Bailard Inc. Makes New $268,000 Investment in Cleveland-Cliffs Inc. (NYSE:CLF)
Posted by admin on Jul 12th, 2022
?Bailard Inc. bought a new position in Cleveland-Cliffs Inc. (NYSE:CLF – Get Rating) during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 8,312 shares of the mining company’s stock, valued at approximately $268,000.
A number of other hedge funds also recently modified their holdings of the business. Commerce Bank grew its stake in Cleveland-Cliffs by 2.7% in the 4th quarter. Commerce Bank now owns 21,728 shares of the mining company’s stock worth $473,000 after acquiring an additional 567 shares in the last quarter. M&T Bank Corp boosted its stake in shares of Cleveland-Cliffs by 4.4% during the fourth quarter. M&T Bank Corp now owns 14,075 shares of the mining company’s stock valued at $306,000 after purchasing an additional 599 shares in the last quarter. Allworth Financial LP boosted its stake in shares of Cleveland-Cliffs by 199.7% during the first quarter. Allworth Financial LP now owns 917 shares of the mining company’s stock valued at $30,000 after purchasing an additional 611 shares in the last quarter. Clear Perspective Advisors LLC boosted its stake in shares of Cleveland-Cliffs by 4.0% during the fourth quarter. Clear Perspective Advisors LLC now owns 17,483 shares of the mining company’s stock valued at $381,000 after purchasing an additional 673 shares in the last quarter. Finally, Quadrant Capital Group LLC boosted its stake in shares of Cleveland-Cliffs by 48.2% during the fourth quarter. Quadrant Capital Group LLC now owns 2,078 shares of the mining company’s stock valued at $45,000 after purchasing an additional 676 shares in the last quarter. Institutional investors and hedge funds own 56.68% of the company’s stock.
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A number of equities analysts have recently issued reports on CLF shares. Clarkson Capital reiterated a “buy” rating on shares of Cleveland-Cliffs in a research note on Tuesday, June 14th. The Goldman Sachs Group dropped their price objective on shares of Cleveland-Cliffs from $36.00 to $27.00 and set a “buy” rating on the stock in a research note on Tuesday, May 31st. JPMorgan Chase & Co. dropped their price objective on shares of Cleveland-Cliffs from $43.00 to $37.00 in a research note on Tuesday, June 14th. Credit Suisse Group increased their target price on shares of Cleveland-Cliffs from $34.00 to $37.00 in a research report on Tuesday, April 19th. Finally, Morgan Stanley decreased their target price on shares of Cleveland-Cliffs from $24.00 to $16.00 and set an “equal weight” rating for the company in a research report on Wednesday, July 6th. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $29.83.
In other Cleveland-Cliffs news, Director Douglas C. Taylor sold 28,150 shares of the firm’s stock in a transaction on Tuesday, June 7th. The shares were sold at an average price of $23.12, for a total value of $650,828.00. Following the completion of the transaction, the director now owns 156,974 shares of the company’s stock, valued at $3,629,238.88. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, EVP Keith Koci purchased 4,500 shares of the firm’s stock in a transaction on Tuesday, April 26th. The stock was bought at an average cost of $27.14 per share, with a total value of $122,130.00. Following the acquisition, the executive vice president now owns 290,135 shares of the company’s stock, valued at approximately $7,874,263.90. The disclosure for this purchase can be found here. In the last ninety days, insiders acquired 13,100 shares of company stock valued at $330,358. Corporate insiders own 1.43% of the company’s stock.
NYSE CLF opened at $15.10 on Tuesday. The company has a fifty day simple moving average of $20.11 and a two-hundred day simple moving average of $22.88. The stock has a market cap of $7.92 billion, a P/E ratio of 2.20 and a beta of 2.28. Cleveland-Cliffs Inc. has a 12-month low of $14.68 and a 12-month high of $34.04. The company has a current ratio of 2.28, a quick ratio of 0.80 and a debt-to-equity ratio of 0.76.
Cleveland-Cliffs (NYSE:CLF – Get Rating) last posted its quarterly earnings results on Friday, April 22nd. The mining company reported $1.71 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.44 by $0.27. The business had revenue of $5.96 billion during the quarter, compared to analysts’ expectations of $5.43 billion. Cleveland-Cliffs had a net margin of 16.77% and a return on equity of 78.74%. The business’s quarterly revenue was up 47.1% on a year-over-year basis. During the same quarter last year, the company posted $0.35 earnings per share. As a group, sell-side analysts forecast that Cleveland-Cliffs Inc. will post 5.09 earnings per share for the current 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.
