Cleveland-Cliffs Inc. (NYSE:CLF) Shares Sold by Gries Financial LLC

Gries Financial LLC cut its holdings in Cleveland-Cliffs Inc. (NYSE:CLF) by 11.7% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 12,743 shares of the mining company’s stock after selling 1,692 shares during the period. Gries Financial LLC’s holdings in Cleveland-Cliffs were worth $196,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Wealth Enhancement Advisory Services LLC increased its holdings in Cleveland-Cliffs by 1.9% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 25,053 shares of the mining company’s stock valued at $570,000 after buying an additional 476 shares during the last quarter. Hexagon Capital Partners LLC increased its holdings 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 valued at $39,000 after buying an additional 500 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings 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 valued at $4,249,000 after buying an additional 612 shares during the last quarter. Fifth Third Bancorp increased its holdings in Cleveland-Cliffs by 11.4% in the first quarter. Fifth Third Bancorp now owns 6,151 shares of the mining company’s stock valued at $140,000 after buying an additional 631 shares during the last quarter. Finally, InterOcean Capital Group LLC increased its holdings in Cleveland-Cliffs by 4.1% in the first quarter. InterOcean Capital Group LLC now owns 20,334 shares of the mining company’s stock valued at $462,000 after buying an additional 805 shares during the last quarter. 67.68% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

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

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the company. Seaport Res Ptn raised Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a report on Tuesday, August 27th. Morgan Stanley dropped their price target on Cleveland-Cliffs from $17.50 to $15.00 and set an “equal weight” rating on the stock in a research note on Thursday, August 15th. JPMorgan Chase & Co. cut Cleveland-Cliffs from an “overweight” rating to a “neutral” rating and reduced their price objective for the company from $23.00 to $17.00 in a research note on Tuesday, June 11th. Bank of America decreased their target price on shares of Cleveland-Cliffs from $20.00 to $18.00 and set a “neutral” rating for the company in a research note on Wednesday, June 26th. Finally, B. Riley reiterated a “buy” rating and issued a $23.00 price objective on shares of Cleveland-Cliffs in a research report on Tuesday, June 25th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating, two have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $18.94.

Cleveland-Cliffs Stock Down 0.9 %

Shares of NYSE CLF opened at $12.00 on Thursday. The stock has a market capitalization of $5.71 billion, a price-to-earnings ratio of 16.22, a price-to-earnings-growth ratio of 7.70 and a beta of 2.03. Cleveland-Cliffs Inc. has a 52 week low of $11.92 and a 52 week high of $22.97. The firm has a 50-day moving average price of $14.31 and a 200 day moving average price of $17.25. The company has a quick ratio of 0.60, a current ratio of 1.87 and a debt-to-equity ratio of 0.48.

Cleveland-Cliffs (NYSE:CLF) last posted its quarterly earnings results on Monday, July 22nd. The mining company reported $0.11 earnings per share (EPS) for the quarter. The company had revenue of $5.09 billion during the quarter, compared to the consensus estimate of $5.18 billion. Cleveland-Cliffs had a net margin of 0.21% and a return on equity of 4.94%. The company’s revenue for the quarter was down 14.9% on a year-over-year basis. During the same period last year, the firm earned $0.69 EPS. Equities research analysts anticipate that Cleveland-Cliffs Inc. will post 0.04 EPS for the current fiscal year.

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.