17,762 Shares in Cleveland-Cliffs Inc. (NYSE:CLF) Acquired by Keynote Financial Services LLC

Keynote Financial Services LLC bought a new position in shares of Cleveland-Cliffs Inc. (NYSE:CLF) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 17,762 shares of the mining company’s stock, valued at approximately $404,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Rise Advisors LLC grew its stake in Cleveland-Cliffs by 2,858.0% in the 1st quarter. Rise Advisors LLC now owns 1,479 shares of the mining company’s stock worth $34,000 after buying an additional 1,429 shares in the last quarter. Lindbrook Capital LLC boosted its position in Cleveland-Cliffs by 83.7% during the 4th quarter. Lindbrook Capital LLC now owns 1,571 shares of the mining company’s stock valued at $32,000 after buying an additional 716 shares during the period. Hexagon Capital Partners LLC boosted its position in Cleveland-Cliffs by 41.7% during the 1st quarter. Hexagon Capital Partners LLC now owns 1,700 shares of the mining company’s stock valued at $39,000 after buying an additional 500 shares during the period. Allworth Financial LP raised its holdings in Cleveland-Cliffs by 50.3% in 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 in the last quarter. Finally, EverSource Wealth Advisors LLC raised its holdings in Cleveland-Cliffs by 247.8% in the 1st quarter. EverSource Wealth Advisors LLC now owns 1,885 shares of the mining company’s stock worth $43,000 after purchasing an additional 1,343 shares in the last quarter. Institutional investors own 67.68% of the company’s stock.

Cleveland-Cliffs Stock Performance

NYSE CLF traded down $0.69 on Friday, reaching $13.95. 11,418,582 shares of the stock were exchanged, compared to its average volume of 9,231,245. Cleveland-Cliffs Inc. has a one year low of $13.80 and a one year high of $22.97. The firm has a market capitalization of $6.53 billion, a PE ratio of 18.85, a PEG ratio of 1.94 and a beta of 2.03. The company’s 50-day simple moving average is $15.52 and its two-hundred day simple moving average is $18.24. The company has a current ratio of 1.87, a quick ratio of 0.60 and a debt-to-equity ratio of 0.48.

Cleveland-Cliffs (NYSE:CLF) last released its quarterly earnings data on Monday, July 22nd. The mining company reported $0.11 earnings per share (EPS) for the quarter. The firm had revenue of $5.09 billion for the quarter, compared to analysts’ expectations of $5.18 billion. Cleveland-Cliffs had a net margin of 0.21% and a return on equity of 4.94%. The company’s revenue for the quarter was down 14.9% compared to the same quarter last year. During the same quarter last year, the business posted $0.69 earnings per share. Analysts expect that Cleveland-Cliffs Inc. will post 0.17 EPS for the current fiscal year.

Cleveland-Cliffs declared that its board has approved a share buyback program on Monday, April 22nd that authorizes the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization authorizes the mining company to purchase up to 17.2% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s management believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the stock. JPMorgan Chase & Co. lowered shares of Cleveland-Cliffs from an “overweight” rating to a “neutral” rating and decreased their price target for the stock from $23.00 to $17.00 in a research note on Tuesday, June 11th. Jefferies Financial Group began coverage on shares of Cleveland-Cliffs in a research report on Monday, May 20th. They set a “buy” rating and a $22.00 price objective on the stock. Morgan Stanley dropped their price target 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, April 30th. StockNews.com downgraded shares of Cleveland-Cliffs from a “buy” rating to a “hold” rating in a report on Friday, April 26th. Finally, Bank of America dropped their price target on shares of Cleveland-Cliffs from $20.00 to $18.00 and set a “neutral” rating on the stock in a report on Wednesday, June 26th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $19.44.

Insider Activity

In other Cleveland-Cliffs news, CFO Celso L. Goncalves, Jr. purchased 7,250 shares of Cleveland-Cliffs stock in a transaction that occurred on Wednesday, June 12th. The shares were bought at an average price of $14.98 per share, for a total transaction of $108,605.00. Following the completion of the transaction, the chief financial officer now owns 314,362 shares of the company’s stock, valued at approximately $4,709,142.76. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CFO Celso L. Goncalves, Jr. acquired 7,250 shares of the business’s stock in a transaction on Wednesday, June 12th. The shares were acquired at an average price of $14.98 per share, for a total transaction of $108,605.00. Following the completion of the transaction, the chief financial officer now directly owns 314,362 shares of the company’s stock, valued at approximately $4,709,142.76. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Ben Oren acquired 6,700 shares of the business’s stock in a transaction on Wednesday, June 12th. The shares were purchased at an average price of $14.99 per share, for a total transaction of $100,433.00. Following the transaction, the director now directly owns 14,167 shares of the company’s stock, valued at $212,363.33. The disclosure for this purchase can be found here. Company insiders own 1.76% of the company’s stock.

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.