Cleveland-Cliffs Inc. (NYSE:CLF) Shares Sold by Axxcess Wealth Management LLC

Axxcess Wealth Management LLC reduced its position in Cleveland-Cliffs Inc. (NYSE:CLF) by 5.3% in the 4th quarter, Holdings Channel reports. The institutional investor owned 26,680 shares of the mining company’s stock after selling 1,500 shares during the period. Axxcess Wealth Management LLC’s holdings in Cleveland-Cliffs were worth $545,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of the company. Charles Schwab Investment Management Inc. increased its holdings in shares of Cleveland-Cliffs by 1.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,347,056 shares of the mining company’s stock valued at $52,314,000 after acquiring an additional 40,838 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of Cleveland-Cliffs by 9.5% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,735,603 shares of the mining company’s stock valued at $42,757,000 after purchasing an additional 236,274 shares during the last quarter. AQR Capital Management LLC raised its position in shares of Cleveland-Cliffs by 154.2% during the 3rd quarter. AQR Capital Management LLC now owns 2,586,472 shares of the mining company’s stock worth $40,181,000 after purchasing an additional 1,568,961 shares during the period. Douglas Lane & Associates LLC lifted its holdings in shares of Cleveland-Cliffs by 20.6% in the 4th quarter. Douglas Lane & Associates LLC now owns 2,103,314 shares of the mining company’s stock worth $42,950,000 after purchasing an additional 359,801 shares during the last quarter. Finally, Grantham Mayo Van Otterloo & Co. LLC grew its stake in Cleveland-Cliffs by 10.6% during the 3rd quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 2,052,127 shares of the mining company’s stock worth $32,075,000 after buying an additional 196,373 shares during the last quarter. Institutional investors and hedge funds own 67.68% of the company’s stock.

Insider Buying and Selling

In related news, CEO Lourenco Goncalves bought 60,000 shares of the business’s stock in a transaction dated Wednesday, May 1st. The shares were bought at an average cost of $16.76 per share, with a total value of $1,005,600.00. Following the completion of the transaction, the chief executive officer now directly owns 2,759,089 shares of the company’s stock, valued at $46,242,331.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, EVP Terry G. Fedor sold 27,430 shares of the firm’s 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 completion of the transaction, the executive vice president now owns 534,617 shares of the company’s stock, valued at approximately $10,793,917.23. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Lourenco Goncalves acquired 60,000 shares of the stock in a transaction on Wednesday, May 1st. The shares were purchased at an average price of $16.76 per share, for a total transaction of $1,005,600.00. Following the completion of the transaction, the chief executive officer now owns 2,759,089 shares in the company, valued at approximately $46,242,331.64. The disclosure for this purchase can be found here. In the last three months, insiders have purchased 87,000 shares of company stock worth $1,470,640 and have sold 221,066 shares worth $4,464,688. Insiders own 1.76% of the company’s stock.

Cleveland-Cliffs Stock Performance

Shares of CLF opened at $17.31 on Wednesday. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.90 and a quick ratio of 0.59. The firm’s 50 day moving average is $20.48 and its 200-day moving average is $19.16. Cleveland-Cliffs Inc. has a 12-month low of $13.61 and a 12-month high of $22.97. The stock has a market capitalization of $8.23 billion, a P/E ratio of 23.39, a P/E/G ratio of 0.83 and a beta of 2.10.

Cleveland-Cliffs (NYSE:CLF) last issued its earnings results on Monday, April 22nd. The mining company reported $0.18 earnings per share for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.01). The business had revenue of $5.20 billion for the quarter, compared to the consensus estimate of $5.34 billion. Cleveland-Cliffs had a return on equity of 8.69% and a net margin of 1.78%. The company’s quarterly revenue was down 1.8% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.11) earnings per share. Equities research analysts anticipate that Cleveland-Cliffs Inc. will post 1.22 EPS for the current fiscal year.

Cleveland-Cliffs announced that its Board of Directors has approved a stock buyback program on Monday, April 22nd that allows the company to repurchase $1.50 billion in shares. This repurchase authorization allows the mining company to buy up to 17.2% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.

Analyst Upgrades and Downgrades

CLF has been the subject of several recent research reports. TheStreet lowered shares of Cleveland-Cliffs from a “b-” rating to a “c” rating in a research report on Tuesday, January 30th. Morgan Stanley reduced their price target on Cleveland-Cliffs from $20.00 to $19.00 and set an “equal weight” rating for the company in a research report on Tuesday, April 30th. Wolfe Research reaffirmed an “underperform” rating and issued a $18.00 price objective on shares of Cleveland-Cliffs in a report on Tuesday, April 9th. 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 note on Wednesday, February 28th. Finally, JPMorgan Chase & Co. decreased their price objective on shares of Cleveland-Cliffs from $24.00 to $23.00 and set an “overweight” rating for the company in a report on Wednesday, April 24th. Two research analysts have rated the stock with a sell rating, four have given a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $20.42.

Cleveland-Cliffs 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.