D.A. Davidson & CO. decreased its holdings in Cleveland-Cliffs Inc (NYSE:CLF) by 21.9% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 26,034 shares of the mining company’s stock after selling 7,291 shares during the quarter. D.A. Davidson & CO.’s holdings in Cleveland-Cliffs were worth $330,000 as of its most recent SEC filing.
Several other institutional investors have also bought and sold shares of the company. Ruffer LLP boosted its position in shares of Cleveland-Cliffs by 15.9% in the 3rd quarter. Ruffer LLP now owns 16,040,992 shares of the mining company’s stock worth $202,996,000 after purchasing an additional 2,198,515 shares in the last quarter. Fisher Asset Management LLC acquired a new stake in shares of Cleveland-Cliffs in the 3rd quarter worth $108,480,000. Northern Trust Corp raised its stake in Cleveland-Cliffs by 1.8% in the 2nd quarter. Northern Trust Corp now owns 3,587,377 shares of the mining company’s stock worth $30,242,000 after acquiring an additional 62,128 shares during the last quarter. Schwab Charles Investment Management Inc. raised its stake in Cleveland-Cliffs by 81.5% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 3,367,613 shares of the mining company’s stock worth $28,389,000 after acquiring an additional 1,512,065 shares during the last quarter. Finally, Hennessy Advisors Inc. purchased a new position in Cleveland-Cliffs in the 3rd quarter worth $36,070,000. 69.66% of the stock is owned by hedge funds and other institutional investors.
A number of equities analysts recently issued reports on the company. Zacks Investment Research upgraded Cleveland-Cliffs from a “hold” rating to a “buy” rating and set a $14.00 target price for the company in a research note on Tuesday, October 9th. Credit Suisse Group restated a “neutral” rating and issued a $13.00 target price on shares of Cleveland-Cliffs in a research note on Monday, October 15th. Morgan Stanley set a $11.00 target price on Cleveland-Cliffs and gave the stock a “hold” rating in a research note on Tuesday, October 23rd. Citigroup raised their target price on Cleveland-Cliffs from $12.00 to $15.00 and gave the stock a “buy” rating in a research note on Friday, October 5th. Finally, B. Riley set a $15.00 target price on Cleveland-Cliffs and gave the stock a “buy” rating in a research note on Wednesday, September 26th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and eight have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $11.36.
Cleveland-Cliffs (NYSE:CLF) last issued its earnings results on Friday, October 19th. The mining company reported $0.64 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.66 by ($0.02). The firm had revenue of $742.00 million during the quarter, compared to analysts’ expectations of $736.06 million. Cleveland-Cliffs had a negative return on equity of 146.72% and a net margin of 36.43%. The business’s revenue was up 6.3% on a year-over-year basis. During the same quarter last year, the business earned $0.36 EPS. As a group, analysts forecast that Cleveland-Cliffs Inc will post 2.03 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 15th. Shareholders of record on Friday, January 4th will be paid a dividend of $0.05 per share. The ex-dividend date is Thursday, January 3rd. This represents a $0.20 dividend on an annualized basis and a dividend yield of 2.21%.
Cleveland-Cliffs declared that its board has authorized a share buyback plan on Monday, November 26th that authorizes the company to buyback $200.00 million in shares. This buyback authorization authorizes the mining company to buy up to 7.7% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board believes its stock is undervalued.
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Cleveland-Cliffs Company Profile
Cleveland-Cliffs Inc operates as an iron ore mining company in the United States. The company operates four iron ore mines in Michigan and Minnesota; and Koolyanobbing iron ore mining complex located in Western Australia. It sells its products to integrated steel companies and steel producers in the United States and the Asia Pacific.
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