Collaborative Wealth Managment Inc. Takes Position in Cleveland-Cliffs Inc. (NYSE:CLF)

Collaborative Wealth Managment Inc. acquired a new stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 29,970 shares of the mining company’s stock, valued at approximately $282,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Jones Financial Companies Lllp increased its holdings in shares of Cleveland-Cliffs by 21.3% during the fourth quarter. Jones Financial Companies Lllp now owns 6,723 shares of the mining company’s stock valued at $63,000 after acquiring an additional 1,182 shares in the last quarter. Patriot Financial Group Insurance Agency LLC boosted its position in shares of Cleveland-Cliffs by 11.0% during the fourth quarter. Patriot Financial Group Insurance Agency LLC now owns 13,270 shares of the mining company’s stock valued at $125,000 after buying an additional 1,313 shares during the last quarter. Avantax Advisory Services Inc. boosted its position in shares of Cleveland-Cliffs by 9.0% during the fourth quarter. Avantax Advisory Services Inc. now owns 17,848 shares of the mining company’s stock valued at $168,000 after buying an additional 1,479 shares during the last quarter. Strengthening Families & Communities LLC boosted its position in shares of Cleveland-Cliffs by 299.8% during the third quarter. Strengthening Families & Communities LLC now owns 1,987 shares of the mining company’s stock valued at $25,000 after buying an additional 1,490 shares during the last quarter. Finally, Private Trust Co. NA boosted its position in shares of Cleveland-Cliffs by 3.8% during the third quarter. Private Trust Co. NA now owns 40,531 shares of the mining company’s stock valued at $518,000 after buying an additional 1,500 shares during the last quarter. Institutional investors own 67.68% of the company’s stock.

Insider Buying and Selling

In related news, Director John T. Baldwin acquired 4,000 shares of the company’s stock in a transaction that occurred on Monday, March 10th. The shares were acquired at an average price of $8.70 per share, with a total value of $34,800.00. Following the acquisition, the director now owns 133,227 shares of the company’s stock, valued at approximately $1,159,074.90. This trade represents a 3.10 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Jane M. Cronin acquired 10,000 shares of the company’s stock in a transaction that occurred on Friday, February 28th. The shares were bought at an average cost of $10.56 per share, for a total transaction of $105,600.00. Following the acquisition, the director now directly owns 24,522 shares in the company, valued at $258,952.32. This represents a 68.86 % increase in their position. The disclosure for this purchase can be found here. In the last quarter, insiders have purchased 23,500 shares of company stock valued at $243,095. Corporate insiders own 1.76% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently issued reports on CLF. Morgan Stanley cut their target price on Cleveland-Cliffs from $13.00 to $11.00 and set an “equal weight” rating on the stock in a research report on Monday, February 3rd. B. Riley reaffirmed a “buy” rating on shares of Cleveland-Cliffs in a research report on Tuesday, February 4th. Glj Research cut their target price on Cleveland-Cliffs from $14.54 to $12.90 and set a “buy” rating on the stock in a research report on Thursday, February 27th. The Goldman Sachs Group reduced their price objective on Cleveland-Cliffs from $17.00 to $15.00 and set a “buy” rating for the company in a research note on Tuesday, March 4th. Finally, Citigroup reduced their price objective on Cleveland-Cliffs from $12.50 to $11.00 and set a “neutral” rating for the company in a research note on Thursday, December 19th. Two analysts have rated the stock with a sell rating, four have issued a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Cleveland-Cliffs presently has an average rating of “Hold” and an average price target of $16.43.

Cleveland-Cliffs Stock Up 7.1 %

Shares of NYSE CLF opened at $10.42 on Friday. Cleveland-Cliffs Inc. has a one year low of $8.50 and a one year high of $22.97. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.85 and a quick ratio of 0.55. The business’s fifty day moving average price is $10.40 and its 200-day moving average price is $11.41. The stock has a market capitalization of $5.15 billion, a PE ratio of -10.74 and a beta of 1.94.

Cleveland-Cliffs (NYSE:CLF) last issued its quarterly earnings results on Monday, February 24th. The mining company reported ($0.68) EPS for the quarter, missing analysts’ consensus estimates of ($0.65) by ($0.03). The firm had revenue of $4.33 billion for the quarter, compared to analysts’ expectations of $4.46 billion. Cleveland-Cliffs had a negative net margin of 2.31% and a negative return on equity of 0.59%. On average, equities research analysts anticipate that Cleveland-Cliffs Inc. will post -0.79 EPS for the current year.

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.