Kestra Private Wealth Services LLC Acquires 2,472 Shares of Cleveland-Cliffs Inc. (NYSE:CLF)

Kestra Private Wealth Services LLC increased its holdings in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 1.8% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 140,181 shares of the mining company’s stock after acquiring an additional 2,472 shares during the quarter. Kestra Private Wealth Services LLC’s holdings in Cleveland-Cliffs were worth $2,862,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Dorsey & Whitney Trust CO LLC raised its stake in shares of Cleveland-Cliffs by 2.3% during the 3rd quarter. Dorsey & Whitney Trust CO LLC now owns 27,337 shares of the mining company’s stock worth $427,000 after purchasing an additional 609 shares during the period. Allworth Financial LP increased its stake in shares of Cleveland-Cliffs by 50.3% during the 4th quarter. Allworth Financial LP now owns 1,850 shares of the mining company’s stock worth $38,000 after purchasing an additional 619 shares during the last quarter. Stratos Wealth Partners LTD. lifted its stake in Cleveland-Cliffs by 0.7% in the third quarter. Stratos Wealth Partners LTD. now owns 103,397 shares of the mining company’s stock valued at $1,616,000 after purchasing an additional 674 shares during the last quarter. Fifth Third Bancorp grew its holdings in Cleveland-Cliffs by 14.9% during the third quarter. Fifth Third Bancorp now owns 5,513 shares of the mining company’s stock valued at $86,000 after purchasing an additional 716 shares during the period. Finally, Lindbrook Capital LLC increased its position in Cleveland-Cliffs by 83.7% in the fourth quarter. Lindbrook Capital LLC now owns 1,571 shares of the mining company’s stock worth $32,000 after buying an additional 716 shares during the last quarter. Hedge funds and other institutional investors own 67.68% of the company’s stock.

Insider Activity

In related news, Director Arlene M. Yocum acquired 2,000 shares of the firm’s stock in a transaction that occurred on Wednesday, March 6th. The shares were bought at an average cost of $20.02 per share, for a total transaction of $40,040.00. Following the completion of the transaction, the director now owns 94,887 shares in the company, valued at $1,899,637.74. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, Director Arlene M. Yocum acquired 2,000 shares of the company’s stock in a transaction dated Wednesday, March 6th. The stock was bought at an average cost of $20.02 per share, with a total value of $40,040.00. Following the acquisition, the director now owns 94,887 shares of the company’s stock, valued at approximately $1,899,637.74. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Terry G. Fedor sold 27,430 shares of the stock in a transaction on Wednesday, March 6th. The shares were sold at an average price of $20.19, for a total value of $553,811.70. Following the completion of the transaction, the executive vice president now directly owns 534,617 shares in the company, valued at approximately $10,793,917.23. The disclosure for this sale can be found here. In the last 90 days, insiders acquired 87,000 shares of company stock worth $1,470,640 and sold 221,066 shares worth $4,464,688. Corporate insiders own 1.76% of the company’s stock.

Cleveland-Cliffs Stock Performance

NYSE CLF opened at $16.70 on Thursday. The company’s 50 day simple moving average is $20.78 and its two-hundred day simple moving average is $19.08. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.90 and a quick ratio of 0.59. Cleveland-Cliffs Inc. has a 1 year low of $13.61 and a 1 year high of $22.97. The stock has a market capitalization of $7.94 billion, a PE ratio of 22.56, a P/E/G ratio of 0.67 and a beta of 2.03.

Cleveland-Cliffs (NYSE:CLF) last released its quarterly earnings results on Monday, April 22nd. The mining company reported $0.18 earnings per share for the quarter, missing the consensus estimate of $0.19 by ($0.01). Cleveland-Cliffs had a return on equity of 8.69% and a net margin of 1.78%. The firm had revenue of $5.20 billion during the quarter, compared to the consensus estimate of $5.34 billion. During the same period in the previous year, the company posted ($0.11) EPS. The company’s revenue for the quarter was down 1.8% compared to the same quarter last year. Analysts predict that Cleveland-Cliffs Inc. will post 1.56 earnings per share for the current fiscal year.

Cleveland-Cliffs announced that its Board of Directors has initiated a stock buyback program on Monday, April 22nd that permits the company to repurchase $1.50 billion in shares. This repurchase authorization permits the mining company to buy up to 17.2% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s board of directors believes its shares are undervalued.

Wall Street Analysts Forecast Growth

CLF has been the topic of a number of recent research reports. Citigroup cut Cleveland-Cliffs from a “buy” rating to a “neutral” rating and set a $22.00 price target on the stock. in a research report on Wednesday, March 13th. StockNews.com downgraded shares of Cleveland-Cliffs from a “buy” rating to a “hold” rating in a research note on Friday, April 26th. Argus downgraded shares of Cleveland-Cliffs from a “buy” rating to a “hold” rating in a report on Thursday, February 8th. Morgan Stanley lowered their target price on shares of Cleveland-Cliffs from $20.00 to $19.00 and set an “equal weight” rating on the stock in a report on Tuesday. Finally, BNP Paribas lowered Cleveland-Cliffs from a “neutral” rating to an “underperform” rating and set a $16.50 price target for the company. in a report on Wednesday, February 28th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $20.42.

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.