United Capital Financial Advisers LLC bought a new stake in shares of Cleveland-Cliffs Inc (NYSE:CLF) in the 2nd quarter, Holdings Channel.com reports. The fund bought 95,481 shares of the mining company’s stock, valued at approximately $1,019,000.
A number of other large investors have also bought and sold shares of CLF. LSV Asset Management increased its holdings in Cleveland-Cliffs by 7,324.1% during the 2nd quarter. LSV Asset Management now owns 2,939,928 shares of the mining company’s stock valued at $31,369,000 after acquiring an additional 2,900,328 shares in the last quarter. AJO LP purchased a new position in Cleveland-Cliffs during the 1st quarter valued at about $28,321,000. General American Investors Co. Inc. purchased a new position in Cleveland-Cliffs during the 2nd quarter valued at about $8,639,000. Fisher Asset Management LLC increased its holdings in Cleveland-Cliffs by 4.6% during the 2nd quarter. Fisher Asset Management LLC now owns 12,872,970 shares of the mining company’s stock valued at $137,355,000 after acquiring an additional 565,102 shares in the last quarter. Finally, Heartland Advisors Inc. increased its holdings in Cleveland-Cliffs by 3,000.5% during the 2nd quarter. Heartland Advisors Inc. now owns 532,659 shares of the mining company’s stock valued at $5,683,000 after acquiring an additional 515,479 shares in the last quarter. Hedge funds and other institutional investors own 81.94% of the company’s stock.
Shares of NYSE CLF traded down $0.23 during midday trading on Friday, reaching $7.73. 13,247,594 shares of the stock were exchanged, compared to its average volume of 10,747,012. The company has a market capitalization of $2.21 billion, a P/E ratio of 3.63 and a beta of 2.15. Cleveland-Cliffs Inc has a 52-week low of $6.64 and a 52-week high of $13.10. The company has a current ratio of 2.56, a quick ratio of 1.81 and a debt-to-equity ratio of 7.37. The stock has a 50 day moving average price of $8.18 and a 200-day moving average price of $9.59.
Cleveland-Cliffs (NYSE:CLF) last issued its quarterly earnings results on Friday, July 19th. The mining company reported $0.63 EPS for the quarter, topping analysts’ consensus estimates of $0.52 by $0.11. The business had revenue of $697.40 million during the quarter, compared to the consensus estimate of $624.23 million. Cleveland-Cliffs had a net margin of 50.72% and a return on equity of 238.16%. The company’s quarterly revenue was up 3.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.55 earnings per share. On average, analysts forecast that Cleveland-Cliffs Inc will post 1.59 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Friday, October 4th will be issued a dividend of $0.06 per share. The ex-dividend date is Thursday, October 3rd. This represents a $0.24 dividend on an annualized basis and a dividend yield of 3.10%. Cleveland-Cliffs’s dividend payout ratio (DPR) is presently 11.27%.
In related news, Director John T. Baldwin bought 9,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 5th. The shares were acquired at an average cost of $7.27 per share, with a total value of $65,430.00. Following the completion of the transaction, the director now owns 123,727 shares of the company’s stock, valued at $899,495.29. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director John T. Baldwin bought 6,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 8th. The stock was bought at an average cost of $8.70 per share, for a total transaction of $52,200.00. Following the completion of the transaction, the director now directly owns 107,727 shares of the company’s stock, valued at approximately $937,224.90. The disclosure for this purchase can be found here. Over the last quarter, insiders have bought 67,500 shares of company stock valued at $551,320. Insiders own 1.32% of the company’s stock.
Several equities analysts have weighed in on CLF shares. Credit Suisse Group dropped their target price on shares of Cleveland-Cliffs from $14.00 to $12.00 and set an “outperform” rating for the company in a report on Wednesday, September 11th. Cowen set a $10.00 price target on shares of Cleveland-Cliffs and gave the stock a “hold” rating in a report on Thursday, August 22nd. Citigroup lowered their price target on shares of Cleveland-Cliffs from $10.00 to $8.00 and set a “buy” rating for the company in a report on Wednesday, September 4th. Finally, ValuEngine upgraded shares of Cleveland-Cliffs from a “strong sell” rating to a “sell” rating in a report on Monday, September 16th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and five have given a buy rating to the stock. Cleveland-Cliffs currently has an average rating of “Hold” and a consensus target price of $11.56.
Cleveland-Cliffs Inc operates as an iron ore mining company in the United States. The company operates four iron ore mines in Michigan and Minnesota. It sells its products to integrated steel companies and steel producers in the United States and the Asia Pacific. The company was formerly known as Cliffs Natural Resources Inc and changed its name to Cleveland-Cliffs Inc in August 2017.
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