EPG Wealth Management LLC Reduces Position in Cleveland-Cliffs Inc. (NYSE:CLF)

EPG Wealth Management LLC decreased its position in Cleveland-Cliffs Inc. (NYSE:CLF) by 26.7% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 12,097 shares of the mining company’s stock after selling 4,414 shares during the period. EPG Wealth Management LLC’s holdings in Cleveland-Cliffs were worth $114,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Slate Path Capital LP raised its stake in shares of Cleveland-Cliffs by 35.4% in the fourth quarter. Slate Path Capital LP now owns 16,208,000 shares of the mining company’s stock worth $152,355,000 after purchasing an additional 4,239,000 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in Cleveland-Cliffs by 20.1% during the 4th quarter. Bank of New York Mellon Corp now owns 7,382,769 shares of the mining company’s stock valued at $69,398,000 after acquiring an additional 1,236,247 shares during the period. Franklin Resources Inc. boosted its holdings in shares of Cleveland-Cliffs by 105.6% in the 3rd quarter. Franklin Resources Inc. now owns 262,771 shares of the mining company’s stock valued at $3,429,000 after acquiring an additional 134,939 shares during the last quarter. Stonegate Investment Group LLC acquired a new stake in shares of Cleveland-Cliffs in the fourth quarter worth $18,999,000. Finally, Vanguard Group Inc. raised its holdings in shares of Cleveland-Cliffs by 5.5% during the fourth quarter. Vanguard Group Inc. now owns 48,751,789 shares of the mining company’s stock worth $458,267,000 after purchasing an additional 2,556,332 shares during the last quarter. Hedge funds and other institutional investors own 67.68% of the company’s stock.

Cleveland-Cliffs Stock Down 1.5 %

Cleveland-Cliffs stock opened at $8.49 on Thursday. Cleveland-Cliffs Inc. has a 12 month low of $6.17 and a 12 month high of $18.10. The stock has a market capitalization of $4.20 billion, a PE ratio of -8.75 and a beta of 2.03. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.85 and a quick ratio of 0.55. The business has a 50 day simple moving average of $8.47 and a 200-day simple moving average of $10.24.

Cleveland-Cliffs (NYSE:CLF) last posted its quarterly earnings data on Wednesday, May 7th. The mining company reported ($0.92) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.78) by ($0.14). The company had revenue of $4.63 billion for the quarter, compared to analysts’ expectations of $4.71 billion. Cleveland-Cliffs had a negative net margin of 2.31% and a negative return on equity of 0.59%. The business’s revenue for the quarter was down 11.0% on a year-over-year basis. During the same period in the previous year, the business earned $0.18 earnings per share. On average, analysts anticipate that Cleveland-Cliffs Inc. will post -0.79 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the company. The Goldman Sachs Group cut their price target on Cleveland-Cliffs from $17.00 to $15.00 and set a “buy” rating on the stock in a research report on Tuesday, March 4th. B. Riley reiterated a “buy” rating and set a $17.00 price target (down from $20.00) on shares of Cleveland-Cliffs in a research report on Wednesday, April 23rd. Morgan Stanley decreased their price target on Cleveland-Cliffs from $13.00 to $11.00 and set an “equal weight” rating for the company in a report on Monday, February 3rd. Finally, Glj Research dropped their price objective on shares of Cleveland-Cliffs from $14.54 to $12.90 and set a “buy” rating on the stock in a research note on Thursday, February 27th. One research analyst has rated the stock with a sell rating, four have given a hold rating, four have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $15.49.

Insider Buying and Selling

In other Cleveland-Cliffs news, EVP Keith Koci purchased 9,500 shares of the stock in a transaction that occurred on Friday, February 28th. The shares were purchased at an average cost of $10.81 per share, for a total transaction of $102,695.00. Following the completion of the transaction, the executive vice president now owns 543,475 shares of the company’s stock, valued at $5,874,964.75. The trade was a 1.78 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Jane M. Cronin acquired 10,000 shares of the business’s stock in a transaction on Friday, February 28th. The stock was acquired at an average price of $10.56 per share, with a total value of $105,600.00. Following the acquisition, the director now owns 24,522 shares in the company, valued at $258,952.32. The trade was a 68.86 % increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders have bought 23,500 shares of company stock worth $243,095. Insiders own 1.71% of the company’s stock.

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.