Sanctuary Advisors LLC Buys New Holdings in Cleveland-Cliffs Inc. $CLF

Sanctuary Advisors LLC purchased a new position in Cleveland-Cliffs Inc. (NYSE:CLF) during the second quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 55,818 shares of the mining company’s stock, valued at approximately $524,000.

A number of other institutional investors have also added to or reduced their stakes in the stock. Los Angeles Capital Management LLC bought a new stake in shares of Cleveland-Cliffs during the fourth quarter valued at approximately $25,000. Center for Financial Planning Inc. boosted its position in shares of Cleveland-Cliffs by 119.0% during the first quarter. Center for Financial Planning Inc. now owns 3,322 shares of the mining company’s stock worth $28,000 after acquiring an additional 1,805 shares during the last quarter. IFP Advisors Inc grew its stake in Cleveland-Cliffs by 117.5% during the fourth quarter. IFP Advisors Inc now owns 2,221 shares of the mining company’s stock valued at $29,000 after acquiring an additional 1,200 shares in the last quarter. Johnson Financial Group Inc. purchased a new position in Cleveland-Cliffs during the second quarter valued at $30,000. Finally, Caitong International Asset Management Co. Ltd increased its holdings in Cleveland-Cliffs by 94.0% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 2,505 shares of the mining company’s stock valued at $33,000 after acquiring an additional 1,214 shares during the last quarter. 67.68% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts have commented on CLF shares. Weiss Ratings reissued a “sell (d-)” rating on shares of Cleveland-Cliffs in a report on Tuesday, July 21st. Citigroup reiterated a “positive” rating on shares of Cleveland-Cliffs in a research report on Friday, July 24th. Bank of America cut their price target on Cleveland-Cliffs from $14.00 to $11.50 and set a “neutral” rating for the company in a report on Thursday, July 9th. Glj Research upgraded shares of Cleveland-Cliffs from a “hold” rating to a “buy” rating and boosted their target price for the stock from $15.01 to $15.60 in a report on Friday, July 24th. Finally, Wells Fargo & Company increased their price target on shares of Cleveland-Cliffs from $11.00 to $12.00 and gave the company an “equal weight” rating in a report on Monday, August 24th. Two investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $11.96.

Cleveland-Cliffs Stock Performance

NYSE:CLF opened at $11.61 on Friday. The firm has a market capitalization of $6.62 billion, a PE ratio of -7.17 and a beta of 2.09. The stock’s fifty day moving average is $10.89 and its 200 day moving average is $10.68. Cleveland-Cliffs Inc. has a fifty-two week low of $7.73 and a fifty-two week high of $16.70. The company has a debt-to-equity ratio of 1.32, a quick ratio of 0.63 and a current ratio of 1.89.

Cleveland-Cliffs (NYSE:CLF) last posted its quarterly earnings data on Thursday, July 23rd. The mining company reported ($0.20) EPS 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 period in the previous year, the firm earned ($0.50) earnings per share. Cleveland-Cliffs’s quarterly revenue was up 5.9% compared to the same quarter last year. On average, sell-side analysts anticipate that Cleveland-Cliffs Inc. will post -0.11 earnings per share for the current year.

Insider Activity at Cleveland-Cliffs

In related news, EVP Celso L. Goncalves, Jr. sold 214,308 shares of the company’s stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $13.41, for a total transaction of $2,873,870.28. Following the transaction, the executive vice president directly owned 184,542 shares in the company, valued at approximately $2,474,708.22. This represents a 53.73% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.95% of the company’s stock.

Cleveland-Cliffs Company 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.