Great Valley Advisor Group Inc. Makes New Investment in Cleveland-Cliffs Inc. (NYSE:CLF)

Great Valley Advisor Group Inc. acquired a new stake in Cleveland-Cliffs Inc. (NYSE:CLF) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 17,488 shares of the mining company’s stock, valued at approximately $357,000.

A number of other institutional investors have also recently made changes to their positions in the business. Anchor Investment Management LLC acquired a new position in shares of Cleveland-Cliffs in the fourth quarter worth $31,000. Lindbrook Capital LLC increased its holdings in Cleveland-Cliffs by 83.7% during the 4th quarter. Lindbrook Capital LLC now owns 1,571 shares of the mining company’s stock worth $32,000 after purchasing an additional 716 shares during the period. HighMark Wealth Management LLC acquired a new stake in Cleveland-Cliffs in the 4th quarter valued at about $35,000. Exchange Traded Concepts LLC acquired a new stake in Cleveland-Cliffs in the 3rd quarter valued at about $29,000. Finally, Allworth Financial LP boosted its stake in shares of Cleveland-Cliffs by 50.3% in the 4th quarter. Allworth Financial LP now owns 1,850 shares of the mining company’s stock valued at $38,000 after buying an additional 619 shares during the period. Institutional investors and hedge funds own 67.68% of the company’s stock.

Insider Activity

In other news, Director Arlene M. Yocum purchased 2,000 shares of the business’s stock in a transaction that occurred on Wednesday, March 6th. The stock was purchased at an average cost of $20.02 per share, with a total value of $40,040.00. Following the completion of the acquisition, the director now directly owns 94,887 shares of the company’s stock, valued at approximately $1,899,637.74. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Cleveland-Cliffs news, Director Susan Miranda Green sold 6,500 shares of the company’s stock in a transaction dated Wednesday, March 13th. The shares were sold at an average price of $20.40, for a total value of $132,600.00. Following the sale, the director now owns 90,286 shares of the company’s stock, valued at $1,841,834.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Arlene M. Yocum acquired 2,000 shares of the company’s stock in a transaction dated Wednesday, March 6th. The shares were acquired at an average cost of $20.02 per share, with a total value of $40,040.00. Following the completion of the purchase, the director now owns 94,887 shares in the company, valued at $1,899,637.74. The disclosure for this purchase can be found here. Over the last quarter, insiders have bought 87,000 shares of company stock valued at $1,470,640 and have sold 221,066 shares valued at $4,464,688. Insiders own 1.76% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently issued reports on CLF. JPMorgan Chase & Co. decreased their price target on shares of Cleveland-Cliffs from $24.00 to $23.00 and set an “overweight” rating for the company in a research note on Wednesday, April 24th. Argus downgraded shares of Cleveland-Cliffs from a “buy” rating to a “hold” rating in a research note on Thursday, February 8th. Citigroup cut Cleveland-Cliffs from a “buy” rating to a “neutral” rating and set a $22.00 price objective for the company. in a research report on Wednesday, March 13th. Morgan Stanley decreased their target price on Cleveland-Cliffs from $20.00 to $19.00 and set an “equal weight” rating for the company in a research note on Tuesday, April 30th. Finally, Wolfe Research reiterated an “underperform” rating and issued a $18.00 price target on shares of Cleveland-Cliffs in a research note on Tuesday, April 9th. Two analysts have rated the stock with a sell rating, four have given a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $20.42.

Cleveland-Cliffs Stock Up 1.9 %

CLF stock opened at $17.60 on Monday. The company has a market cap of $8.37 billion, a price-to-earnings ratio of 23.78, a price-to-earnings-growth ratio of 0.83 and a beta of 2.10. The company has a fifty day moving average price of $20.61 and a 200 day moving average price of $19.12. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.90 and a quick ratio of 0.59. Cleveland-Cliffs Inc. has a 12 month low of $13.61 and a 12 month high of $22.97.

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

Cleveland-Cliffs declared that its Board of Directors has authorized a stock repurchase program on Monday, April 22nd that permits the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization permits the mining company to purchase up to 17.2% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s management believes its stock is undervalued.

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.