911,796 Shares in Cleveland-Cliffs Inc. $CLF Bought by SFE Investment Counsel

SFE Investment Counsel purchased a new stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF) during the second quarter, HoldingsChannel reports. The fund purchased 911,796 shares of the mining company’s stock, valued at approximately $8,562,000.

Other institutional investors have also bought and sold shares of the company. Los Angeles Capital Management LLC purchased a new position in shares of Cleveland-Cliffs in the 4th quarter worth $25,000. Center for Financial Planning Inc. raised its position in shares of Cleveland-Cliffs by 119.0% during the 1st quarter. Center for Financial Planning Inc. now owns 3,322 shares of the mining company’s stock valued at $28,000 after buying an additional 1,805 shares in the last quarter. IFP Advisors Inc raised its position in shares of Cleveland-Cliffs by 117.5% during the 4th quarter. IFP Advisors Inc now owns 2,221 shares of the mining company’s stock valued at $29,000 after buying an additional 1,200 shares in the last quarter. Caitong International Asset Management Co. Ltd lifted its holdings in shares of Cleveland-Cliffs by 94.0% in the 4th 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 last quarter. Finally, CIBC Private Wealth Group LLC lifted its holdings in shares of Cleveland-Cliffs by 306.1% in the 4th 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 last quarter. Institutional investors own 67.68% of the company’s stock.

Insider Activity

In other Cleveland-Cliffs news, EVP Celso L. Goncalves, Jr. sold 214,308 shares of the business’s 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 owned 184,542 shares in the company, valued at $2,474,708.22. The trade was a 53.73% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.95% of the stock is owned by company insiders.

Cleveland-Cliffs Price Performance

CLF stock opened at $11.91 on Friday. Cleveland-Cliffs Inc. has a 12 month low of $7.73 and a 12 month high of $16.70. The company has a current ratio of 1.89, a quick ratio of 0.63 and a debt-to-equity ratio of 1.32. The company has a 50-day moving average price of $11.17 and a 200 day moving average price of $10.86. The stock has a market cap of $6.80 billion, a PE ratio of -7.35 and a beta of 2.09.

Cleveland-Cliffs (NYSE:CLF) last issued its quarterly earnings results on Thursday, July 23rd. The mining company reported ($0.20) EPS for the quarter, beating the consensus estimate of ($0.21) by $0.01. Cleveland-Cliffs had a negative net margin of 4.56% and a negative return on equity of 13.37%. The company had revenue of $5.23 billion for the quarter, compared to the consensus estimate of $5.15 billion. During the same period in the prior year, the firm posted ($0.50) EPS. The firm’s revenue was up 5.9% compared to the same quarter last year. Equities research analysts anticipate that Cleveland-Cliffs Inc. will post -0.11 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on CLF. Citigroup reissued a “positive” rating on shares of Cleveland-Cliffs in a research note on Friday, July 24th. Wells Fargo & Company reaffirmed a “positive” rating on shares of Cleveland-Cliffs in a research note on Friday, July 24th. Morgan Stanley reiterated an “equal weight” rating and issued a $12.50 target price (up from $12.00) on shares of Cleveland-Cliffs in a report on Monday, June 22nd. Glj Research raised Cleveland-Cliffs from a “hold” rating to a “buy” rating and boosted their target price for the company from $15.01 to $15.60 in a research report on Friday, July 24th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Cleveland-Cliffs in a report on Tuesday, July 21st. Two investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $11.86.

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.