Axim Planning & Wealth Decreases Position in Cleveland-Cliffs Inc. $CLF

Axim Planning & Wealth trimmed its position in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 66.9% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 79,877 shares of the mining company’s stock after selling 161,462 shares during the quarter. Cleveland-Cliffs accounts for approximately 1.1% of Axim Planning & Wealth’s investment portfolio, making the stock its 4th largest holding. Axim Planning & Wealth’s holdings in Cleveland-Cliffs were worth $1,061,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of CLF. Turiya Advisors Asia Ltd acquired a new position in shares of Cleveland-Cliffs during the fourth quarter worth approximately $96,280,000. Vanguard Group Inc. lifted its position in shares of Cleveland-Cliffs by 13.4% during the fourth quarter. Vanguard Group Inc. now owns 54,391,397 shares of the mining company’s stock worth $722,318,000 after purchasing an additional 6,447,462 shares in the last quarter. State Street Corp lifted its position in shares of Cleveland-Cliffs by 20.2% during the second quarter. State Street Corp now owns 27,450,442 shares of the mining company’s stock worth $208,623,000 after purchasing an additional 4,603,807 shares in the last quarter. Voloridge Investment Management LLC lifted its position in shares of Cleveland-Cliffs by 960.4% during the third quarter. Voloridge Investment Management LLC now owns 4,683,251 shares of the mining company’s stock worth $57,136,000 after purchasing an additional 4,241,582 shares in the last quarter. Finally, BNP Paribas Financial Markets lifted its position in shares of Cleveland-Cliffs by 200.4% during the second quarter. BNP Paribas Financial Markets now owns 6,329,414 shares of the mining company’s stock worth $48,104,000 after purchasing an additional 4,222,528 shares in the last quarter. 67.68% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, EVP Celso L. Goncalves, Jr. sold 214,308 shares of the stock in a transaction that occurred on 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 transaction, the executive vice president directly owned 184,542 shares in the company, valued at $2,474,708.22. This represents a 53.73% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 0.95% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on CLF. The Goldman Sachs Group reiterated a “neutral” rating and set a $10.00 target price on shares of Cleveland-Cliffs in a research report on Friday, May 1st. JPMorgan Chase & Co. upped their target price on shares of Cleveland-Cliffs from $9.00 to $13.00 and gave the stock a “neutral” rating in a research report on Wednesday. Wells Fargo & Company upped their target price on shares of Cleveland-Cliffs from $9.00 to $14.00 and gave the stock an “equal weight” rating in a research report on Thursday, June 4th. Morgan Stanley reduced their target price on shares of Cleveland-Cliffs from $16.80 to $12.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 21st. Finally, Barclays began coverage on shares of Cleveland-Cliffs in a research report on Thursday, May 21st. They set an “underweight” rating and a $9.00 target price on the stock. One equities research analyst has rated the stock with a Buy rating, eight have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, Cleveland-Cliffs currently has a consensus rating of “Reduce” and a consensus price target of $12.85.

Cleveland-Cliffs Trading Up 0.6%

Shares of NYSE CLF opened at $13.80 on Friday. The company’s 50 day simple moving average is $10.95 and its 200 day simple moving average is $11.58. Cleveland-Cliffs Inc. has a fifty-two week low of $6.72 and a fifty-two week high of $16.70. The firm has a market capitalization of $7.87 billion, a P/E ratio of -5.90 and a beta of 2.09. The company has a debt-to-equity ratio of 1.29, a current ratio of 2.02 and a quick ratio of 0.64.

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

Cleveland-Cliffs 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.