Moody National Bank Trust Division Invests $545,000 in Cleveland-Cliffs Inc. $CLF

Moody National Bank Trust Division bought a new position in shares of Cleveland-Cliffs Inc. (NYSE:CLF) in the 2nd quarter, Holdings Channel.com reports. The firm bought 58,017 shares of the mining company’s stock, valued at approximately $545,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in CLF. Public Employees Retirement System of Ohio lifted its holdings in Cleveland-Cliffs by 0.6% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 152,009 shares of the mining company’s stock worth $1,855,000 after purchasing an additional 943 shares in the last quarter. Moors & Cabot Inc. raised its position in shares of Cleveland-Cliffs by 3.0% during the third quarter. Moors & Cabot Inc. now owns 33,118 shares of the mining company’s stock valued at $404,000 after buying an additional 960 shares during the last quarter. Rexford Capital Inc. raised its position in shares of Cleveland-Cliffs by 11.8% during the fourth quarter. Rexford Capital Inc. now owns 9,500 shares of the mining company’s stock valued at $126,000 after buying an additional 1,000 shares during the last quarter. IFP Advisors Inc lifted its holdings in shares of Cleveland-Cliffs by 117.5% in the fourth quarter. IFP Advisors Inc now owns 2,221 shares of the mining company’s stock worth $29,000 after buying an additional 1,200 shares in the last quarter. Finally, Caitong International Asset Management Co. Ltd lifted its holdings in shares of 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 worth $33,000 after buying an additional 1,214 shares in the last quarter. Institutional investors own 67.68% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on CLF. JPMorgan Chase & Co. dropped their target price on shares of Cleveland-Cliffs from $13.00 to $10.00 and set a “neutral” rating for the company in a research report on Wednesday, July 15th. Morgan Stanley reiterated an “equal weight” rating and issued a $12.50 price target (up from $12.00) on shares of Cleveland-Cliffs in a research note on Monday, June 22nd. Wells Fargo & Company reissued a “positive” rating on shares of Cleveland-Cliffs in a report on Friday, July 24th. Citigroup reissued a “positive” rating on shares of Cleveland-Cliffs in a report on Friday, July 24th. Finally, Bank of America cut their price objective on Cleveland-Cliffs from $14.00 to $11.50 and set a “neutral” rating for the company in a research report on Thursday, July 9th. Two investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $11.86.

Insider Activity at Cleveland-Cliffs

In other news, EVP Celso L. Goncalves, Jr. sold 214,308 shares of the business’s stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $13.41, for a total value of $2,873,870.28. Following the sale, 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 transaction was disclosed in a filing with the SEC, which is available at the SEC website. 0.95% of the stock is owned by insiders.

Cleveland-Cliffs Stock Down 3.2%

NYSE CLF opened at $12.25 on Friday. The stock has a 50 day moving average price of $11.39 and a 200-day moving average price of $10.93. Cleveland-Cliffs Inc. has a one year low of $7.73 and a one year high of $16.70. The company has a debt-to-equity ratio of 1.32, a quick ratio of 0.63 and a current ratio of 1.89. The company has a market capitalization of $6.99 billion, a P/E ratio of -7.56 and a beta of 2.09.

Cleveland-Cliffs (NYSE:CLF) last announced its quarterly earnings results on Thursday, July 23rd. The mining company reported ($0.20) earnings per share for the quarter, topping the consensus estimate of ($0.21) by $0.01. The company had revenue of $5.23 billion for the quarter, compared to analysts’ expectations of $5.15 billion. Cleveland-Cliffs had a negative net margin of 4.56% and a negative return on equity of 13.37%. Cleveland-Cliffs’s quarterly revenue was up 5.9% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.50) earnings per share. As a group, equities analysts predict that Cleveland-Cliffs Inc. will post -0.11 EPS 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.