DNB Asset Management AS Acquires 6,337 Shares of Cleveland-Cliffs Inc. (NYSE:CLF)

DNB Asset Management AS lifted its holdings in Cleveland-Cliffs Inc. (NYSE:CLF) by 7.6% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 89,677 shares of the mining company’s stock after buying an additional 6,337 shares during the quarter. DNB Asset Management AS’s holdings in Cleveland-Cliffs were worth $1,380,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Polianta Ltd grew its holdings in Cleveland-Cliffs by 21.6% in the second quarter. Polianta Ltd now owns 62,600 shares of the mining company’s stock worth $963,000 after purchasing an additional 11,100 shares during the period. Neville Rodie & Shaw Inc. boosted its holdings in shares of Cleveland-Cliffs by 1.6% during the 2nd quarter. Neville Rodie & Shaw Inc. now owns 92,395 shares of the mining company’s stock valued at $1,422,000 after acquiring an additional 1,475 shares during the last quarter. Keynote Financial Services LLC purchased a new stake in shares of Cleveland-Cliffs during the 1st quarter valued at about $404,000. EverSource Wealth Advisors LLC raised its holdings in shares of Cleveland-Cliffs by 247.8% during the first quarter. EverSource Wealth Advisors LLC now owns 1,885 shares of the mining company’s stock valued at $43,000 after purchasing an additional 1,343 shares during the last quarter. Finally, DekaBank Deutsche Girozentrale lifted its position in Cleveland-Cliffs by 2.5% during the first quarter. DekaBank Deutsche Girozentrale now owns 40,118 shares of the mining company’s stock valued at $879,000 after purchasing an additional 984 shares during the period. 67.68% of the stock is currently owned by institutional investors.

Cleveland-Cliffs Stock Performance

CLF stock opened at $13.81 on Wednesday. Cleveland-Cliffs Inc. has a twelve month low of $13.06 and a twelve month high of $22.97. The firm has a market cap of $6.57 billion, a price-to-earnings ratio of 18.04, a PEG ratio of 1.94 and a beta of 2.03. The business’s fifty day simple moving average is $15.38 and its two-hundred day simple moving average is $18.18. The company has a quick ratio of 0.60, a current ratio of 1.87 and a debt-to-equity ratio of 0.48.

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

Cleveland-Cliffs declared that its Board of Directors has initiated a share repurchase program on Monday, April 22nd that permits the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization permits the mining company to reacquire up to 17.2% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s leadership believes its shares are undervalued.

Analyst Ratings Changes

A number of research analysts have weighed in on the company. Wolfe Research reissued an “underperform” rating and issued a $18.00 target price on shares of Cleveland-Cliffs in a report on Tuesday, April 9th. Seaport Res Ptn raised shares of Cleveland-Cliffs to a “hold” rating in a research report on Tuesday, June 11th. Morgan Stanley reduced their target price on shares of Cleveland-Cliffs from $20.00 to $19.00 and set an “equal weight” rating for the company in a report on Tuesday, April 30th. Jefferies Financial Group initiated coverage on shares of Cleveland-Cliffs in a research note on Monday, May 20th. They issued a “buy” rating and a $22.00 price objective for the company. Finally, Bank of America lowered their target price on shares of Cleveland-Cliffs from $20.00 to $18.00 and set a “neutral” rating on the stock in a research note on Wednesday, June 26th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $19.44.

Insider Activity

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