International Assets Investment Management LLC Raises Holdings in Cleveland-Cliffs Inc. $CLF

International Assets Investment Management LLC grew its holdings in Cleveland-Cliffs Inc. (NYSE:CLF) by 62.9% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 229,976 shares of the mining company’s stock after buying an additional 88,800 shares during the quarter. International Assets Investment Management LLC’s holdings in Cleveland-Cliffs were worth $1,902,000 at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. Los Angeles Capital Management LLC acquired a new position in Cleveland-Cliffs during the fourth quarter worth $25,000. IFP Advisors Inc lifted its holdings in Cleveland-Cliffs by 117.5% in the fourth quarter. IFP Advisors Inc now owns 2,221 shares of the mining company’s stock valued at $29,000 after acquiring an additional 1,200 shares during the period. CIBC Private Wealth Group LLC lifted its holdings in Cleveland-Cliffs by 306.1% in the fourth quarter. CIBC Private Wealth Group LLC now owns 2,461 shares of the mining company’s stock valued at $33,000 after acquiring an additional 1,855 shares during the period. Caitong International Asset Management Co. Ltd lifted its holdings in Cleveland-Cliffs by 94.0% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 2,505 shares of the mining company’s stock valued at $33,000 after acquiring an additional 1,214 shares during the period. Finally, Larson Financial Group LLC boosted its position in shares of Cleveland-Cliffs by 819.2% during the 3rd quarter. Larson Financial Group LLC now owns 2,684 shares of the mining company’s stock worth $33,000 after purchasing an additional 2,392 shares in the last quarter. 67.68% of the stock is currently owned by hedge funds and other institutional investors.

Cleveland-Cliffs Price Performance

Shares of NYSE CLF opened at $9.38 on Monday. The company has a current ratio of 2.02, a quick ratio of 0.64 and a debt-to-equity ratio of 1.29. The company’s 50-day moving average price is $11.47 and its 200 day moving average price is $11.27. Cleveland-Cliffs Inc. has a 52 week low of $7.73 and a 52 week high of $16.70. The stock has a market cap of $5.35 billion, a price-to-earnings ratio of -4.01 and a beta of 2.13.

Cleveland-Cliffs (NYSE:CLF) last announced its quarterly earnings results on Monday, April 20th. The mining company reported ($0.40) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.44) by $0.04. The company had revenue of $4.92 billion for the quarter, compared to the consensus estimate of $4.84 billion. Cleveland-Cliffs had a negative net margin of 6.42% and a negative return on equity of 15.48%. The company’s revenue for the quarter was up 6.3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.92) earnings per share. As a group, research analysts forecast that Cleveland-Cliffs Inc. will post -0.27 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the stock. Glj Research raised shares of Cleveland-Cliffs from a “sell” rating to a “hold” rating and upped their price target for the stock from $9.03 to $15.01 in a research note on Tuesday, June 9th. Argus upgraded shares of Cleveland-Cliffs to a “hold” rating in a research note on Monday, April 6th. The Goldman Sachs Group reissued a “neutral” rating and set a $10.00 price objective on shares of Cleveland-Cliffs in a report on Friday, May 1st. JPMorgan Chase & Co. increased their target price on shares of Cleveland-Cliffs from $9.00 to $13.00 and gave the company a “neutral” rating in a report on Wednesday, June 10th. Finally, KeyCorp initiated coverage on Cleveland-Cliffs in a research note on Wednesday, March 25th. They set a “sector weight” rating on the stock. Nine research analysts have rated the stock with a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Reduce” and an average price target of $11.80.

Insider Buying and Selling at Cleveland-Cliffs

In related news, EVP Celso L. Goncalves, Jr. sold 214,308 shares of Cleveland-Cliffs stock in a transaction that occurred 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 transaction, the executive vice president directly owned 184,542 shares in the company, valued at $2,474,708.22. The trade was a 53.73% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.95% of the stock is currently owned by company insiders.

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.