Cleveland-Cliffs Inc. (NYSE:CLF) Shares Sold by Heritage Investors Management Corp

Heritage Investors Management Corp reduced its stake in Cleveland-Cliffs Inc. (NYSE:CLF) by 4.0% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 29,310 shares of the mining company’s stock after selling 1,221 shares during the period. Heritage Investors Management Corp’s holdings in Cleveland-Cliffs were worth $599,000 as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in CLF. SG Americas Securities LLC increased its stake in shares of Cleveland-Cliffs by 31.2% in the third quarter. SG Americas Securities LLC now owns 21,507 shares of the mining company’s stock valued at $336,000 after purchasing an additional 5,120 shares during the period. Raymond James & Associates increased its position in Cleveland-Cliffs by 29.4% in the 3rd quarter. Raymond James & Associates now owns 554,022 shares of the mining company’s stock valued at $8,659,000 after acquiring an additional 125,884 shares during the period. Raymond James Financial Services Advisors Inc. raised its stake in Cleveland-Cliffs by 4.0% during the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 326,873 shares of the mining company’s stock valued at $5,109,000 after acquiring an additional 12,680 shares in the last quarter. Strs Ohio boosted its position in Cleveland-Cliffs by 21.8% during the 3rd quarter. Strs Ohio now owns 64,014 shares of the mining company’s stock worth $1,000,000 after acquiring an additional 11,461 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Cleveland-Cliffs by 9.5% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,735,603 shares of the mining company’s stock worth $42,757,000 after purchasing an additional 236,274 shares in the last quarter. 67.68% of the stock is owned by institutional investors.

Cleveland-Cliffs Price Performance

Shares of NYSE:CLF traded up $0.21 on Thursday, reaching $17.45. 6,165,587 shares of the company traded hands, compared to its average volume of 8,872,214. The stock has a market capitalization of $8.30 billion, a PE ratio of 23.58, a P/E/G ratio of 0.83 and a beta of 2.10. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.90 and a quick ratio of 0.59. The company’s 50 day moving average is $20.36 and its 200-day moving average is $19.14. Cleveland-Cliffs Inc. has a fifty-two week low of $13.61 and a fifty-two week high of $22.97.

Cleveland-Cliffs (NYSE:CLF) last released its quarterly earnings results on Monday, April 22nd. The mining company reported $0.18 earnings per share for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.01). Cleveland-Cliffs had a net margin of 1.78% and a return on equity of 8.69%. The company had revenue of $5.20 billion during the quarter, compared to analyst estimates of $5.34 billion. During the same quarter last year, the business earned ($0.11) EPS. The company’s revenue for the quarter was down 1.8% compared to the same quarter last year. As a group, analysts anticipate that Cleveland-Cliffs Inc. will post 1.22 earnings per share for the current fiscal year.

Cleveland-Cliffs declared that its Board of Directors has authorized a stock repurchase plan on Monday, April 22nd that allows the company to buyback $1.50 billion in outstanding shares. This buyback authorization allows the mining company to buy up to 17.2% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s board believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on CLF shares. Wolfe Research reiterated an “underperform” rating and issued a $18.00 target price on shares of Cleveland-Cliffs in a research report on Tuesday, April 9th. B. Riley decreased their price objective on shares of Cleveland-Cliffs from $25.00 to $24.00 and set a “buy” rating for the company in a report on Tuesday, April 30th. Morgan Stanley dropped their target price on Cleveland-Cliffs from $20.00 to $19.00 and set an “equal weight” rating on the stock in a report on Tuesday, April 30th. StockNews.com downgraded Cleveland-Cliffs from a “buy” rating to a “hold” rating in a research report on Friday, April 26th. Finally, BNP Paribas cut Cleveland-Cliffs from a “neutral” rating to an “underperform” rating and set a $16.50 price target on the stock. in a research report on Wednesday, February 28th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $20.42.

Insider Activity

In other news, EVP Terry G. Fedor sold 27,430 shares of the stock in a transaction on Wednesday, March 6th. The stock was sold at an average price of $20.19, for a total value of $553,811.70. Following the completion of the sale, the executive vice president now owns 534,617 shares in the company, valued at $10,793,917.23. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other Cleveland-Cliffs news, Director Susan Miranda Green sold 6,500 shares of Cleveland-Cliffs stock in a transaction on Wednesday, March 13th. The shares were sold at an average price of $20.40, for a total transaction of $132,600.00. Following the completion of the sale, the director now owns 90,286 shares of the company’s stock, valued at approximately $1,841,834.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Terry G. Fedor sold 27,430 shares of the company’s stock in a transaction on Wednesday, March 6th. The stock was sold at an average price of $20.19, for a total transaction of $553,811.70. Following the completion of the transaction, the executive vice president now directly owns 534,617 shares in the company, valued at $10,793,917.23. The disclosure for this sale can be found here. Over the last 90 days, insiders have bought 87,000 shares of company stock worth $1,470,640 and have sold 221,066 shares worth $4,464,688. 1.76% of the stock is owned by company insiders.

About Cleveland-Cliffs

Cleveland-Cliffs is the largest flat-rolled steel company and the largest iron ore pellet producer in North America. The company is vertically integrated from mining through iron making, steelmaking, rolling, finishing and downstream with hot and cold stamping of steel parts and components. The company was formerly known as Cliffs Natural Resources Inc and changed its name to Cleveland-Cliffs Inc in August 2017.