Capital Investment Advisory Services LLC Lowers Position in Cleveland-Cliffs Inc. (NYSE:CLF)

Capital Investment Advisory Services LLC cut its holdings in Cleveland-Cliffs Inc. (NYSE:CLF) by 48.7% in the fourth quarter, Holdings Channel reports. The fund owned 20,935 shares of the mining company’s stock after selling 19,907 shares during the quarter. Capital Investment Advisory Services LLC’s holdings in Cleveland-Cliffs were worth $427,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Anchor Investment Management LLC purchased a new stake in Cleveland-Cliffs in the fourth quarter worth about $31,000. Lindbrook Capital LLC lifted its stake in Cleveland-Cliffs by 83.7% in the fourth quarter. Lindbrook Capital LLC now owns 1,571 shares of the mining company’s stock worth $32,000 after acquiring an additional 716 shares during the period. HighMark Wealth Management LLC purchased a new stake in Cleveland-Cliffs in the fourth quarter worth about $35,000. Exchange Traded Concepts LLC purchased a new stake in Cleveland-Cliffs in the third quarter worth about $29,000. Finally, Allworth Financial LP lifted its position in shares of Cleveland-Cliffs by 50.3% during the fourth quarter. Allworth Financial LP now owns 1,850 shares of the mining company’s stock valued at $38,000 after buying an additional 619 shares during the last quarter. 67.68% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, EVP Terry G. Fedor sold 27,430 shares of the stock in a transaction that occurred on Wednesday, March 6th. The shares were sold at an average price of $20.19, for a total value of $553,811.70. Following the transaction, the executive vice president now owns 534,617 shares in the company, valued at approximately $10,793,917.23. The sale was disclosed in a filing with the SEC, which is available through this link. In other Cleveland-Cliffs news, Director Arlene M. Yocum purchased 2,000 shares of the business’s stock in a transaction that occurred on Wednesday, March 6th. The shares were bought at an average price of $20.02 per share, for a total transaction of $40,040.00. Following the acquisition, the director now owns 94,887 shares in the company, valued at $1,899,637.74. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Terry G. Fedor sold 27,430 shares of the stock in a transaction that occurred on Wednesday, March 6th. The stock was sold at an average price of $20.19, for a total transaction of $553,811.70. Following the completion of the transaction, the executive vice president now owns 534,617 shares in the company, valued at approximately $10,793,917.23. The disclosure for this sale can be found here. Insiders have sold a total of 221,066 shares of company stock worth $4,464,688 over the last 90 days. 1.76% of the stock is currently owned by corporate insiders.

Cleveland-Cliffs Stock Performance

CLF opened at $18.53 on Wednesday. Cleveland-Cliffs Inc. has a 52-week low of $13.61 and a 52-week high of $22.97. The company has a quick ratio of 0.62, a current ratio of 1.89 and a debt-to-equity ratio of 0.39. The company has a market cap of $8.81 billion, a P/E ratio of 24.07, a price-to-earnings-growth ratio of 0.72 and a beta of 2.03. The firm’s 50-day moving average price is $20.98 and its 200-day moving average price is $18.98.

Cleveland-Cliffs (NYSE:CLF) last posted its quarterly earnings data on Monday, April 22nd. The mining company reported $0.18 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.19 by ($0.01). Cleveland-Cliffs had a net margin of 1.81% and a return on equity of 6.79%. The company had revenue of $5.20 billion for the quarter, compared to analyst estimates of $5.34 billion. During the same quarter last year, the company earned ($0.11) EPS. The business’s revenue was down 1.8% compared to the same quarter last year. As a group, equities analysts anticipate that Cleveland-Cliffs Inc. will post 1.66 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms have commented on CLF. Argus lowered shares of Cleveland-Cliffs from a “buy” rating to a “hold” rating in a research report on Thursday, February 8th. TheStreet lowered shares of Cleveland-Cliffs from a “b-” rating to a “c” rating in a research report on Tuesday, January 30th. StockNews.com raised shares of Cleveland-Cliffs from a “hold” rating to a “buy” rating in a research report on Thursday, April 18th. BNP Paribas lowered shares of Cleveland-Cliffs from a “neutral” rating to an “underperform” rating and set a $16.50 price target for the company. in a research report on Wednesday, February 28th. Finally, Wolfe Research reissued an “underperform” rating and set a $18.00 price target on shares of Cleveland-Cliffs in a research report on Tuesday, April 9th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $19.92.

Cleveland-Cliffs Company Profile

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.