Buckley Wealth Management LLC Increases Position in Cleveland-Cliffs Inc (NYSE:CLF)

Buckley Wealth Management LLC raised its holdings in shares of Cleveland-Cliffs Inc (NYSE:CLF) by 33.3% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 20,000 shares of the mining company’s stock after buying an additional 5,000 shares during the period. Buckley Wealth Management LLC’s holdings in Cleveland-Cliffs were worth $144,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in CLF. Fisher Asset Management LLC raised its stake in shares of Cleveland-Cliffs by 4.6% during the second quarter. Fisher Asset Management LLC now owns 12,872,970 shares of the mining company’s stock valued at $137,355,000 after acquiring an additional 565,102 shares in the last quarter. LSV Asset Management raised its stake in shares of Cleveland-Cliffs by 7,324.1% during the second quarter. LSV Asset Management now owns 2,939,928 shares of the mining company’s stock valued at $31,369,000 after acquiring an additional 2,900,328 shares in the last quarter. Neuberger Berman Group LLC raised its stake in shares of Cleveland-Cliffs by 1.1% during the first quarter. Neuberger Berman Group LLC now owns 2,602,952 shares of the mining company’s stock valued at $25,994,000 after acquiring an additional 28,507 shares in the last quarter. Hodges Capital Management Inc. raised its stake in shares of Cleveland-Cliffs by 31.4% during the second quarter. Hodges Capital Management Inc. now owns 2,363,545 shares of the mining company’s stock valued at $25,219,000 after acquiring an additional 565,405 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its stake in shares of Cleveland-Cliffs by 10.4% during the second quarter. Bank of New York Mellon Corp now owns 2,110,389 shares of the mining company’s stock valued at $22,517,000 after acquiring an additional 198,433 shares in the last quarter. Institutional investors and hedge funds own 81.94% of the company’s stock.

CLF has been the subject of several research analyst reports. Cowen set a $10.00 price target on shares of Cleveland-Cliffs and gave the company a “hold” rating in a research note on Thursday, August 22nd. Citigroup reduced their price objective on shares of Cleveland-Cliffs from $10.00 to $8.00 and set a “buy” rating for the company in a research note on Wednesday, September 4th. ValuEngine raised shares of Cleveland-Cliffs from a “sell” rating to a “hold” rating in a research note on Wednesday, October 2nd. Macquarie set a $10.00 price objective on shares of Cleveland-Cliffs and gave the stock a “buy” rating in a research note on Tuesday, September 24th. Finally, JPMorgan Chase & Co. downgraded shares of Cleveland-Cliffs from an “overweight” rating to a “neutral” rating and reduced their price objective for the stock from $14.00 to $8.00 in a research note on Monday, September 23rd. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and five have assigned a buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $10.30.

Shares of NYSE:CLF opened at $7.62 on Friday. The company has a market capitalization of $2.06 billion, a price-to-earnings ratio of 3.58 and a beta of 2.04. Cleveland-Cliffs Inc has a 52 week low of $6.64 and a 52 week high of $12.26. The company has a quick ratio of 1.81, a current ratio of 2.56 and a debt-to-equity ratio of 7.37. The firm has a 50 day moving average of $7.66 and a 200 day moving average of $9.31.

Cleveland-Cliffs (NYSE:CLF) last issued its quarterly earnings results on Friday, July 19th. The mining company reported $0.63 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.52 by $0.11. The business had revenue of $697.40 million for the quarter, compared to the consensus estimate of $624.23 million. Cleveland-Cliffs had a return on equity of 238.16% and a net margin of 50.72%. The business’s quarterly revenue was up 3.8% on a year-over-year basis. During the same period in the prior year, the firm posted $0.55 earnings per share. On average, sell-side analysts expect that Cleveland-Cliffs Inc will post 1.34 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Friday, October 4th will be given a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 3.15%. The ex-dividend date of this dividend is Thursday, October 3rd. Cleveland-Cliffs’s payout ratio is presently 11.27%.

In other Cleveland-Cliffs news, Director John T. Baldwin purchased 7,000 shares of Cleveland-Cliffs stock in a transaction dated Thursday, August 22nd. The shares were acquired at an average cost of $8.27 per share, with a total value of $57,890.00. Following the completion of the transaction, the director now owns 114,727 shares in the company, valued at approximately $948,792.29. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CFO Keith Koci purchased 30,000 shares of Cleveland-Cliffs stock in a transaction dated Wednesday, August 7th. The shares were acquired at an average cost of $8.39 per share, for a total transaction of $251,700.00. Following the completion of the transaction, the chief financial officer now owns 74,349 shares of the company’s stock, valued at approximately $623,788.11. The disclosure for this purchase can be found here. Over the last ninety days, insiders have bought 67,500 shares of company stock worth $551,320. Insiders own 1.32% of the company’s stock.

About Cleveland-Cliffs

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. It sells its products to integrated steel companies and steel producers in the United States and the Asia Pacific. The company was formerly known as Cliffs Natural Resources Inc and changed its name to Cleveland-Cliffs Inc in August 2017.

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Institutional Ownership by Quarter for Cleveland-Cliffs (NYSE:CLF)

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