Cleveland-Cliffs Inc. $CLF Shares Sold by Sanctuary Advisors LLC

Sanctuary Advisors LLC lessened its stake in Cleveland-Cliffs Inc. (NYSE:CLF) by 60.8% in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 56,758 shares of the mining company’s stock after selling 87,863 shares during the quarter. Sanctuary Advisors LLC’s holdings in Cleveland-Cliffs were worth $480,000 at the end of the most recent reporting period.

A number of other large investors also recently added to or reduced their stakes in CLF. Focus Partners Wealth purchased a new stake in shares of Cleveland-Cliffs during the first quarter worth about $339,000. Prudential Financial Inc. lifted its stake in Cleveland-Cliffs by 27.4% in the 2nd quarter. Prudential Financial Inc. now owns 49,955 shares of the mining company’s stock valued at $380,000 after buying an additional 10,733 shares in the last quarter. Russell Investments Group Ltd. lifted its stake in Cleveland-Cliffs by 4.4% in the 2nd quarter. Russell Investments Group Ltd. now owns 143,264 shares of the mining company’s stock valued at $1,088,000 after buying an additional 6,073 shares in the last quarter. CW Advisors LLC increased its stake in Cleveland-Cliffs by 47.4% during the 2nd quarter. CW Advisors LLC now owns 22,167 shares of the mining company’s stock worth $168,000 after buying an additional 7,127 shares in the last quarter. Finally, Invesco Ltd. raised its holdings in shares of Cleveland-Cliffs by 20.3% during the second quarter. Invesco Ltd. now owns 3,081,241 shares of the mining company’s stock valued at $23,417,000 after acquiring an additional 520,120 shares during the last quarter. 67.68% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Cleveland-Cliffs

In related news, EVP Celso L. Goncalves, Jr. sold 214,308 shares of Cleveland-Cliffs stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $13.41, for a total value of $2,873,870.28. Following the completion of the sale, the executive vice president owned 184,542 shares in the company, valued at approximately $2,474,708.22. This trade represents a 53.73% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.95% of the company’s stock.

Cleveland-Cliffs Stock Down 2.3%

Shares of NYSE:CLF opened at $11.97 on Wednesday. The company has a market capitalization of $6.83 billion, a price-to-earnings ratio of -7.39 and a beta of 2.13. Cleveland-Cliffs Inc. has a 12-month low of $7.73 and a 12-month high of $16.70. The business has a 50-day moving average price of $11.36 and a 200 day moving average price of $11.01. The company has a current ratio of 1.89, a quick ratio of 0.63 and a debt-to-equity ratio of 1.32.

Cleveland-Cliffs (NYSE:CLF) last announced its earnings results on Thursday, July 23rd. The mining company reported ($0.20) earnings per share for the quarter, topping the consensus estimate of ($0.21) by $0.01. Cleveland-Cliffs had a negative net margin of 4.56% and a negative return on equity of 13.37%. The company had revenue of $5.23 billion during the quarter, compared to analyst estimates of $5.15 billion. During the same quarter last year, the firm posted ($0.50) earnings per share. Cleveland-Cliffs’s revenue was up 5.9% compared to the same quarter last year. Sell-side analysts expect that Cleveland-Cliffs Inc. will post -0.16 EPS for the current year.

Analysts Set New Price Targets

Several brokerages recently commented on CLF. Wells Fargo & Company reiterated a “positive” rating on shares of Cleveland-Cliffs in a research report on Friday. Weiss Ratings reiterated a “sell (d-)” rating on shares of Cleveland-Cliffs in a research report on Tuesday, July 21st. Barclays raised their price target on shares of Cleveland-Cliffs from $9.00 to $10.00 and gave the stock an “underweight” rating in a research note on Friday. Morgan Stanley reaffirmed an “equal weight” rating and set a $12.50 price objective (up from $12.00) on shares of Cleveland-Cliffs in a research note on Monday, June 22nd. Finally, The Goldman Sachs Group reiterated a “neutral” rating and issued a $10.00 price objective on shares of Cleveland-Cliffs in a report on Friday, May 1st. Two investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, Cleveland-Cliffs currently has a consensus rating of “Hold” and an average target price of $11.86.

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.