Cleveland-Cliffs Inc. (NYSE:CLF) Shares Sold by Archer Investment Corp

Archer Investment Corp lowered its stake in Cleveland-Cliffs Inc. (NYSE:CLF) by 8.9% during the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 10,299 shares of the mining company’s stock after selling 1,000 shares during the quarter. Archer Investment Corp’s holdings in Cleveland-Cliffs were worth $210,000 as of its most recent filing with the SEC.

Other institutional investors have also recently added to or reduced their stakes in the company. Lazard Asset Management LLC boosted its stake in Cleveland-Cliffs by 218.1% during the 1st quarter. Lazard Asset Management LLC now owns 1,088 shares of the mining company’s stock worth $35,000 after purchasing an additional 746 shares during the last quarter. Anchor Investment Management LLC acquired a new stake in Cleveland-Cliffs during the 4th quarter worth $31,000. HighMark Wealth Management LLC acquired a new stake in Cleveland-Cliffs during the 4th quarter worth $35,000. Exchange Traded Concepts LLC acquired a new stake in Cleveland-Cliffs during the 3rd quarter worth $29,000. Finally, Allworth Financial LP boosted its stake in Cleveland-Cliffs by 50.3% during the 4th quarter. Allworth Financial LP now owns 1,850 shares of the mining company’s stock worth $38,000 after purchasing an additional 619 shares during the last quarter. Institutional investors and hedge funds own 67.68% of the company’s stock.

Cleveland-Cliffs Stock Up 0.8 %

Shares of CLF opened at $21.21 on Thursday. The firm has a market cap of $10.08 billion, a P/E ratio of 27.54, a price-to-earnings-growth ratio of 0.74 and a beta of 2.03. Cleveland-Cliffs Inc. has a 12-month low of $13.61 and a 12-month high of $22.97. The company’s 50-day moving average price is $20.90 and its 200 day moving average price is $18.83. The company has a current ratio of 1.89, a quick ratio of 0.62 and a debt-to-equity ratio of 0.39.

Cleveland-Cliffs (NYSE:CLF) last issued its quarterly earnings data on Tuesday, January 30th. The mining company reported ($0.05) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.05). The firm had revenue of $5.11 billion for the quarter, compared to analyst estimates of $5.16 billion. Cleveland-Cliffs had a net margin of 1.81% and a return on equity of 6.79%. Cleveland-Cliffs’s revenue was up 1.3% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.30) EPS. On average, sell-side analysts forecast that Cleveland-Cliffs Inc. will post 1.63 earnings per share for the current year.

Insider Activity at Cleveland-Cliffs

In related news, Director Arlene M. Yocum acquired 2,000 shares of Cleveland-Cliffs stock in a transaction that occurred on Wednesday, March 6th. The shares were purchased at an average cost of $20.02 per share, for a total transaction of $40,040.00. Following the acquisition, the director now owns 94,887 shares in the company, valued at $1,899,637.74. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other Cleveland-Cliffs news, Director Ron A. Bloom purchased 25,000 shares of the business’s stock in a transaction on Thursday, February 1st. The shares were bought at an average cost of $20.24 per share, for a total transaction of $506,000.00. Following the completion of the purchase, the director now directly owns 27,221 shares of the company’s stock, valued at $550,953.04. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Arlene M. Yocum purchased 2,000 shares of the business’s stock in a transaction on Wednesday, March 6th. The shares were acquired at an average price of $20.02 per share, for a total transaction of $40,040.00. Following the completion of the purchase, the director now directly owns 94,887 shares of the company’s stock, valued at $1,899,637.74. The disclosure for this purchase can be found here. In the last ninety days, insiders have sold 221,066 shares of company stock worth $4,464,688. Company insiders own 1.76% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the stock. Morgan Stanley reaffirmed an “equal weight” rating and set a $20.00 target price on shares of Cleveland-Cliffs in a research note on Tuesday, March 26th. Citigroup cut shares of Cleveland-Cliffs from a “buy” rating to a “neutral” rating and set a $22.00 price target on the stock. in a research report on Wednesday, March 13th. TheStreet cut shares of Cleveland-Cliffs from a “b-” rating to a “c” rating in a research report on Tuesday, January 30th. Argus cut shares of Cleveland-Cliffs from a “buy” rating to a “hold” rating in a research report on Thursday, February 8th. Finally, Wolfe Research reissued an “underperform” rating and set a $18.00 price target on shares of Cleveland-Cliffs in a research report on Tuesday, April 9th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $19.92.

Cleveland-Cliffs Company 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.