Carnegie Capital Asset Management LLC Raises Stock Position in Cleveland-Cliffs Inc. (NYSE:CLF)
Posted by admin on Jun 23rd, 2022
?Carnegie Capital Asset Management LLC grew its holdings in Cleveland-Cliffs Inc. (NYSE:CLF – Get Rating) by 9.5% during the first quarter, HoldingsChannel.com reports. The fund owned 84,934 shares of the mining company’s stock after purchasing an additional 7,401 shares during the quarter. Carnegie Capital Asset Management LLC’s holdings in Cleveland-Cliffs were worth $2,736,000 at the end of the most recent quarter.
Several other hedge funds have also modified their holdings of CLF. Marshall Wace LLP raised its stake in shares of Cleveland-Cliffs by 664.5% in the 4th quarter. Marshall Wace LLP now owns 2,766,650 shares of the mining company’s stock valued at $60,228,000 after acquiring an additional 2,404,776 shares during the period. Dimensional Fund Advisors LP raised its stake in shares of Cleveland-Cliffs by 59.1% in the 4th quarter. Dimensional Fund Advisors LP now owns 3,171,842 shares of the mining company’s stock valued at $69,040,000 after acquiring an additional 1,178,447 shares during the period. THRC Management LLC purchased a new position in shares of Cleveland-Cliffs in the 4th quarter valued at $13,062,000. State Street Corp raised its stake in shares of Cleveland-Cliffs by 3.8% in the 4th quarter. State Street Corp now owns 15,270,791 shares of the mining company’s stock valued at $332,445,000 after acquiring an additional 554,642 shares during the period. Finally, First Trust Advisors LP increased its stake in Cleveland-Cliffs by 89.0% during the 4th quarter. First Trust Advisors LP now owns 1,086,291 shares of the mining company’s stock worth $23,649,000 after buying an additional 511,488 shares during the period. 56.68% of the stock is currently owned by institutional investors and hedge funds.
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In other Cleveland-Cliffs news, Director Douglas C. Taylor sold 28,150 shares of the business’s stock in a transaction dated Tuesday, June 7th. The shares were sold at an average price of $23.12, for a total transaction of $650,828.00. Following the completion of the transaction, the director now directly owns 156,974 shares of the company’s stock, valued at approximately $3,629,238.88. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Keith Koci bought 4,500 shares of Cleveland-Cliffs stock in a transaction on Tuesday, April 26th. The shares were purchased at an average cost of $27.14 per share, with a total value of $122,130.00. Following the completion of the purchase, the executive vice president now directly owns 290,135 shares in the company, valued at $7,874,263.90. The disclosure for this purchase can be found here. Insiders bought a total of 13,100 shares of company stock valued at $330,358 over the last ninety days. Company insiders own 1.43% of the company’s stock.
Several equities research analysts recently issued reports on CLF shares. B. Riley lifted their price target on shares of Cleveland-Cliffs from $46.00 to $47.00 and gave the stock a “buy” rating in a research note on Monday, April 25th. TheStreet downgraded shares of Cleveland-Cliffs from a “b-” rating to a “c+” rating in a research note on Tuesday, March 1st. Clarkson Capital reaffirmed a “buy” rating on shares of Cleveland-Cliffs in a research note on Tuesday, June 14th. StockNews.com started coverage on shares of Cleveland-Cliffs in a research note on Thursday, March 31st. They set a “hold” rating on the stock. Finally, JPMorgan Chase & Co. dropped their price target on shares of Cleveland-Cliffs from $43.00 to $37.00 in a research note on Tuesday, June 14th. Three investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $31.50.
CLF opened at $16.27 on Thursday. The company has a 50-day moving average of $23.50 and a 200-day moving average of $23.27. The company has a market capitalization of $8.54 billion, a P/E ratio of 2.38 and a beta of 2.17. Cleveland-Cliffs Inc. has a 1-year low of $15.81 and a 1-year high of $34.04. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.80 and a current ratio of 2.28.
Cleveland-Cliffs (NYSE:CLF – Get Rating) last released its earnings results on Friday, April 22nd. The mining company reported $1.71 earnings per share for the quarter, topping the consensus estimate of $1.44 by $0.27. Cleveland-Cliffs had a net margin of 16.77% and a return on equity of 78.74%. The company had revenue of $5.96 billion during the quarter, compared to the consensus estimate of $5.43 billion. During the same quarter in the previous year, the firm earned $0.35 EPS. The company’s revenue was up 47.1% on a year-over-year basis. As a group, sell-side analysts expect that Cleveland-Cliffs Inc. will post 5.46 earnings per share for the current fiscal year.
Cleveland-Cliffs Company Profile (Get Rating)
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.
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