First Hawaiian Bank Sells 18,995 Shares of Cleveland-Cliffs Inc. (NYSE:CLF)


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First Hawaiian Bank lessened its stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 27.8% during the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 49,285 shares of the mining company’s stock after selling 18,995 shares during the quarter. First Hawaiian Bank’s holdings in Cleveland-Cliffs were worth $991,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of CLF. Arkadios Wealth Advisors bought a new stake in shares of Cleveland-Cliffs in the fourth quarter worth $27,000. Creative Financial Designs Inc. ADV grew its stake in shares of Cleveland-Cliffs by 287.5% in the fourth quarter. Creative Financial Designs Inc. ADV now owns 2,480 shares of the mining company’s stock worth $36,000 after purchasing an additional 1,840 shares during the last quarter. Inspire Advisors LLC bought a new stake in shares of Cleveland-Cliffs in the fourth quarter worth $37,000. Bartlett & Co. LLC bought a new stake in shares of Cleveland-Cliffs in the fourth quarter worth $38,000. Finally, Archer Investment Corp bought a new stake in shares of Cleveland-Cliffs in the fourth quarter worth $40,000. 67.60% of the stock is currently owned by hedge funds and other institutional investors.

CLF stock opened at $17.54 on Tuesday. The firm has a market cap of $8.75 billion, a P/E ratio of -62.64 and a beta of 2.24. Cleveland-Cliffs Inc. has a 52 week low of $3.30 and a 52 week high of $20.87. The company has a debt-to-equity ratio of 3.84, a quick ratio of 0.69 and a current ratio of 2.17. The firm’s fifty day moving average is $16.45 and its 200 day moving average is $13.27.

Cleveland-Cliffs (NYSE:CLF) last posted its earnings results on Thursday, February 25th. The mining company reported $0.24 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.28 by ($0.04). Cleveland-Cliffs had a negative return on equity of 2.69% and a negative net margin of 3.38%. The company had revenue of $2.26 billion during the quarter, compared to analysts’ expectations of $2.36 billion. During the same period in the prior year, the business posted $0.23 earnings per share. The company’s revenue for the quarter was up 322.4% on a year-over-year basis. As a group, analysts forecast that Cleveland-Cliffs Inc. will post -0.32 EPS for the current year.

In related news, CFO Keith Koci bought 15,000 shares of the stock in a transaction dated Friday, March 5th. The shares were purchased at an average price of $13.45 per share, with a total value of $201,750.00. Following the completion of the acquisition, the chief financial officer now owns 210,033 shares of the company’s stock, valued at $2,824,943.85. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders own 1.83% of the company’s stock.

CLF has been the topic of several analyst reports. BNP Paribas raised shares of Cleveland-Cliffs from a “neutral” rating to an “outperform” rating and set a $22.30 price objective on the stock in a research note on Tuesday, January 19th. KeyCorp reduced their price objective on shares of Cleveland-Cliffs from $22.00 to $20.00 and set an “overweight” rating on the stock in a research note on Monday, March 15th. Zacks Investment Research cut shares of Cleveland-Cliffs from a “strong-buy” rating to a “hold” rating and set a $16.00 price objective on the stock. in a research note on Monday, February 1st. The Goldman Sachs Group initiated coverage on shares of Cleveland-Cliffs in a report on Friday. They issued a “neutral” rating and a $20.00 target price on the stock. Finally, B. Riley boosted their target price on shares of Cleveland-Cliffs from $20.00 to $21.00 and gave the company a “buy” rating in a report on Wednesday, March 31st. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus target price of $17.43.

About Cleveland-Cliffs

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.

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Institutional Ownership by Quarter for Cleveland-Cliffs (NYSE:CLF)

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