Cleveland-Cliffs Inc. (NYSE:CLF) Shares Sold by Wedbush Securities Inc.

Wedbush Securities Inc. cut its stake in Cleveland-Cliffs Inc. (NYSE:CLF) by 37.3% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 12,327 shares of the mining company’s stock after selling 7,325 shares during the period. Wedbush Securities Inc.’s holdings in Cleveland-Cliffs were worth $116,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Pinpoint Asset Management Ltd bought a new stake in Cleveland-Cliffs in the 4th quarter valued at about $25,000. Byrne Asset Management LLC boosted its position in Cleveland-Cliffs by 130.0% during the 4th quarter. Byrne Asset Management LLC now owns 4,600 shares of the mining company’s stock worth $43,000 after acquiring an additional 2,600 shares during the period. Stonebridge Financial Group LLC bought a new position in shares of Cleveland-Cliffs in the fourth quarter worth $44,000. AllSquare Wealth Management LLC increased its holdings in shares of Cleveland-Cliffs by 24.4% during the fourth quarter. AllSquare Wealth Management LLC now owns 5,100 shares of the mining company’s stock valued at $48,000 after purchasing an additional 1,000 shares during the period. Finally, GAMMA Investing LLC raised its stake in shares of Cleveland-Cliffs by 1,190.6% during the fourth quarter. GAMMA Investing LLC now owns 5,330 shares of the mining company’s stock valued at $50,000 after purchasing an additional 4,917 shares in the last quarter. 67.68% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

CLF has been the topic of a number of recent analyst reports. Glj Research dropped their price target on shares of Cleveland-Cliffs from $14.54 to $12.90 and set a “buy” rating on the stock in a research report on Thursday, February 27th. Morgan Stanley decreased their target price on Cleveland-Cliffs from $13.00 to $11.00 and set an “equal weight” rating for the company in a research note on Monday, February 3rd. Citigroup dropped their price target on shares of Cleveland-Cliffs from $12.50 to $11.00 and set a “neutral” rating on the stock in a research report on Thursday, December 19th. B. Riley reiterated a “buy” rating on shares of Cleveland-Cliffs in a report on Tuesday, February 4th. Finally, The Goldman Sachs Group cut their price objective on Cleveland-Cliffs from $17.00 to $15.00 and set a “buy” rating for the company in a research report on Tuesday, March 4th. One analyst has rated the stock with a sell rating, four have issued a hold rating, four have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Cleveland-Cliffs has an average rating of “Moderate Buy” and an average target price of $16.24.

Cleveland-Cliffs Stock Performance

Shares of CLF stock opened at $7.35 on Friday. Cleveland-Cliffs Inc. has a 1-year low of $6.17 and a 1-year high of $22.24. The company has a market capitalization of $3.63 billion, a price-to-earnings ratio of -7.57 and a beta of 1.93. The company has a current ratio of 1.85, a quick ratio of 0.55 and a debt-to-equity ratio of 0.53. The stock’s fifty day simple moving average is $9.65 and its 200-day simple moving average is $10.86.

Cleveland-Cliffs (NYSE:CLF) last posted its quarterly earnings results on Monday, February 24th. The mining company reported ($0.68) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.65) by ($0.03). Cleveland-Cliffs had a negative return on equity of 0.59% and a negative net margin of 2.31%. The company had revenue of $4.33 billion during the quarter, compared to analysts’ expectations of $4.46 billion. On average, sell-side analysts predict that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current fiscal year.

Insider Buying and Selling at Cleveland-Cliffs

In related news, EVP Keith Koci bought 9,500 shares of the business’s stock in a transaction on Friday, February 28th. The shares were bought at an average cost of $10.81 per share, for a total transaction of $102,695.00. Following the completion of the acquisition, the executive vice president now directly owns 543,475 shares in the company, valued at approximately $5,874,964.75. This represents a 1.78 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director John T. Baldwin acquired 4,000 shares of the stock in a transaction dated Monday, March 10th. The shares were bought at an average cost of $8.70 per share, for a total transaction of $34,800.00. Following the acquisition, the director now owns 133,227 shares in the company, valued at $1,159,074.90. The trade was a 3.10 % increase in their position. The disclosure for this purchase can be found here. Insiders have bought 23,500 shares of company stock worth $243,095 over the last 90 days. 1.76% of the stock is currently owned by corporate insiders.

Cleveland-Cliffs Profile

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.