Signature Estate & Investment Advisors LLC Takes Position in Cleveland-Cliffs Inc. (NYSE:CLF)

Signature Estate & Investment Advisors LLC bought a new position in shares of Cleveland-Cliffs Inc. (NYSE:CLF) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 10,090 shares of the mining company’s stock, valued at approximately $155,000.

Other hedge funds have also recently modified their holdings of the company. Wealth Enhancement Advisory Services LLC boosted its holdings in Cleveland-Cliffs by 1.9% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 25,053 shares of the mining company’s stock valued at $570,000 after purchasing an additional 476 shares during the last quarter. Hexagon Capital Partners LLC grew its position in Cleveland-Cliffs by 41.7% in the first quarter. Hexagon Capital Partners LLC now owns 1,700 shares of the mining company’s stock worth $39,000 after acquiring an additional 500 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. grew its position in Cleveland-Cliffs by 0.3% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 216,359 shares of the mining company’s stock worth $4,249,000 after acquiring an additional 612 shares during the period. Fifth Third Bancorp increased its stake in Cleveland-Cliffs by 11.4% during the first quarter. Fifth Third Bancorp now owns 6,151 shares of the mining company’s stock worth $140,000 after acquiring an additional 631 shares during the last quarter. Finally, Peddock Capital Advisors LLC lifted its stake in shares of Cleveland-Cliffs by 5.2% in the 4th quarter. Peddock Capital Advisors LLC now owns 15,894 shares of the mining company’s stock valued at $325,000 after purchasing an additional 781 shares during the last quarter. Institutional investors and hedge funds own 67.68% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently issued reports on CLF. JPMorgan Chase & Co. downgraded Cleveland-Cliffs from an “overweight” rating to a “neutral” rating and cut their price objective for the stock from $23.00 to $17.00 in a research report on Tuesday, June 11th. B. Riley reiterated a “buy” rating and issued a $23.00 price objective on shares of Cleveland-Cliffs in a report on Tuesday, June 25th. Jefferies Financial Group began coverage on Cleveland-Cliffs in a research report on Monday, May 20th. They issued a “buy” rating and a $22.00 target price for the company. Bank of America decreased their price target on shares of Cleveland-Cliffs from $20.00 to $18.00 and set a “neutral” rating for the company in a research report on Wednesday, June 26th. Finally, Seaport Res Ptn raised Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a research note on Tuesday. Two analysts have rated the stock with a sell rating, six have issued a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Cleveland-Cliffs currently has a consensus rating of “Hold” and a consensus price target of $18.94.

Insider Buying and Selling at Cleveland-Cliffs

In other news, Director Ben Oren purchased 6,700 shares of the company’s stock in a transaction that occurred on Wednesday, June 12th. The shares were purchased at an average price of $14.99 per share, for a total transaction of $100,433.00. Following the purchase, the director now directly owns 14,167 shares of the company’s stock, valued at approximately $212,363.33. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other Cleveland-Cliffs news, CFO Celso L. Goncalves, Jr. acquired 7,250 shares of the company’s stock in a transaction on Wednesday, June 12th. The shares were bought at an average cost of $14.98 per share, for a total transaction of $108,605.00. Following the completion of the purchase, the chief financial officer now owns 314,362 shares in the company, valued at approximately $4,709,142.76. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Ben Oren bought 6,700 shares of Cleveland-Cliffs stock in a transaction dated Wednesday, June 12th. The stock was acquired at an average cost of $14.99 per share, with a total value of $100,433.00. Following the completion of the acquisition, the director now directly owns 14,167 shares of the company’s stock, valued at approximately $212,363.33. The disclosure for this purchase can be found here. 1.76% of the stock is currently owned by insiders.

Cleveland-Cliffs Price Performance

CLF stock opened at $14.05 on Wednesday. The stock has a market cap of $6.68 billion, a price-to-earnings ratio of 18.99, a PEG ratio of 1.94 and a beta of 2.03. Cleveland-Cliffs Inc. has a fifty-two week low of $12.39 and a fifty-two week high of $22.97. The company has a quick ratio of 0.60, a current ratio of 1.87 and a debt-to-equity ratio of 0.48. The business has a 50 day moving average price of $14.53 and a 200 day moving average price of $17.52.

Cleveland-Cliffs (NYSE:CLF) last issued its earnings results on Monday, July 22nd. The mining company reported $0.11 earnings per share (EPS) for the quarter. Cleveland-Cliffs had a net margin of 0.21% and a return on equity of 4.94%. The business had revenue of $5.09 billion during the quarter, compared to analysts’ expectations of $5.18 billion. During the same quarter in the prior year, the business posted $0.69 EPS. The company’s revenue for the quarter was down 14.9% on a year-over-year basis. Equities research analysts anticipate that Cleveland-Cliffs Inc. will post 0.17 earnings per share for the current fiscal year.

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.