Schroder Investment Management Group bought a new position in Cleveland-Cliffs Inc (NYSE:CLF) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 3,139 shares of the mining company’s stock, valued at approximately $33,000.
Several other hedge funds have also recently added to or reduced their stakes in the stock. Geode Capital Management LLC grew its position in Cleveland-Cliffs by 9.3% in the 4th quarter. Geode Capital Management LLC now owns 3,148,509 shares of the mining company’s stock valued at $24,212,000 after buying an additional 267,622 shares in the last quarter. Janney Montgomery Scott LLC raised its holdings in shares of Cleveland-Cliffs by 144.3% during the first quarter. Janney Montgomery Scott LLC now owns 90,388 shares of the mining company’s stock worth $903,000 after acquiring an additional 53,394 shares in the last quarter. Alps Advisors Inc. acquired a new stake in shares of Cleveland-Cliffs during the 1st quarter valued at about $404,000. Moors & Cabot Inc. bought a new stake in shares of Cleveland-Cliffs during the 1st quarter worth about $134,000. Finally, Stevens Capital Management LP acquired a new position in Cleveland-Cliffs during the first quarter valued at approximately $139,000. 81.95% of the stock is currently owned by institutional investors and hedge funds.
In related news, CFO Keith Koci bought 30,000 shares of the company’s stock in a transaction dated Wednesday, August 7th. The shares were bought at an average price of $8.39 per share, for a total transaction of $251,700.00. Following the completion of the acquisition, the chief financial officer now directly owns 74,349 shares of the company’s stock, valued at $623,788.11. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director John T. Baldwin bought 6,000 shares of the business’s stock in a transaction that occurred on Thursday, August 8th. The shares were bought at an average cost of $8.70 per share, for a total transaction of $52,200.00. Following the transaction, the director now owns 107,727 shares of the company’s stock, valued at $937,224.90. The disclosure for this purchase can be found here. In the last 90 days, insiders have acquired 67,500 shares of company stock worth $551,320. Corporate insiders own 1.32% of the company’s stock.
CLF has been the subject of a number of analyst reports. Cowen set a $10.00 price objective on Cleveland-Cliffs and gave the company a “hold” rating in a report on Thursday, August 22nd. ValuEngine downgraded shares of Cleveland-Cliffs from a “sell” rating to a “strong sell” rating in a research note on Thursday, August 1st. Citigroup dropped their target price on shares of Cleveland-Cliffs from $10.00 to $8.00 and set a “buy” rating on the stock in a report on Wednesday, September 4th. Finally, Credit Suisse Group cut their price objective on shares of Cleveland-Cliffs from $14.00 to $12.00 and set an “outperform” rating on the stock in a research report on Wednesday. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and five have given a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $11.56.
NYSE:CLF traded up $0.12 during mid-day trading on Wednesday, hitting $7.89. 2,893,510 shares of the stock were exchanged, compared to its average volume of 9,589,320. The stock has a market capitalization of $2.05 billion, a price-to-earnings ratio of 3.70 and a beta of 2.15. The firm’s 50-day simple moving average is $8.65 and its 200 day simple moving average is $9.72. The company has a debt-to-equity ratio of 7.37, a quick ratio of 1.81 and a current ratio of 2.56. Cleveland-Cliffs Inc has a fifty-two week low of $6.64 and a fifty-two week high of $13.10.
Cleveland-Cliffs (NYSE:CLF) last issued its quarterly earnings data on Friday, July 19th. The mining company reported $0.63 EPS for the quarter, beating analysts’ consensus estimates of $0.52 by $0.11. Cleveland-Cliffs had a return on equity of 238.16% and a net margin of 50.72%. The firm had revenue of $697.40 million for the quarter, compared to analyst estimates of $624.23 million. During the same period in the prior year, the firm posted $0.55 EPS. The company’s revenue for the quarter was up 3.8% on a year-over-year basis. On average, analysts predict that Cleveland-Cliffs Inc will post 1.7 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Friday, October 4th will be issued a dividend of $0.06 per share. The ex-dividend date is Thursday, October 3rd. This represents a $0.24 annualized dividend and a yield of 3.04%. Cleveland-Cliffs’s payout ratio is 11.27%.
Cleveland-Cliffs Inc operates as an iron ore mining company in the United States. The company operates four iron ore mines in Michigan and Minnesota. It sells its products to integrated steel companies and steel producers in the United States and the Asia Pacific. The company was formerly known as Cliffs Natural Resources Inc and changed its name to Cleveland-Cliffs Inc in August 2017.
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