Phocas Financial Corp. Has $6.31 Million Stock Holdings in Cleveland-Cliffs Inc. $CLF

Phocas Financial Corp. increased its holdings in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 47.0% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 474,862 shares of the mining company’s stock after purchasing an additional 151,868 shares during the period. Phocas Financial Corp.’s holdings in Cleveland-Cliffs were worth $6,306,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Strengthening Families & Communities LLC lifted its position in shares of Cleveland-Cliffs by 4,315.6% during the 3rd quarter. Strengthening Families & Communities LLC now owns 1,987 shares of the mining company’s stock worth $25,000 after purchasing an additional 1,942 shares during the last quarter. Larson Financial Group LLC raised its holdings in Cleveland-Cliffs by 819.2% in the 3rd quarter. Larson Financial Group LLC now owns 2,684 shares of the mining company’s stock valued at $33,000 after acquiring an additional 2,392 shares in the last quarter. Deseret Mutual Benefit Administrators raised its holdings in Cleveland-Cliffs by 72.6% in the 3rd quarter. Deseret Mutual Benefit Administrators now owns 2,768 shares of the mining company’s stock valued at $34,000 after acquiring an additional 1,164 shares in the last quarter. N.E.W. Advisory Services LLC acquired a new position in Cleveland-Cliffs in the 2nd quarter valued at approximately $40,000. Finally, Westfuller Advisors LLC acquired a new position in Cleveland-Cliffs in the 3rd quarter valued at approximately $68,000. Institutional investors and hedge funds own 67.68% of the company’s stock.

Cleveland-Cliffs Trading Up 1.2%

CLF stock opened at $9.45 on Wednesday. Cleveland-Cliffs Inc. has a 1-year low of $5.63 and a 1-year high of $16.70. The firm has a market cap of $5.39 billion, a P/E ratio of -3.24 and a beta of 1.91. The business’s 50 day moving average is $9.89 and its 200-day moving average is $11.86. The company has a current ratio of 1.95, a quick ratio of 0.50 and a debt-to-equity ratio of 1.15.

Cleveland-Cliffs (NYSE:CLF) last released its quarterly earnings data on Monday, February 9th. The mining company reported ($0.43) earnings per share for the quarter, beating the consensus estimate of ($0.62) by $0.19. Cleveland-Cliffs had a negative return on equity of 18.94% and a negative net margin of 7.91%.The company had revenue of $4.31 billion for the quarter, compared to analyst estimates of $4.60 billion. During the same period in the prior year, the company posted ($0.68) EPS. The company’s revenue was down .3% compared to the same quarter last year. Equities analysts anticipate that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

CLF has been the subject of several recent research reports. Wells Fargo & Company cut their price target on Cleveland-Cliffs from $12.00 to $9.00 and set an “equal weight” rating for the company in a report on Thursday, March 19th. Morgan Stanley raised Cleveland-Cliffs from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $12.80 to $17.00 in a report on Friday, January 9th. Glj Research reaffirmed a “sell” rating and issued a $9.42 price target on shares of Cleveland-Cliffs in a report on Monday, March 16th. Argus raised Cleveland-Cliffs to a “hold” rating in a report on Monday, April 6th. Finally, The Goldman Sachs Group began coverage on Cleveland-Cliffs in a research note on Wednesday, April 1st. They issued a “neutral” rating and a $9.00 price objective on the stock. Two analysts have rated the stock with a Buy rating, seven have issued a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $12.69.

Insider Activity

In other Cleveland-Cliffs news, CEO Lourenco Goncalves sold 3,000,000 shares of the business’s stock in a transaction on Wednesday, February 11th. The stock was sold at an average price of $12.42, for a total value of $37,260,000.00. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, COO Clifford T. Smith sold 200,000 shares of the business’s stock in a transaction on Tuesday, February 17th. The stock was sold at an average price of $10.46, for a total value of $2,092,000.00. Following the completion of the transaction, the chief operating officer directly owned 560,529 shares in the company, valued at approximately $5,863,133.34. This represents a 26.30% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.95% of the company’s stock.

Cleveland-Cliffs Profile

Cleveland-Cliffs Inc is a leading North American producer of iron ore pellets and flat-rolled steel products. Tracing its roots to 1847, the company has evolved from an iron-ore mining concern in the Great Lakes region into a fully integrated steelmaker. Today, Cleveland-Cliffs operates iron ore mining complexes in Michigan and Minnesota as well as steelmaking and finishing facilities across the United States.

The company’s integrated platform begins with direct control of key raw materials, including iron ore and scrap, and extends through every stage of steel production.