Cleveland-Cliffs Inc. $CLF Shares Sold by General American Investors Co. Inc.

General American Investors Co. Inc. lessened its position in Cleveland-Cliffs Inc. (NYSE:CLF) by 58.7% during the fourth quarter, Holdings Channel reports. The fund owned 100,593 shares of the mining company’s stock after selling 143,000 shares during the quarter. General American Investors Co. Inc.’s holdings in Cleveland-Cliffs were worth $1,336,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also modified their holdings of the company. Los Angeles Capital Management LLC acquired a new stake in shares of Cleveland-Cliffs in the 4th quarter worth about $25,000. IFP Advisors Inc increased its holdings in shares of Cleveland-Cliffs by 117.5% in the 4th quarter. IFP Advisors Inc now owns 2,221 shares of the mining company’s stock worth $29,000 after acquiring an additional 1,200 shares during the period. Caitong International Asset Management Co. Ltd increased its holdings in shares of Cleveland-Cliffs by 94.0% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 2,505 shares of the mining company’s stock worth $33,000 after acquiring an additional 1,214 shares during the period. CIBC Private Wealth Group LLC increased its holdings in shares of Cleveland-Cliffs by 306.1% in the 4th quarter. CIBC Private Wealth Group LLC now owns 2,461 shares of the mining company’s stock worth $33,000 after acquiring an additional 1,855 shares during the period. Finally, Larson Financial Group LLC increased its holdings in shares of Cleveland-Cliffs by 819.2% in the 3rd quarter. Larson Financial Group LLC now owns 2,684 shares of the mining company’s stock worth $33,000 after acquiring an additional 2,392 shares during the period. Institutional investors and hedge funds own 67.68% of the company’s stock.

Insider Transactions at Cleveland-Cliffs

In related news, EVP Celso L. Goncalves, Jr. sold 214,308 shares of the stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $13.41, for a total value of $2,873,870.28. Following the completion of the transaction, the executive vice president owned 184,542 shares in the company, valued at $2,474,708.22. This represents a 53.73% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. 0.95% of the stock is owned by corporate insiders.

Cleveland-Cliffs Stock Performance

Shares of CLF opened at $13.80 on Friday. The firm has a 50-day moving average price of $10.95 and a 200 day moving average price of $11.58. The firm has a market capitalization of $7.87 billion, a PE ratio of -5.90 and a beta of 2.09. The company has a quick ratio of 0.64, a current ratio of 2.02 and a debt-to-equity ratio of 1.29. Cleveland-Cliffs Inc. has a 52-week low of $6.72 and a 52-week high of $16.70.

Cleveland-Cliffs (NYSE:CLF) last announced its earnings results on Monday, April 20th. The mining company reported ($0.40) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.44) by $0.04. The firm had revenue of $4.92 billion during the quarter, compared to analyst estimates of $4.84 billion. Cleveland-Cliffs had a negative net margin of 6.42% and a negative return on equity of 15.48%. Cleveland-Cliffs’s revenue was up 6.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.92) EPS. On average, sell-side analysts anticipate that Cleveland-Cliffs Inc. will post -0.41 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. Morgan Stanley dropped their price objective on shares of Cleveland-Cliffs from $16.80 to $12.00 and set an “overweight” rating on the stock in a report on Tuesday, April 21st. Wells Fargo & Company increased their price objective on shares of Cleveland-Cliffs from $9.00 to $14.00 and gave the stock an “equal weight” rating in a report on Thursday, June 4th. Glj Research raised shares of Cleveland-Cliffs from a “sell” rating to a “hold” rating and increased their price objective for the stock from $9.03 to $15.01 in a report on Tuesday, June 9th. KeyCorp assumed coverage on shares of Cleveland-Cliffs in a research report on Wednesday, March 25th. They issued a “sector weight” rating for the company. Finally, Wall Street Zen upgraded shares of Cleveland-Cliffs from a “sell” rating to a “hold” rating in a research report on Saturday, February 14th. One analyst has rated the stock with a Buy rating, eight have assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, Cleveland-Cliffs presently has a consensus rating of “Reduce” and an average target price of $12.85.

Cleveland-Cliffs Company Profile

Cleveland-Cliffs Inc is a leading North American producer of iron ore pellets and flat-rolled steel products. Tracing its roots to 1847, the company has evolved from an iron-ore mining concern in the Great Lakes region into a fully integrated steelmaker. Today, Cleveland-Cliffs operates iron ore mining complexes in Michigan and Minnesota as well as steelmaking and finishing facilities across the United States.

The company’s integrated platform begins with direct control of key raw materials, including iron ore and scrap, and extends through every stage of steel production.