Total Clarity Wealth Management Inc. Makes New Investment in Cleveland-Cliffs Inc. $CLF

Total Clarity Wealth Management Inc. bought a new position in Cleveland-Cliffs Inc. (NYSE:CLF) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 74,421 shares of the mining company’s stock, valued at approximately $629,000.

Several other hedge funds and other institutional investors also recently modified their holdings of CLF. Vanguard Group Inc. lifted its stake in shares of Cleveland-Cliffs by 13.4% during the 4th quarter. Vanguard Group Inc. now owns 54,391,397 shares of the mining company’s stock valued at $722,318,000 after buying an additional 6,447,462 shares in the last quarter. State Street Corp grew its stake in Cleveland-Cliffs by 14.2% in the 4th quarter. State Street Corp now owns 29,278,156 shares of the mining company’s stock valued at $388,814,000 after buying an additional 3,632,150 shares in the last quarter. Castle Hook Partners LP grew its stake in Cleveland-Cliffs by 572.4% in the 4th quarter. Castle Hook Partners LP now owns 18,083,029 shares of the mining company’s stock valued at $240,143,000 after buying an additional 15,393,507 shares in the last quarter. Maple Rock Capital Partners Inc. raised its holdings in Cleveland-Cliffs by 90.1% during the 4th quarter. Maple Rock Capital Partners Inc. now owns 12,358,230 shares of the mining company’s stock valued at $164,117,000 after acquiring an additional 5,855,830 shares during the period. Finally, Geode Capital Management LLC raised its holdings in Cleveland-Cliffs by 14.7% during the 4th quarter. Geode Capital Management LLC now owns 10,039,851 shares of the mining company’s stock valued at $133,372,000 after acquiring an additional 1,286,042 shares during the period. Institutional investors own 67.68% of the company’s stock.

Insider Transactions at Cleveland-Cliffs

In related news, EVP Celso L. Goncalves, Jr. sold 214,308 shares of Cleveland-Cliffs stock in a transaction on Friday, June 5th. The stock was sold at an average price of $13.41, for a total transaction of $2,873,870.28. Following the completion of the sale, the executive vice president owned 184,542 shares of the company’s stock, valued at approximately $2,474,708.22. This trade represents a 53.73% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.95% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the company. Argus raised Cleveland-Cliffs to a “hold” rating in a report on Monday, April 6th. Barclays initiated coverage on Cleveland-Cliffs in a research note on Thursday, May 21st. They set an “underweight” rating and a $9.00 price objective on the stock. Wells Fargo & Company increased their price objective on Cleveland-Cliffs from $9.00 to $14.00 and gave the stock an “equal weight” rating in a report on Thursday, June 4th. Glj Research upgraded Cleveland-Cliffs from a “sell” rating to a “hold” rating and raised their target price for the stock from $9.03 to $15.01 in a research note on Tuesday, June 9th. Finally, Morgan Stanley restated an “equal weight” rating and issued a $12.50 target price (up from $12.00) on shares of Cleveland-Cliffs in a research note on Monday. Nine investment analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Reduce” and an average price target of $12.90.

Cleveland-Cliffs Stock Performance

NYSE CLF opened at $11.12 on Wednesday. Cleveland-Cliffs Inc. has a 1 year low of $7.00 and a 1 year high of $16.70. The company has a debt-to-equity ratio of 1.29, a current ratio of 2.02 and a quick ratio of 0.64. The stock has a market capitalization of $6.34 billion, a PE ratio of -4.75 and a beta of 2.09. The company’s 50 day simple moving average is $11.47 and its two-hundred day simple moving average is $11.56.

Cleveland-Cliffs (NYSE:CLF) last released its quarterly earnings results on Monday, April 20th. The mining company reported ($0.40) EPS for the quarter, beating analysts’ consensus estimates of ($0.44) by $0.04. The firm had revenue of $4.92 billion during the quarter, compared to analyst estimates of $4.84 billion. Cleveland-Cliffs had a negative net margin of 6.42% and a negative return on equity of 15.48%. The business’s revenue for the quarter was up 6.3% on a year-over-year basis. During the same period in the previous year, the business earned ($0.92) EPS. Analysts predict that Cleveland-Cliffs Inc. will post -0.41 earnings per share for the current fiscal year.

Cleveland-Cliffs Company Profile

Cleveland-Cliffs Inc is a leading North American producer of iron ore pellets and flat-rolled steel products. Tracing its roots to 1847, the company has evolved from an iron-ore mining concern in the Great Lakes region into a fully integrated steelmaker. Today, Cleveland-Cliffs operates iron ore mining complexes in Michigan and Minnesota as well as steelmaking and finishing facilities across the United States.

The company’s integrated platform begins with direct control of key raw materials, including iron ore and scrap, and extends through every stage of steel production.