ClariVest Asset Management LLC raised its position in Cleveland-Cliffs Inc (NYSE:CLF) by 26.7% in the 4th quarter, Holdings Channel reports. The firm owned 871,163 shares of the mining company’s stock after buying an additional 183,443 shares during the period. ClariVest Asset Management LLC’s holdings in Cleveland-Cliffs were worth $6,698,000 at the end of the most recent quarter.
A number of other institutional investors have also recently bought and sold shares of CLF. Northern Trust Corp lifted its stake in shares of Cleveland-Cliffs by 1.8% in the second quarter. Northern Trust Corp now owns 3,587,377 shares of the mining company’s stock valued at $30,242,000 after purchasing an additional 62,128 shares during the period. United Services Automobile Association lifted its stake in shares of Cleveland-Cliffs by 53.4% in the second quarter. United Services Automobile Association now owns 296,967 shares of the mining company’s stock valued at $2,503,000 after purchasing an additional 103,400 shares during the period. Bank of Montreal Can lifted its stake in shares of Cleveland-Cliffs by 19.1% in the third quarter. Bank of Montreal Can now owns 70,665 shares of the mining company’s stock valued at $894,000 after purchasing an additional 11,333 shares during the period. NJ State Employees Deferred Compensation Plan acquired a new stake in shares of Cleveland-Cliffs in the third quarter valued at about $481,000. Finally, Foundry Partners LLC acquired a new stake in shares of Cleveland-Cliffs in the third quarter valued at about $7,287,000. Hedge funds and other institutional investors own 70.96% of the company’s stock.
NYSE:CLF opened at $11.65 on Tuesday. The company has a quick ratio of 2.77, a current ratio of 3.16 and a debt-to-equity ratio of 4.93. The company has a market capitalization of $3.53 billion, a PE ratio of 5.47 and a beta of 1.82. Cleveland-Cliffs Inc has a 1-year low of $6.40 and a 1-year high of $13.10.
Cleveland-Cliffs (NYSE:CLF) last posted its quarterly earnings data on Friday, February 8th. The mining company reported $0.55 earnings per share for the quarter, missing analysts’ consensus estimates of $0.57 by ($0.02). The firm had revenue of $696.30 million during the quarter, compared to analyst estimates of $721.52 million. Cleveland-Cliffs had a net margin of 47.17% and a negative return on equity of 509.82%. The business’s quarterly revenue was up 36.0% on a year-over-year basis. During the same period in the prior year, the firm earned $1.07 EPS. Research analysts anticipate that Cleveland-Cliffs Inc will post 1.64 earnings per share for the current fiscal year.
Cleveland-Cliffs declared that its board has authorized a share repurchase plan on Monday, November 26th that permits the company to repurchase $200.00 million in shares. This repurchase authorization permits the mining company to reacquire up to 7.7% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board of directors believes its stock is undervalued.
Several analysts recently commented on CLF shares. JPMorgan Chase & Co. raised their price objective on shares of Cleveland-Cliffs to $17.00 and gave the company an “overweight” rating in a research note on Monday. Cowen assumed coverage on shares of Cleveland-Cliffs in a research report on Tuesday, January 8th. They set a “market perform” rating and a $8.50 target price for the company. B. Riley set a $14.00 target price on shares of Cleveland-Cliffs and gave the stock a “buy” rating in a research report on Thursday, December 13th. Morgan Stanley set a $11.00 target price on shares of Cleveland-Cliffs and gave the stock a “hold” rating in a research report on Tuesday, October 23rd. Finally, Zacks Investment Research cut shares of Cleveland-Cliffs from a “hold” rating to a “sell” rating in a research report on Monday, December 31st. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and seven have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $11.98.
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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