Cwm LLC Has $506,000 Stock Holdings in Cleveland-Cliffs Inc. (NYSE:CLF)

Cwm LLC lifted its stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 48.7% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 22,252 shares of the mining company’s stock after purchasing an additional 7,285 shares during the period. Cwm LLC’s holdings in Cleveland-Cliffs were worth $506,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Norges Bank acquired a new stake in shares of Cleveland-Cliffs during the fourth quarter worth $117,585,000. Sound Shore Management Inc. CT grew its holdings in shares of Cleveland-Cliffs by 9.0% during the fourth quarter. Sound Shore Management Inc. CT now owns 4,037,507 shares of the mining company’s stock valued at $82,446,000 after buying an additional 334,739 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of Cleveland-Cliffs by 5.8% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,542,004 shares of the mining company’s stock valued at $72,328,000 after buying an additional 194,948 shares in the last quarter. AQR Capital Management LLC grew its holdings in shares of Cleveland-Cliffs by 154.2% during the third quarter. AQR Capital Management LLC now owns 2,586,472 shares of the mining company’s stock valued at $40,181,000 after buying an additional 1,568,961 shares in the last quarter. Finally, Douglas Lane & Associates LLC grew its holdings in shares of Cleveland-Cliffs by 20.6% during the fourth quarter. Douglas Lane & Associates LLC now owns 2,103,314 shares of the mining company’s stock valued at $42,950,000 after buying an additional 359,801 shares in the last quarter. 67.68% of the stock is owned by institutional investors and hedge funds.

Cleveland-Cliffs Stock Performance

Shares of NYSE CLF opened at $14.80 on Friday. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.59 and a current ratio of 1.90. The firm has a market cap of $7.04 billion, a price-to-earnings ratio of 20.00, a P/E/G ratio of 0.65 and a beta of 2.08. The business’s 50-day simple moving average is $17.25 and its 200-day simple moving average is $19.06. Cleveland-Cliffs Inc. has a 52 week low of $13.84 and a 52 week high of $22.97.

Cleveland-Cliffs (NYSE:CLF) last issued its quarterly earnings data on Monday, April 22nd. The mining company reported $0.18 EPS for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.01). The company had revenue of $5.20 billion for the quarter, compared to analyst estimates of $5.34 billion. Cleveland-Cliffs had a net margin of 1.78% and a return on equity of 8.69%. The business’s revenue was down 1.8% on a year-over-year basis. During the same period in the prior year, the company posted ($0.11) EPS. As a group, equities research analysts expect that Cleveland-Cliffs Inc. will post 0.48 earnings per share for the current fiscal year.

Cleveland-Cliffs announced that its Board of Directors has approved a share buyback program on Monday, April 22nd that permits the company to repurchase $1.50 billion in shares. This repurchase authorization permits the mining company to buy up to 17.2% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s management believes its shares are undervalued.

Insider Activity

In other Cleveland-Cliffs news, CEO Lourenco Goncalves bought 60,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 1st. The stock was purchased at an average price of $16.76 per share, for a total transaction of $1,005,600.00. Following the purchase, the chief executive officer now directly owns 2,759,089 shares in the company, valued at $46,242,331.64. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Cleveland-Cliffs news, CEO Lourenco Goncalves bought 60,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 1st. The stock was purchased at an average price of $16.76 per share, for a total transaction of $1,005,600.00. Following the purchase, the chief executive officer now directly owns 2,759,089 shares in the company, valued at $46,242,331.64. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Ben Oren bought 6,700 shares of the firm’s stock in a transaction that occurred on Wednesday, June 12th. The shares were acquired at an average price of $14.99 per share, with a total value of $100,433.00. Following the purchase, the director now owns 14,167 shares in the company, valued at $212,363.33. The disclosure for this purchase can be found here. In the last quarter, insiders have purchased 98,950 shares of company stock valued at $1,639,638. Insiders own 1.76% of the company’s stock.

Wall Street Analyst Weigh In

CLF has been the topic of a number of research analyst reports. Jefferies Financial Group initiated coverage on Cleveland-Cliffs in a report on Monday, May 20th. They set a “buy” rating and a $22.00 price target on the stock. StockNews.com downgraded Cleveland-Cliffs from a “buy” rating to a “hold” rating in a report on Friday, April 26th. Citigroup downgraded Cleveland-Cliffs from a “buy” rating to a “neutral” rating and set a $22.00 target price on the stock. in a research note on Wednesday, March 13th. JPMorgan Chase & Co. downgraded Cleveland-Cliffs from an “overweight” rating to a “neutral” rating and lowered their target price for the company from $23.00 to $17.00 in a research note on Tuesday, June 11th. Finally, B. Riley lowered their target price on Cleveland-Cliffs from $25.00 to $24.00 and set a “buy” rating on the stock in a research note on Tuesday, April 30th. Two analysts have rated the stock with a sell rating, six have given a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $19.79.

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.