Bank of New Hampshire Reduces Stock Position in Cleveland-Cliffs Inc. (NYSE:CLF)

Bank of New Hampshire lowered its stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 5.4% in the fourth quarter, Holdings Channel reports. The institutional investor owned 46,178 shares of the mining company’s stock after selling 2,639 shares during the quarter. Bank of New Hampshire’s holdings in Cleveland-Cliffs were worth $943,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in CLF. Exchange Traded Concepts LLC acquired a new stake in Cleveland-Cliffs during the third quarter valued at approximately $29,000. Anchor Investment Management LLC bought a new position in Cleveland-Cliffs during the fourth quarter worth $31,000. Lindbrook Capital LLC boosted its holdings 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 purchasing an additional 716 shares during the period. HighMark Wealth Management LLC acquired a new position in Cleveland-Cliffs in the fourth quarter worth $35,000. Finally, Allworth Financial LP increased its stake in 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 purchasing an additional 619 shares during the last quarter. Institutional investors own 67.68% of the company’s stock.

Cleveland-Cliffs Trading Down 1.2 %

NYSE CLF traded down $0.22 on Friday, hitting $18.01. 3,909,470 shares of the company were exchanged, compared to its average volume of 8,762,752. Cleveland-Cliffs Inc. has a twelve month low of $13.61 and a twelve month high of $22.97. The company’s 50 day moving average price is $20.94 and its 200-day moving average price is $18.99. The firm has a market capitalization of $8.56 billion, a P/E ratio of 24.66, a price-to-earnings-growth ratio of 0.64 and a beta of 2.03. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.90 and a quick ratio of 0.62.

Cleveland-Cliffs (NYSE:CLF) last issued its quarterly earnings results on Monday, April 22nd. The mining company reported $0.18 EPS for the quarter, missing the consensus estimate of $0.19 by ($0.01). Cleveland-Cliffs had a net margin of 1.78% and a return on equity of 8.69%. The firm had revenue of $5.20 billion during the quarter, compared to analysts’ expectations of $5.34 billion. During the same quarter last year, the company posted ($0.11) EPS. The firm’s revenue was down 1.8% compared to the same quarter last year. Analysts predict that Cleveland-Cliffs Inc. will post 1.66 earnings per share for the current fiscal year.

Cleveland-Cliffs announced that its board has authorized a stock buyback plan on Monday, April 22nd that authorizes the company to repurchase $1.50 billion in shares. This repurchase authorization authorizes the mining company to reacquire up to 17.2% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board believes its shares are undervalued.

Analysts Set New Price Targets

CLF has been the subject of a number of recent research reports. StockNews.com downgraded Cleveland-Cliffs from a “buy” rating to a “hold” rating in a research note on Friday. TheStreet lowered shares of Cleveland-Cliffs from a “b-” rating to a “c” rating in a research note on Tuesday, January 30th. JPMorgan Chase & Co. dropped their price target on shares of Cleveland-Cliffs from $24.00 to $23.00 and set an “overweight” rating on the stock in a research report on Wednesday. Citigroup lowered shares of Cleveland-Cliffs from a “buy” rating to a “neutral” rating and set a $22.00 price objective for the company. in a research report on Wednesday, March 13th. Finally, BNP Paribas downgraded shares of Cleveland-Cliffs from a “neutral” rating to an “underperform” rating and set a $16.50 target price on the stock. in a report on Wednesday, February 28th. Two analysts have rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $20.75.

Insiders Place Their Bets

In related news, Director Arlene M. Yocum purchased 2,000 shares of Cleveland-Cliffs stock in a transaction dated Wednesday, March 6th. The stock was acquired at an average cost of $20.02 per share, with a total value of $40,040.00. Following the completion of the transaction, the director now directly owns 94,887 shares of the company’s stock, valued at $1,899,637.74. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Cleveland-Cliffs news, Director Arlene M. Yocum acquired 2,000 shares of the business’s stock in a transaction that occurred on Wednesday, March 6th. The shares were purchased at an average price of $20.02 per share, with a total value of $40,040.00. Following the completion of the transaction, the director now owns 94,887 shares in the company, valued at $1,899,637.74. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Also, Director Susan Miranda Green sold 6,500 shares of the stock in a transaction that occurred on Wednesday, March 13th. The shares were sold at an average price of $20.40, for a total value of $132,600.00. Following the transaction, the director now owns 90,286 shares in the company, valued at approximately $1,841,834.40. The disclosure for this sale can be found here. In the last ninety days, insiders sold 221,066 shares of company stock worth $4,464,688. 1.76% of the stock is currently owned by company insiders.

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.