.08 and a two-hundred day simple moving average of $18.07. The firm has a market cap of $11.33 billion, a price-to-earnings ratio of 29.53, a price-to-earnings-growth ratio of 0.76 and a beta of 2.02. The company has a current ratio of 1.89, a quick ratio of 0.62 and a debt-to-equity ratio of 0.39.

Cleveland-Cliffs (NYSE:CLF) last released its quarterly earnings data on Tuesday, January 30th. The mining company reported ($0.05) EPS for the quarter, meeting analysts’ consensus estimates of ($0.05). The company had revenue of $5.11 billion during the quarter, compared to analyst estimates of $5.16 billion. Cleveland-Cliffs had a net margin of 1.81% and a return on equity of 6.79%. Cleveland-Cliffs’s revenue was up 1.3% compared to the same quarter last year. During the same period last year, the business earned ($0.30) earnings per share. Analysts anticipate that Cleveland-Cliffs Inc. will post 1.84 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Susan Miranda Green sold 6,500 shares of the company’s stock in a transaction dated Wednesday, March 13th. The shares were sold at an average price of $20.40, for a total transaction of $132,600.00. Following the completion of the transaction, the director now directly owns 90,286 shares of the company’s stock, valued at $1,841,834.40. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, Director Susan Miranda Green sold 6,500 shares of the firm’s stock in a transaction that occurred on Wednesday, March 13th. The stock was sold at an average price of $20.40, for a total value of $132,600.00. Following the completion of the transaction, the director now owns 90,286 shares in the company, valued at approximately $1,841,834.40. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Terry G. Fedor sold 27,430 shares of Cleveland-Cliffs stock in a transaction that occurred on Wednesday, March 6th. The shares were sold at an average price of $20.19, for a total transaction of $553,811.70. Following the transaction, the executive vice president now owns 534,617 shares of the company’s stock, valued at $10,793,917.23. The disclosure for this sale can be found here. Insiders sold 221,066 shares of company stock worth $4,464,688 in the last quarter. 1.57% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on CLF shares. Citigroup cut shares of Cleveland-Cliffs from a “buy” rating to a “neutral” rating and set a $22.00 target price for the company. in a research note on Wednesday, March 13th. Argus lowered Cleveland-Cliffs from a “buy” rating to a “hold” rating in a report on Thursday, February 8th. BNP Paribas downgraded shares of Cleveland-Cliffs from a “neutral” rating to an “underperform” rating and set a $16.50 price target for the company. in a research report on Wednesday, February 28th. Morgan Stanley reaffirmed an “equal weight” rating and set a $20.00 price objective on shares of Cleveland-Cliffs in a research report on Tuesday. Finally, StockNews.com downgraded Cleveland-Cliffs from a “buy” rating to a “hold” rating in a report on Wednesday, February 21st. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $20.30.

Cleveland-Cliffs Company 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.